Global Refractory Products Market 2018-2022
About Refractory Products
Refractories are materials that are resistant to extremely high temperatures and are therefore used as protective and insulation products in high-temperature processes and industries.
Technavio’s analysts forecast the global refractory products market to grow at a CAGR of 3.07% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global refractory products market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Refractory Products Market 2018-2022
Technavio recognizes the following companies as the key players in the global refractory products market: Krosaki Harima Corporation, Imerys, Saint-Gobain, SHINAGAWA REFRACTORIES, RHI Magnesita, and Vesuvius.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is consolidation in the refractory manufacturing industry. With the advancement in refractory technologies, enhanced competition, and increasing difficulty in sourcing raw materials, it is becoming challenging for the refractory manufacturers to compete successfully in the global refractory products market. This is prompting existing refractory product manufacturers to consolidate their resources, to survive in the market and successfully maintain their competitive advantage.”
According to the report, one driver in the market is growth in global steel production. The global iron and steel industry accounts as the most significant consumer of refractory products, and therefore, the increase in production and demand for steel during the forecast period is the primary driver for market growth. Refractory products are consumed in substantial quantities during the production of steel, and any change in the global steel production will have a direct impact on the demand for refractory products.
Further, the report states that one challenge in the market is slowdown in Chinese economy. China represents one of the biggest markets for refractories, both in size and growth potential; however, the country's economy has been affected significantly due to a slowdown in trade and weakening of currency. The country's metal production capacity has also suffered decline due to a supply glut.
Krosaki Harima Corporation, Imerys, Saint-Gobain, SHINAGAWA REFRACTORIES, RHI Magnesita, and Vesuvius.