Refractories Market - Segmented by Product Type, End-User, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global refractories market was estimated at USD 35,849.68 million in 2017. The market is expected to register a CAGR of 5.21% during the forecast period (2018 - 2023). Iron & steel dominated the global refractories market with a global market share of approximately 70%, while other end-user industries are also estimated to register the fastest CAGR through the forecast period.
Increasing Construction in Emerging Markets
Construction sector in Asia-Pacific is the largest in the world. The increase in infrastructure construction activities is the primary driver for the Asia-Pacific construction industry. In addition, the emergence of major construction players from the EU into this lucrative market in countries, like China, has further fueled the industry’s growth. Due to their business potential, countries, such as Indonesia, China, Malaysia, Singapore, and South Korea, have become hosts to numerous national and international events. The move has accelerated the demand for hotels, shopping malls, high-rise buildings, arenas, and stadiums (both outdoor and indoor), thereby, boosting the construction industry in the respective regions. In addition, the ongoing construction activities in Russia for FIFA 2018 and the construction projects taking place in the GCC region (accounting for about USD 2 trillion) positively impact the global market.
Magnesite refractories are known for their excellent resistance to basic slags (high in case of iron-rich and lime-rich slags) despite their poor physical properties. Magnesite refractory bricks are used in many forms, e.g. magnesite brick, burned magnesite brick, fused magnesite brick, etc. It is also used in combination with many materials, such as magnesite alumina brick, magnesite alumina spinel brick, and various others. Increasing number of applications and the recovering steel industry are fueling the demand for magnesite refractories. This demand is projected to grow at an average rate during the forecast period.
Asia-Pacific Dominates the Market
Asia-Pacific has the highest share in the market, accounting for nearly 59% of the global market share in 2017. The Asia-Pacific market is primarily driven by the increasing construction activities coupled with supportive government regulations. In recent years, the construction industry has seen a significantly large growth. The growing population has resulted in an increased need for houses, schools, and hospitals in the region, therefore, the demand for refractories is expected to rise from the cement and iron & steel industries. The large consumer base and the cheaper manufacturing costs in the Asia-Pacific region are drawing in high FDIs, with India and China being the major players.
China is the Largest Consumer
The Chinese construction market is the largest in the world and is demonstrating a slower growth rate of 10.16% in comparison to 2015. The minimum growth rates of the construction and automotive sectors have adversely impacted the market for refractories. However, with the increasing crude steel production in the country, the demand for refractories is expected to rise during the forecast period. The rise in the government investments in the transport, infrastructure, & water conversation sector is expected to maintain the growth rates of the construction sector in the country. In addition, the approval of “Green Building Evaluation Standard” by the government shall boost the green building market, thereby, benefitting the market for refractories.
Key Developments in the Market
- December 2017- A memorandum of cooperation was signed between Magnesite Group, Mitsui Bussan Metals Co. Ltd and Mitsui & Co. Ltd for the production and supply of high quality fused periclase.
Major Players -RHI, Imerys, Vesuvius, Krosaki, and Shinagawa among others.
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