According to the new market research report ''Refractories Market by Form (Shaped, Unshaped), Alkalinity (Acidic & Neutral, Basic), End-Use Industry (Iron & Steel, Glass, Cement, Non Ferrous Metal), and Region (Asia-Pacific, North America, Western Europe) - Global Forecast to 2022'', published by MarketsandMarkets™, the global refractories market is projected to reach USD 36.17 Billion by 2022, at a CAGR of 3.89% between 2017 and 2022. By volume, it is projected to reach 56.83 Million tons by 2022, at a CAGR of 3.45%.
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This growth is attributed to the increase in infrastructural developments in developing countries such as China, India, and Brazil and high growth rate witnessed by the non-metallic minerals industry. The growing demand for high-grade refractories from iron & steel industries is also an important factor driving the refractories market.
Unshaped refractories: The largest segment of refractories market by form
Unshaped refractories was the largest segment of the global refractories market, by form in 2016, followed by shaped refractories. The demand for unshaped refractories is driven due to its effective and substantial usage in cement, glass, and ceramic industries. Its availability in various compositions and morphologies is expected to drive its demand globally.
Acidic & Neutral refractories: The largest segment of refractories market, by alkalinity
Acidic & neutral refractories was the largest segment, of the global refractories market, by alkalinity in 2016. Acidic refractories are rich in silica and alumina content and are mainly used in the glass and ceramics industry, which is expected to drive the market of acidic & neutral refractories. Acidic & neutral refractories are inexpensive, which further fuels their demands globally. The usage of acidic & neutral and basic refractories majorly depends on the kind of end-use industry it is required in.
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Iron & steel industry: The largest segment of the refractories market, by end-use industry
Iron & steel industry was the largest segment of the global refractories market, by end-use industry in 2016. This large share is attributed to the increasing technological advancements and the need for specialized refractory materials and products. Additionally, increasing infrastructure and construction activities in developing economies, such as India, Brazil, Mexico, Russia, and others are contributing significantly to steel consumption, and consequently leading to an increase in the usage of refractories.
Asia-Pacific: The largest refractories market, by region
The Asia-Pacific region was the largest market for refractories, in terms of value and volume, in 2016. The large market size of Asia-Pacific is due to the shifting of manufacturing facilities by large market players from mature markets such as Europe and North America to Asia-Pacific and Middle East & Africa. The large players prefer investing in these regions because they offer a wide range of market penetration opportunities due to the presence of mineral deposits such as magnesite, silica, and alumina, which are the key raw materials used to manufacture refractories, and the abundant availability of workforce and consumers.
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Refractories manufacturers, such as RHI AG (Austria), Saint-Gobain S.A. (France), Vesuvius Plc. (U.K.), Morgan Advanced Materials Plc. (U.K.), Shinagawa Refractories Co., Ltd. (Japan), Corning Incorporated (U.S.), Coorstek Incorporated (U.S.), Magnesita Refratarios S.A. (Brazil), Krosaki Harima Corporation (Japan), and HarbisonWalker International Inc. (U.S.) are covered in the report.
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