The global refractory products market to grow at a CAGR of 3.07% during the period 2018-2022.
Global Refractory Products Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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.