Refractory Market Growing at a CAGR of 3.89% During 2017 to 2022 - ReportsnReports.com
02 Jun, 2017, 02:30 BST
PUNE, India, June 2, 2017 /PRNewswire/ --
Refractory market reaches $36.17 billion by 2022, at a CAGR of 3.89%. By volume, it reaches to 56.83 million tons by 2022, at a CAGR of 3.45% from 2017-2022. Unshaped refractories: fastest-growing segment by form & Acidic & Neutral refractories: fastest-growing segment by alkalinity while Asia-Pacific: fastest-growing by region.
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"Increase in infrastructural developments in developing countries such as China, India, and Brazil and high growth rate witnessed by the non-metallic minerals industry is driving the growth of the global refractories market"
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% between 2017 and 2022. The market is witnessing growth due to high paced infrastructural developments in emerging economies such as China, India, and Brazil and high growth rate witnessed by the non-metallic minerals industry. Growing demand for high-grade refractories from iron & steel industries is also an important factor driving the refractories market. Restrictions on the use of refractories due to growing environment concerns, monopoly of China over raw material supply, and fluctuating iron ore prices are the key factors restraining and challenging the growth of the global refractories market.
"Unshaped refractories: The fastest-growing segment of refractories market, by form"
Unshaped refractory is estimated to be the fastest-growing form segment during the forecast period (2017-2022). The rapid growth of unshaped refractories segment is attributed to the continuous R&D activities taking place in this segment. Moreover, availability of unshaped refractories in different compositions according to the requirements of different end-use industries makes it the most preferred and fastest growing form segment of refractories.
"Acidic & Neutral refractories: The fastest-growing segment of refractories market, by alkalinity"
The acidic & neutral refractories segment is estimated to be the fastest-growing segment, by alkalinity during the forecast period. Their low cost and ability to withstand high temperatures with super quality thermal shock resistance boosts the growth of this segment. Owing to the growing automotive and construction industries, the demand for acidic & neutral refractories is also expected to escalate during the forecast period.
"Glass: The fastest-growing segment of refractories market, by end-use industry"
Glass is projected to be the fastest-growing application segment of the global refractories market, by end-use industry during the forecast period. Extensive use of refractories such as high-purity alumina and zirconia based refractory materials in the glass industry, especially in furnaces, is estimated to drive its market. The increasing use of high-quality glass in residential and commercial construction especially in Asia-Pacific region and high growth rate witnessed by automotive industries in countries such as Germany, the U.S., Japan, and China is expected to drive the glass industry worldwide.
"Asia-Pacific: The fastest-growing market for refractories, by region"
The Asia-Pacific region is the fastest-growing market for refractories, in terms of both value and volume during the forecast period. Massive economic expansion in some of the Asia-Pacific countries, such as China and India, increase in infrastructural development due to escalating population, and growing urbanization and industrialization are boosting refractory consumption across the region.
This study has been validated through primaries conducted with various industry experts globally. These primary sources have been divided into three categories, namely, by company, by designation, and by region.
- By Company Type: Tier 1 - 45%, Tier 2 - 22%, and Tier 3 - 33%
- By Designation: C Level - 50%, Director Level - 10%, and Others - 40%
- By Region: Western Europe - 33%, North America - 17%, Asia-Pacific - 17%, Middle East & Africa - 25%, and South America - 8%
The report also provides company profiles and competitive strategies adopted by the major market players, 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.), among others.
Order a copy of 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 Research Report at: http://www.reportsnreports.com/purchase.aspx?name=449708 .
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