According to the new market research report “Refractories Market by Form (Shaped Refractories, Unshaped Refractories), Alkalinity (Acidic & Neutral. Basic), End-Use Industry (Iron & Steel, Power Generation, Non-Ferrous Metals, Cement, Glass), and Region – Global Forecast to 2023″, The refractories market is projected to reach USD 26.3 billion by 2023, at a CAGR of 2.5% between 2018 and 2023. The refractories market is expected to grow from USD 23.3 billion in 2018 and is projected to reach USD 26.3 million by 2023, at a CAGR of 2.5%. The growth of the refractories market is attributed to the growing iron & steel, glass, non-ferrous industries.
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Refractories are non-metallic materials that are chemically and physically stable at high temperatures of above 1,000°F. It is used in the linings of high-temperature furnaces, reactors, and other processing units. It provides thermal insulation to high-temperature furnaces, incinerators, and boilers. Refractories are a combination of various chemical compositions manufactured using different minerals. The global refractories market size is estimated to grow from USD 23.3 billion in 2018 to USD 26.3 billion by 2023, at a CAGR of 2.5%. The growing demand for refractories from the glass, non-ferrous metals, and cement industries is driving the market. There is a high demand for refractories in APAC, followed by Europe.
Glass is projected to be the fastest-growing end-use industry of refractories. This is due to the development of construction and automotive markets during the forecast period, which are the largest consumers of glass. The demand for refractories in the iron & steel industry is high owing to its usage in the construction and automotive sectors. Refractories provide high thermal stability to vessels at high temperature. Refractories are also used for various other end-use industries such as chemical, paper & pulp, and petrochemicals.
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The global refractories market is estimated to be USD 23.3 billion in 2018 and is projected to reach USD 26.3 billion by 2023, at a CAGR of 2.5%. This growth is mainly attributed to the high demand from the iron & steel, glass, and non-ferrous metals industries. The companies concentrated more on mergers & acquisitions to improve the sales of their products between 2013 and 2018.
Continuous expansion and adoption of the acquisition strategy by major market players to increase their market share make the refractories market competitive. RHI Magnesita N.V. (Austria), Vesuvius PLC (UK), Krosaki Harima Corporation (Japan), Shinagawa Refractories Co. Ltd. (Japan), Saint-Gobain S.A. (France), Corning Incorporated (US), Morgan Advanced Materials PLC (UK), CoorsTek Incorporated (US), HarbisonWalker International (US), Imerys SA (France), and Chosun Refractories Co. Ltd. (South Korea) are the leading manufacturers of refractory products.
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RHI Magnesita N.V. is a leader and key contributor to the growth of the refractories market. The company has a wide global presence and holds a major share in the global refractories market. It follows strategies such as mergers & acquisitions and R&D to expand its refractories segment, globally. The company’s consolidation strategy will help it widen its product offering and cater to the demand for refractories in the developing economies such as China and India. In 2017, RHI AG (Austria) and Magnesita Refractories S.A. (Brazil) merged their businesses to create RHI Magnesita N.V. in 2017. This merger was aimed at widening the product portfolio and customer base. In the same year, RHI Magnesita acquired Agellis Group AB (Sweden), which is specialized in continuous casting, and non-ferrous solutions. This acquisition was a part of RHI Magnesita’s strategy to increase its product portfolio.
Vesuvius PLC is a leader and key contributor to the growth of the refractories market. It accounted for a major part of all the development activities undertaken in the market. The company follows dynamic growth strategies such as new product developments and expansions to enhance its presence in the global market. With the moderate demand for shaped and unshaped refractories, the company has adopted the current market trends by strengthening its R&D activities and offering new innovative refractory materials to its customers. In July 2018, the company, under its brand Foseco, launched its new product, namely, Novel SCK. This product is specifically dedicated to iron & steel foundries. In November 2017, the company inaugurated its new R&D center in Visakhapatnam, India. The center is specifically dedicated to advanced refractories.
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