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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Growing urbanization and industrialization, especially in emerging economies such as India and China, has led to significant investment in the construction of residential and commercial buildings. According to the Global Construction Perspective and Oxford Economics, the global construction market will grow by 85% to USD 15.55 trillion worldwide by 2030, with three countries China, India and the US accounting for 57% of the global growth.
China is one of the fastest-growing economies; rising travel demand requires constant development of railways and roadways in the country. This has also boosted the growth of the automotive industry in China. The increased pace of infrastructure development in these emerging countries has led to an increase in the construction of residential and commercial buildings, which is expected to drive the demand for refractories in the iron & steel and cement industries. Increasing construction activities in emerging economies are also expected to drive the glass industry, which, in turn, will drive the refractories demand.
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The manufacturing process of refractories leads to the emission of organic particulate matter (PM) and harmful gases such as sulfur dioxide (SO2), nitrogen oxides (NOx), carbon monoxide (CO), carbon dioxide (CO2), fluorides, and volatile organic compounds (VOCs). Processes, including crushing, grinding, calcining, and drying, lead to the emission of PM, while gases and VOCs are emitted during firing and tar & pitch operations, respectively.
In the US, regulations regarding refractory waste disposal and guidelines regarding the use of refractories encourage recycling of chrome-based refractories, which are largely used in the iron & steel industry. Similarly, in Europe, projects such as ReStaR (Review and improvement of testing Standards for Refractory products), have been implemented to ensure the reliability and precision of the current refractory testing standards in the region. Such environmental regulations and restrictions on the use of refractory materials act as a restraining factor for the growth of the refractories market.
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Consolidation by the major manufacturers is a major opportunity of growth for the refractories market. Currently, the refractories market is unorganized with numerous raw material suppliers and refractory products manufacturers. The top 10 market players including RHI Magnesita, Saint-Gobain, Shinagawa Refractories, Vesuvius, and HarbisonWalker International (HWI) among others, cover around 20%–25% share in the global market. The rest of the share is distributed among the unorganized market players located in different regions.
The major players follow mergers & acquisitions as their key strategy. In 2017, RHI (Austria) and Magnesita Refractories (Brazil) merged their businesses to create RHI Magnesita N.V. This merger was a part of RHI’s strategy to widen its product portfolio and customer base. Similar steps are being taken by other major players, which would lead to consolidation, ultimately benefiting the refractories market into organized supply of these products.
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