The global refractory materials market was valued at almost 42 metric tons in 2015 and is expected to reach almost 50 metric tons by 2020, says Technavio.
Technavio has announced its latest market research report on refractory materials for the forecast period, 2016-2020. This market analysis, under the metals and minerals vertical, discusses the major drivers and key emerging trends that will influence the growth of the global refractory materials market during the forecast period. Some of the top vendors listed in this industry analysis include Calderys, Magnesita Refratarios, Minteq International, RHI, Saint-Gobain, and Vesuvius.
In terms of geographical analysis, APAC is expected to continue its domination over the global market and is likely to reach almost 36 metric tons, with respect to volume, by 2020. China is anticipated to emerge as the key revenue-generator.
“The demand for the development of innovative refractory products for the glass market is on the rise with the surge in construction activities across the globe. Refractory materials are used widely in the glass manufacturing industry owing to their ability to support adverse conditions such as high temperature, thermal pressure, and contact with the aggressive environment. Some of the materials generally used in the refractories include alumina, silicate, mullite, chromite, and zircon,” says Ajay Adikhari, a lead analyst at Technavio for metals and minerals.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Rapid growth and expansion of steel industry in emerging market
The demand for refractory materials in the emerging markets of APAC and ROW regions is on the rise, fueled by the growth of industrial sectors like construction, mining, and manufacturing in these regions. This growth in industrialization in the emerging countries like China, Brazil, India, etc. has increased the need for iron, steel, power, cement and construction materials like glass. As steel is the primary end-user industry of refractory materials, the rapid growth and expansion of the steel industry in emerging markets is likely to propel the growth of the global refractory materials market.
Surge in demand from power generation sector
The growth of the global market for refractory materials works in tandem with the growth of the global glass industry. In the power industry, refractory materials find application in controlling the heat output during power generation. Gasifiers are used in gasification-based systems of natural gas-fired power plants; wherein heat is applied under pressure to convert hydrocarbon feedstock into gaseous components in the presence of steam. These gasifiers must be coated with refractories to provide heat resistance to control the high temperature inside the gasifier or combustion system.
Microwave-compatibility of barrier films
Refractory materials play a crucial role in determining the efficiency of the furnace or kiln used in manufacturing industries. As a result, vendors are investing heavily on research pertaining to the production of refractory materials. For instance, a major part of the R&D is conducted for the development of chrome-free refractory materials. Currently, mag-chrome bricks are the most commonly used refractory material in copper production furnaces. Research is also being conducted for the development of an alternative that is as efficient as the mag-chrome bricks.
Some of the other prominent vendors identified in this report are Chosun Refractories, HarbisonWalker, Krosaki Harima, Magnezit, Morgan Advanced Materials, OCL, Puyang Refractories, Refratechnik, Resco Products, and Shinagawa Refractories.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Refractory Materials Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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