The Global Market for Refractories is Projected to Reach 48 Million Metric Tons by 2024

India Along With Other Emerging Markets in Latin America Emerge to Counterbalance the Slowdown in Chinese Consumption of Refractories, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Refractories market. The global market for refractories is projected to reach 48 million metric tons by 2024 driven by the emergence of India and other emerging Latin American countries as leading markets for steel and cement production and consumption at the back of recovering construction activity and infrastructure development activity.  

Refractories are mainly related to high temperature processing industries such as steel, cement and glass among others, and refractory materials are key to production of critical components such as castings. Since the need for refractories is directly proportional to the amount of metal and metal products processed, demand patterns closely follow the trends in industrial output. Despite the slowdown of Chinese steel and cement industries, the country will continue to play a vital role as a large consumer of refractories supported by the continued use of conventional less sophisticated production technologies in steel and other manufacturing sectors that consume higher level of refractories.

China has single handedly been the driver of the steel and cement industries worldwide, and consequently demand for refractories for about two decades. The country is the largest producer and consumer of steel and cement, which account for more than three-fourths of global Refractory consumption. China presently accounts for half of steel and nearly 60% of cement production globally. With the Chinese economy witnessing a paradigm shift to consumption driven economy, steel and cement intensity in GDP growth is declining, and the country is forecast to witness decline in production of both the commodities in the near future. In addition, Chinese steel manufacturers are shifting to higher grades of Refractories such as Monolithics & Others in a bid to bring down Refractory usage per metric ton of steel produced from about 22 kilograms to about 10 kilograms, the average usage in developed economies. Consequently Bricks & Shapes, the main stay of the Refractories market are forecast to lose steam in future. The trend is evident in all the major consuming regions across the world.

As stated by the new market research report on Refractories, Asia-Pacific region, driven by China represents the largest market worldwide, followed Europe. However, Chinese steel and cement production, and subsequently, consumption of Refractories projected to decline over the analysis period. India is expected to be the next growth driver of global Refractories consumption, and alleviate the expected decline in Chinese consumption. As such, Latin America, driven by improving economic conditions in Brazil, is forecast to register the fastest growth among all regions, with a CAGR of 4.7% over the analysis period. Other emerging markets, such as India, Russia, and the Middle East & Africa are also expected to drive consumption of Refractories. By material Non-Clay Refractories are forecast to witness the fastest growth, despite the leading share for clay refractories. By End-Use, Iron & Steel production accounts for the largest share of Refractory consumption, while Ceramics & Glass manufacturing is forecast to witness the fastest growth.

Key players in the market include Acera Technology, Chosun Refractories Co., Ltd., HarbisonWalker International, Imerys, Krosaki Harima Corporation, Magnezit Group, MINTEQ International, Inc., Refratechnik Group, RHI Magnesita N.V., Saint-Gobain S.A., SEEIF Ceramic, a.s., Shinagawa Refractories, Co., Ltd., and Vesuvius plc.

The research report titled "Refractories: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, innovations and launches, and strategic industry activities of major companies worldwide. In addition, detailed overview of the steel industry provides a downstream perspective of the factors affecting the Refractories market. The report provides market estimates and projections in thousand metric tons and US$ million for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), the Middle East & Africa, and Latin America (Brazil, and Rest of Latin America). Volume analytics (in Thousand Metric Tons) are provided by Form (Bricks & Shapes, and Monolithics & Others), Material (Clay Refractories, and Non-Clay Refractories), and End-Use (Iron & Steel, Cement, Ceramics & Glass, and Others). Value analytics (in US$ Million) are provided by Form (Bricks & Shapes, and Monolithics & Others), and Material (Clay Refractories, and Non-Clay Refractories).

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