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).
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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