Refractories Market annual growth rate is 5.21 percent
Refractories Market Size and Growth Rate:
The refractories market has been estimated at USD 35,849.68 million in 2017 and is expected to register a CAGR of 5.21% during the forecast period 2018 to 2023.
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Refractories Market Growth Drivers and Restraints:
Refractories have found important applications in the manufacturing processes of steel, iron, non-ferrous metals, glass, cement and other industries. China and Europe are important regions in terms of globally relevant end-use industries and it is expected that these regional markets will continue to grow in the near future, which in turn will create significant growth opportunities for this market over the forecast period. However, it is expected that the heavy dependence of refractory manufacturers around the world on imports of raw materials from China will be a challenge for growth in the global refractory market.
Geographical Overview of Refractories Market:
Geographically, Asia Pacific dominates the market segment followed by Europe and North America. Population growth is driving the construction industry, which is further stimulating the refractory market in emerging economies of the Asia Pacific. In North America, the US market is the largest consumer of refractory products. The increase in steel and cement production in the United States, particularly for construction purposes around the world, has increased the need for refractories. After emerging from the recession, companies are focusing more on profits by reducing high-cost composite materials, which stimulated the the refractory market in the United States.
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Key Players of Refractories Market:
Some of the leading market players of Refractories Market are RHI, IMERYS, VESUVIUS, KROSAKI, and SHINAGAWA, CHOSUN REFRACTORIES CO. LTD, HARBISONWALKER INTERNATIONAL, IFGL REFRACTORIES LTD, MAGNEZIT GROUP and others.
Refractories Market Segmentation:
By Product Type:
- Non-clay Refractory
- Clay Refractory
By End User:
- Iron & Steel
- Energy & Chemicals
- Non-ferrous Metal
- Cement
- Ceramics
- Glass
By Region:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
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