The "Industrial Refractory Material Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The industrial refractory materials market is expected to surge with a CAGR of 3.45% to achieve a market size of US$27.593 billion by 2025 from US$22.507 billion in 2019.
The market is expected to propel in the forecast period owing to the immense utilization of refractory materials in various end-use industries. The major industries include steel and foundry industry, glass, and cement among others. The growing iron and steel industry is driving the growth of the global industrial refractory materials market in the forecast period. Refractory materials are resistant to heat and are used in providing linings for high-temperature furnace, reactors, and other processing units.
The increasing construction activities worldwide along with the growing urbanization is further providing an impetus in fueling the demand for refractory materials driving the market growth. The growing global automotive industry is also contributing to the market growth in the forecast period. Additionally, the growing adoption of consumer electronics, especially in the developing economies of the world is driving the market growth in the forecast period. This is due to the growing middle-class population, rising disposable income, and increasing family income.
- RHI Magnesita GmbH
- Shinagawa Refractories Co.,Ltd.
- Krosaki Harima Corporation
- HarbisonWalker International
- CoorsTek Inc.
- Morgan Advanced Materials plc
- Refractory Minerals Co., Inc.
- Allied Mineral Products, LLC
The globally growing steel industry is fueling the growth of the global industrial refractory material market during the forecast period
According to the World Steel Association (WSA) forecast, the global steel industry will continue to proliferate with China as the leader followed by India, Japan, and the United States. In 2019, the steel demand in China grew by 7.8% in order to achieve a production of 900.1 Mt (approximately). While, steel demand in the other parts of the world grew by over 2.0%, mainly driven by more than 4.0% growth from the emerging economies of the world excluding China.
Furthermore, as the innovations in steel products continue to proliferate, this is continuing to show favorable growth prospects for refractory materials in the forecast period. As per the WSA stats, in 2017, an investment of 5.9% of the total revenue was made by the steel industry in projects, research, and process improvement. Hence, notable investments in the steel industry are further propagating the market growth in the forecast period. In addition, the innovative breakthrough technologies for the development of steel are helping in curbing carbon emissions, aiming at the lowering of carbon footprint.
By industry, glassmaking is expected to hold a significant market share, propagating the market demand during the forecast period
The global glass industry is expected to grow with a significant growth rate. The growth is mainly attributed to the surging demand for glass in wide applications which include varied residential and commercial infrastructure projects. Also, the soaring demand for glass substrate from the transportation industry, electronics and semiconductor sector, especially from the developing economies of the world are driving the market demand. On the global level, the Asia Pacific region is expected to be the largest market for glass consumption, especially float glass with the increasing urbanization, robust demand for housing, and investments by the glass manufacturers. Other user countries include China, Germany, USA, France, Japan, Spain, Argentina, Australia, Canada, Egypt, India, and Sri Lanka.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Industrial Refractory Materials Market Analysis, by Composition
5.3. Non-Clay Based
6. Industrial Refractory Materials Market Analysis, by Industry
7. Industrial Refractory Materials Market Analysis, by Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.6. Asia Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
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