Refractories Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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Due to COVID-19, numerous countries went lockdown which has significantly affected the global economy, the economic and industrial activities came to a temporary halt, refractories market also witnessed its repercussion in terms of both productions, as well as demand from the end-user industries, such as iron and steel, cement, energy and chemicals, ceramics, etc.​

- Over the medium term, the major factors driving the market studied are strong growth of iron and steel production in the emerging countries and increase in the production of non-ferrous materials. The refractories are used for internal lining applications in iron steel and non-ferrous productions.

- Moreover, high demand coming from the glass industry is also the major factor driving the market growth.

​- On the flip side, due to the increasing environmental awareness, government agencies, and environmental agencies across the world are laying down the guidelines regarding the usage and disposal of refractories. This is likely to hinder the market growth.

- Asia-Pacific region is likely to dominate the market and is expected ...
... to have highest CAGR. Emerging countries, like China, Russia, Mexico, and South Africa, are investing heavily in large-scale infrastructure projects, which are expected to significantly boost the growth of the iron and steel industry.
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Key Market Trends

Increasing Demand from the Iron and Steel Industry

- The iron and steel industry is the major end-user of refractories, which accounts for around 60% of the market. These materials can withstand high temperatures, ranging from 260°C (500°F) to 1850°C (3400°F), without any major change in their physical properties.

- The major applications of refractories in the iron and steel industry include usage in internal linings of furnaces to make iron and steel, in furnaces for heating steel before further processing, in vessels for holding and transporting metal and slag, in the flues or stacks through which hot gases are conducted, and others.

- According to the World Steel Association, the global steel demand reached about 1.76 million metric ton in 2019, and it was projected to reach 1.81 million tons by 2021, registering a growth of about 1.7%. This indicates the demand prospect prevailing in the global market, which serves instrumental in driving steel production activities.

- According to World Steel Association, global crude steel production in the year 2020 has reached 1,864 million tons, down by 0.9% compared to 2019 due to COVID-19.

- In terms of consumption, Asia-Pacific is currently the largest consumer of refractories in the iron and steel industry, followed by Europe and North America. In North America, the United States is expected to witness the highest growth rate in the consumption of refractories in this industry, during the forecast period.

- In the European Union, a mild recovery in the demand for steel continues, while improving the economic sentiments and investment conditions. However, uncertainties in the political landscape, related to the refugee crisis and Brexit, are some of the risks to the economic condition. The demand for steel in the region is anticipated to grow at a slow pace, over the forecast period.

- All the aforementioned factors, is expected to drive the global market during the forecast period.

China to Dominate the Asia-Pacific Region

- Asia-Pacific region accounted for the largest share, holding around 68% of the total refractories market in terms of volume, in 2019. The region is also expected to register the highest CAGR of 3.33%, during the forecast period.

- China dominates the refractories market in terms of consumption and production, due to the local availability of raw materials, such as magnesite and alumni.

- Additionally, they are available at cheaper costs, as compared to other producers. The iron and steel industry consume the largest portion of refractories, globally, and in China as well.

- Growing construction activity is creating demand for the production of iron and steel in the China and have been driving the growth of the refractories market in the recent times. Overall in China, the quantity of steel produced during FY'19 valued 996.3 million tones and is expected to increase in coming years. This simply projects demand for steel in the country and thereby creating market opportunity for refractories.

- Industrial restructuring and the decreased consumption rate of refractories for per ton of steel have impacted the demand for refractories in China. However, the steady growth in the production of iron and steel in the country have been driving the growth of the refractories market in the recent times.

- The growing residential construction industry is expected to support the domestic production demand for non-ferrous, which is a positive factor for the increase in refractories demand in the coming years.

- According to the Organization Internationale des Constructeurs d'Automobiles (OICA), China is the largest producer of automobiles. The country alone produced 2,57,20,665 vehicles in 2019 which holds about 30% of the global production. Although the sales has decreased, it is expected to increase in the coming years creating an increased consumption of steel in automotive body making thereby creating need for more refractories in the region.

- Owing to the encouraging government initiatives and a vast consumer base, the chemical manufacturing sector in China is expected to increase at a consistent rate during the forecast period. The increasing production of chemicals is expected to create an opportunity for the growth of the refractories market in the country in near future.

Competitive Landscape

The global refractories market stands to be fragmented in nature, where top five companies caters to about 31%-33% of the global market demand.​ The major players include RHI Magnesita GmbH, Vesuvius, Krosaki Harima Corporation, SHINAGAWA REFRACTORIES CO.,LTD, and Saint-Gobain, among others.

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