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Refractories 2019 Global Market to Reach US$ 30,820.1 million and Growing at CAGR of 4.08% by 2025

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Refractories 2019 Global Market to Reach US$ 30,820.1 million and Growing at CAGR of 4.08% by 2025

September 17
03:36 2019
Refractories 2019 Global Market to Reach US$ 30,820.1 million and Growing at CAGR of 4.08% by 2025

Refractories Market
WiseGuyReports.Com Publish a New Market Research Report On –“ Refractories 2019 Global Market to Reach US$ 30,820.1 million and Growing at CAGR of 4.08% by 2025”.

 

Refractories Industry 2019

Description:-

Refractories are produced from natural as well as synthetic materials, usually non-metallic or combinations of compounds and minerals, which include alumina, fireclays, bauxite, chromite, dolomite, magnesite, silicon carbide, and zirconia. They can withstand high temperature up to 3000°C or more without degrading or softening, and therefore are widely used in heat insulation of furnaces, jet and rocket engines, and parts of aircraft.

 

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The global market is projected to reach a value of USD 30,820.1 million, exhibiting a healthy CAGR of 4.08% during the review period. The key factor propelling the growth of the global refractories market is the extensive use of refractories in the production of clinker, which is further used in the production of cement. The increasing number of construction and infrastructure activities in the developing and developed economies is increasing the demand for cement, which consequently is projected to drive the growth of the refractories market. Also, the increasing demand for non-ferrous metals, which are used in structural applications wherein high strength, high melting points, and resistance to chemical and atmospheric corrosion is required is also projected to fuel the global market growth. The demand for non-ferrous metals is significantly increasing in the aerospace, automotive, medical, construction, and electrical industries. 
The emission of hazardous air pollutants and their adverse effects, as well as the scarcity of raw materials used in the production of refractories, are the key factors restraining the market growth. 

The recycling of refractories is expected to create lucrative opportunities for the market players as it lowers the input and waste disposal costs. 
The manufacturers of refractories are focusing on mergers, acquisitions, and expansion to meet the increasing demand for refractories in cement production owing to rapid industrialization and urbanization across the globe. For instance, in July 2018, RHI Magnesita announced a plan to merge its subsidiaries, RHI India and RHI Clasil, with Orient Refractories, as a strategic move to expand its footprint in India. The company will own about 70% share in Orient Refractories, and the company will be renamed to RHI Magnesita India. It is expected to be completed by mid-2019.

Regional Analysis 
The global refractories market, by region, is studied for five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific accounted for a major market share of over 44% in 2018 on account of the fast-paced industrialization and urbanization in emerging countries such as India, Thailand, and South Korea. The region emerged as the fastest growing market and is expected to reach a value of USD 14,788.3 million by the end of 2025 at a CAGR of 5.10%. 

Latin America emerged as the second-fastest growing region, after Asia-Pacific in 2018. This is attributed to the growing industrial bases in countries such as Brazil, Mexico, and Peru. 

Segmentation 
The market has been segmented on the basis of alkalinity, form, application, and region. 
The global market, by alkalinity, has been divided into acidic & neutral and basic. The acidic & neutral segment is expected to exhibit a CAGR of more than 4%. The demand for acidic refractories is increasing due to their low cost and ability to resist slag erosion at a high temperature, whereas the demand for neutral refractories is also expected an increase as they are resistant to chemical reactions of acids or basic slags. 
By form, the market has been segregated into shaped and unshaped. The unshaped segment held a market share of 61% in 2018 as it offers several advantages over shaped refractories such as higher strength, higher volume stability, and better spalling tendency. 

On the basis of application, the global market has been classified into iron and steel, cement, non-ferrous metals, glass, and others. The iron and steel segment held the largest market share in 2018, however, the glass segment is estimated to register the highest CAGR. The high growth of glass segment is due to the resistance offered by refractories against degradation by corrosive gases, liquids, or solids at elevated temperatures.

Key Players 
RHI Magnesita GmbH (Austria), Saint-Gobain (France), Vesuvius (England), Morgan Advanced Materials (UK), Shinagawa Refractories Co., Ltd (Japan), CoorsTek Inc (US), Krosaki Harima Corporation (Japan), HarbisonWalker International (US), Calderys (France), and Chosun Refractories Eng. Co. Ltd (South Korea). 

 

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Table Of Content – Major key Points

1 Report Prologue 

2 Market Introduction 

3 Market Insights 

4 Research Methodology 

5 Market Dynamics 

6 Market Factor Analysis 

7 Global Refractories Market, by Alkalinity 

8 Global Refractories Market, by Form 

9 Global Refractories Market, by Application 

10 Global Refractories Market, by Region 

Continued……

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