Increasing demand for steel products and focus of key players towards continuous capacity expansions is paving way for numerous opportunities within the refractory market. Refractories are a mixture of different minerals, such as bauxite, kaolin, graphite and magnesium.
Even though, all these minerals are produced globally, all grades of these minerals are not suitable for refractories applications. As a result, there is often a necessity to import these minerals. China is the leading producer of refractories minerals owing to favorable mineral resources.
Due to disputed trade practices, the US and Europe have imposed anti-dumping duties on Chinese trades. Thus, high cost of raw materials associated with heavy import duties has stymied the growth of the global refractories market.
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Market Players: –
- Vesuvius plc
- RHI Magnesita N.V
- Krosaki Harima Corporation
- Shinagawa Refractories Co., Ltd.
- Magnezit Group Ltd.
- Morgan Advanced Materials plc
- Refratechnik Holding GmbH.
As the impact of local and regional developments have become more pronounced, refractories companies from around the world have realized the importance of strategic collaborations and acquisitions. In September 2019, RHI Magnesita N.V. (Austria) made an acquisition in which they bought the refractories plant from Manishri Refractories & Ceramics Pvt. Ltd for US$ 6.3 Mn, which will produce magnesium carbon brick. This acquisition will help the company to penetrate into the Indian market.
Steady Growth in Steel Industries to Facilitate Global Refractories Demand
Refractories materials cost around 2-3% of steel production costs. Growing infrastructure, oil and gas, and automotive industries would drive the growth of the steel industry. Although refractory companies continue to find opportunities in cement, glass, and non-ferrous industries, it is the steel industry that massively influences the fortunes of refractories manufacturers.
Steel industries account for around three-fourth of global refractories demand and are forecast to continue their reign throughout the forecast period. Although global overproduction has also impacted the steel industries, there has been a steady recovery in the last year. Furthermore, investments in steel industries are likely to increase in developing and underdeveloped regions, as majority of the regions are focusing on self-reliance and cutting down on imports.
Global Refractories Market Segmentation
Fact.MR has studied the Global Refractories market with detailed segmentation on the basis of material, form, end-use, and key regions.
- By Material :
- Clay
- Non-Clay
- By Form :
- Bricks
- Monolithic
- Others
- By End-Use :
- Steel
- Energy & Chemicals
- Non-Ferrous Metals
- Cement
- Glass
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
How Fact.MR Assists in Making Strategic Moves?
The data provided in the Refractories Market report offers comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period.
The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players. The main motive of this report is to assist enterprises to make data-driven decisions and strategize their business moves.