LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global refractory materials market is expected to grow at a CAGR of close to 4% during the forecast period.
“The iron and steel industry is key to other industries like construction, automotive, aerospace, and industrial machinery, and demand from these will affect the demand for refractory materials considerably.”
This research report titled ‘Global Refractory Materials Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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Based on application, the report categorizes the global refractory materials market into the following segments:
- Iron and steel
- Non-metallic materials
- Non-ferrous metals
The top three revenue generating application segments in the global refractory materials market are discussed below:
Global refractory materials market in iron and steel industry
The iron and steel industry accounted for over 68% of the global refractory materials market in 2015. As the industry is the largest end user of refractory materials, the market is highly dependent on the performance of the industry. Refractory materials are used in blast furnaces, air and process gas heaters, basic oxygen steelmaking (BOS) vessels, steel and torpedo ladles, troughs, reformers, and electric arc furnaces.
According to Swapnil Tejveer Sharma, a lead metals and minerals research analyst at Technavio, “The iron and steel industry is key to other industries like construction, automotive, aerospace, and industrial machinery, and demand from these will affect the demand for refractory materials considerably.”
APAC is the leading consumer of refractory materials for the iron and steel industry. China (which accounts for about half of global steel production), Japan, and India are among the leading producers of iron and steel. The abundant presence of raw materials, along with other factors like low labor cost and the presence of suitable facilities for expansion of this industry, has helped the growth of the iron and steel industry in China. Europe and the Americas come next in the use of refractory materials for the iron and steel industry.
Global refractory materials market in non-metallic material industry
The non-metallic materials segment accounted for 17.6% of the global market in 2015. The segment includes the manufacturing industries of materials like glass, lime, cement, and ceramics, which find considerable application in construction, automotive, aerospace, and solar panels. It is the fastest-growing industry market due to the high demand from consumers for end products that use non-metallic materials.
The increase in disposable income worldwide has resulted in the increase in demand for automobiles and residential and commercial buildings. With the rise in global population, there is the need for new buildings and residential. APAC is again the largest market for refractory materials in the non-metallic materials industry. China and India are the top two producers of cement globally. The cement produced there are used in the domestic real-estate and construction markets. The US comes next in the consumption of refractory materials for the non-metallic materials industry.
Global refractory materials market in non-ferrous metals industry
The non-ferrous metals industry accounted for 8.9% of the global consumption of refractory materials in 2015. The segment includes aluminum and copper, which need refractory materials in large quantities for their production. As aluminum is a lightweight material that has high strength, it is used in various applications in varied industries including automotive, aerospace, construction, power generation, shipping, and mining.
Swapnil says, “The surge in demand from these end-users and industries will lead to a rapid growth of both the non-ferrous industries as well as the refractory materials.”
APAC is the largest market for this segment with countries like China and India among the top producers as well as consumers of aluminum. After Chile, China is the second biggest producer of copper. Rapid industrialization in APAC and demand from end-use industries like cement, steel, and iron will drive the use of refractory materials in the non-ferrous metals industry.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Magnesita Refratarios
- Minteq International
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