CHICAGO, January 17, 2019 /PRNewswire/ --
According to the new research report "Refractories Market by Form (Shaped Refractories, Unshaped Refractories), Alkalinity (Acidic & Neutral. Basic), End-Use Industry (Iron & Steel, Power Generation, Non-Ferrous Metals, Cement, Glass), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Refractories Market is projected to reach USD 26.3 billion by 2023, at a CAGR of 2.5% between 2018 and 2023. The refractories market is expected to grow from USD 23.3 billion in 2018 and is projected to reach USD 26.3 million by 2023, at a CAGR of 2.5%. The growth of the refractories market is attributed to the growing iron & steel, glass, non-ferrous industries.
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The unshaped Refractories Market is projected to account for the largest share during the forecast period.
Based on form, the refractories market has been segmented into shaped refractories and unshaped refractories. Unshaped Refractories is projected to be the largest segment of the market during the forecast period. The demand for unshaped refractories is high due to its efficiency in various applications in the cement, glass and ceramic industry because of its significant properties such as respective chemical inertness, mechanical integrity, abrasion resistance, and thermal shock resistance at high temperatures.
The growing demand from glass and ceramic industries are expected to drive the market for acidic & neutral refractories during the forecast period.
Based on Alkalinity, the refractories market has been segmented into acidic & neutral and basic refractories. Acidic and basic refractories are projected to be the largest segment of the market during the forecast period. The demand for acidic & neutral is high due to its major use in glass and ceramic industries. Its low cost and ability to withstand high temperature with supper quality thermal shock resistance further augment s the growth of its market.
APAC is projected to register the highest CAGR, in terms of value, in the Refractories Market during the forecast period.
APAC is projected to be the fastest-growing market for Refractories Market, in terms of both value and volume. High economic growth, growing construction and automotive sectors, cheap labor, increasing foreign investments, agreements/collaborations, expansions, and a global shift in the production capacity from the developed markets to the emerging markets are the major factors leading to the growth of the refractories market in the region. China leads the refractories market in APAC. The consumption of refractories in the country is expected to witness significant growth during the forecast period due to the growth of the construction and automotive industries in the region.
RHI Magnesita N.V. (Austria), Vesuvius PLC (UK), Krosaki Harima Corporation (Japan), Shinagawa Refractories Co. Ltd. (Japan), Saint-Gobain S.A. (France), Corning Incorporated (US), Morgan Advanced Materials PLC (UK), CoorsTek Incorporated (US), HarbisonWalker International (US), Imerys SA (France), and Chosun Refractories Co. Ltd. (South Korea) are the key players operating in the refractories market.
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