Global Refractory Materials Market to Exhibit Moderate Growth as Demand From Power Generation Sector Increases

Published Date : Dec 19, 2016

ALBANY, NY, Dec 19, 2016: The report, titled “Global Refractory Materials Market 2016-2020” provides a comprehensive overview of the global refractory materials market covering aspects such as the product portfolio, manufacturing cost structure, leading market participants, strategies they adopt, and the impact of the same on the overall market. Compiled with the intent of helping the stakeholders get a better perspective, the report also presents insights into the growth drivers aiding the market and lists down the restraints posing threats. 

According to the report, the global refractory materials market is projected to exhibit a moderate CAGR of nearly 4% between 2016 and 2020. The market is currently witnessing steady growth thanks to the surging demand from the power generation sector. Refractories are used to control the excessive heat emitted during power generation. The increasing inclination towards energy generated in natural gas-fired power plants is fuelling the demand for heat-resistant refractory materials. 

Since the demand for natural gas is expected to increase in the coming years, the global refractory market will continue witnessing growth opportunities through the course of the forecast period. Furthermore, the advent of advanced and eco-friendly refractories with extensive application, will provide the market participants with novel opportunities to capitalize on in the near future. Some of the most crucial application sectors of refractory materials are in the renewable energy sector. These include hydrogen, nuclear, biomass, tidal, solar, and wind. 

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Regionally, the global refractory materials market is segmented into APAC, the Americas, and EMEA. Of these, APAC dominated the global market in 2015, and is projected to continue leading the overall market through the course of the forecast period. The growth witnessed by the market in the region is attributable to its flourishing construction industry. The expansion of the mining and manufacturing industries will also give impetus to the refractory materials market in APAC. 

Countries such as India, Japan, China, and South Korea will emerge as the major revenue contributors to the refractory materials market in APAC. Of these, China dominates the APAC refractory market as it is the largest manufacturer and supplier of brown fused alumina, bauxite, silicon carbide, and graphite. The region also exhibits the strong presence of end-use industries such as steel, glass, iron, cement, and aluminum, which is expected to boost the refractory materials market. 

Based on product, the global market can be bifurcated into non-clay and clay and other segments. Of these, the clay and other segments dominated the global market in 2015.  By application, the market can be segmented into iron and steel, non-ferrous metals, and non-metallic materials. Of these, the iron and steel industry emerged dominant accounting for the highest share in the global market in 2015. 

The report studies in detail the various factors supporting the market’s growth across the aforementioned segments. To provide in-depth insight into its competitive landscape, the profiles of companies such as Saint-Gobain, Magnesita Refratarios, RHI, Vesuvius, Minteq International, Calderys, and others are included in the report. 

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