Refractories market to gain profits from the iron and steel sector over 2019-2025
Publisher : Fractovia | Published Date : 2019-07-19Request Sample
Ever expanding infrastructural developments across the globe have been fueling refractories market share over the last few years. Refractories are porous materials that can withstand extremely high temperatures above 1,500-degree Celsius without undergoing any structural changes. They are generally used to line the furnace walls in various steel or glass processing plants and even the molds that shape molten iron or glass are also made of refractories. The increasing demand for infrastructural development materials like cement, steel, and glass will propel the refractories market size over 2019-2025.
U.S. Refractories Market Share, by end-user, 2014-2025 (USD Million)
According to the United Nations, the world’s population is projected to rise by 1 billion by the end of 2030, which will create more opportunities for housing and infrastructure industries. Additionally, it will be accompanied by rapid urbanization and industrialization creating exponential demands for cement, steel, and glass. For the record, China accounted for nearly 45% of global steel demand from the rising infrastructure requirements in the country in 2016.
Steel is the basic requirement for any type of the construction. About 50% of steel produced worldwide gets utilized in the construction sector across the globe. In this regard, increasing expenditure on housing and infrastructure developments will help to transform refractories market outlook throughout the forecast period.
In addition to construction sector, automobile, household appliances, transport, packaging, and energy sectors also make use of steel and steel alloys on a larger scale. The automobile chassis and body mainly comprise steel, which provides a basic structure and strength to the vehicle. The auto sector is on the verge of expansion due to improved standards of living among the rising population. This will drive more demands for automobiles, and further support the growth of refractories market trends.
The transportation containers which accommodate everything from small to large shipments are completely fabricated out of steel structures and sheets. Steel is also used in typical household appliances like fridges, ovens, washing machines, and dishwashers on a large scale. The energy sector including nuclear, thermal, and wind power, consistently demand steel for infrastructural developments. The soaring population and growing need for energy will generate high demand for steel in future, helping refractories industry giants expand their business.
Along with steel, glass is also one of the most important elements of the buildings and infrastructure industry, as it not only improves the aesthetics, but also allows the natural light to pass in through the windows. As the construction industry is the primary driver for glass consumption, glass will witness high demands from the increased construction activities across the globe. Since the popularity of non-metallic materials across construction sector has increased remarkably over the last few years, refractories market size is poised to record substantial growth over 2019-2025.
Apart from the construction applications, rising demands for other glassware items like bottles, jars and household appliances will also propel glass industry, which will help expand the refractories industry landscape. The increasing use of glassware for food product packaging and beverage industries will generate high demand for glass appliances that will create new opportunities for refractories market giants over the forecast timeframe.
In 2018, Europe was the biggest exporter of glass and glassware accounting for around 43.8% of the global exports. Slightly behind Europe, Asian exporters stood second with global share of 43.4% and North America held 10.5% share of glass and glassware shipments. Considering the regional statistics from the perspective of the glass industry alone, Europe and Asia Pacific are likely to accrue an appreciable proportion of refractories market share.
With growing infrastructure industry in the developing nations like India and China, the demand for refractories will rise due to their significant usage in iron & steel furnaces. The widening scope of glass and glassware sector owing to the ever-expanding application trends across construction, food packaging, and beverage industries is slated to boost refractories market size. A research report by Global Market Insights, Inc., elaborates on how the refractories market will surpass USD 41 billion by 2025.
