By revenues, the market is expected to be worth US$ 42.30 Bn by the end of the forecast period.
Albany, NY -- (SBWIRE) -- 03/29/2018 -- A new comprehensive study titled "Global Market Study on Refractories: Asia Pacific to Lead the Global Market in Terms of Revenue during 2017 - 2026" has recently been submitted to the vast database of Market Research Reports Search Engine (MRRSE). According to the report, the global refractories market is projected to reach over 52,000 KT in terms of volume. By revenues, the market is expected to be worth US$ 42.30 Bn by the end of the forecast period.
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Global demand for refractories is heavily dependent on broader developments in the steel industry. The global steel industry is undergoing significant changes, as anti-dumping regulations in many countries, most notably the US, have led to a decline in Chinese exports. Overproduction of steel continues to be a challenge, which has led to a decline in prices for refractories. On account of difficult situations in the refractories market, manufacturers in many countries are clamoring for government support.
The report segments the global refractories market into material type, end use, form type and region. The material type segment is further bifurcated into clay and non-clay. The end use segment divides the global market into glass, cement, non-ferrous metals, energy and chemicals and steel. The form type segment is categorized into monolithic, bricks and other. Geographically, the market is divided into key regions globally which are North America, Latin America, Europe, Asia Pacific and Middle East & Africa.
By form, bricks account for leading revenue share of the market, with the report estimating the volume share at over 50%. By material type, clay continues to remain sought-after among end-users on account of its low cost. Clay-based refractories currently account for over 70% revenue share of the market, and it is highly likely that the status quo will remain unchanged during the assessment period. The report projects the clay segment to grow at nearly 2.9% CAGR during the assessment period.
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Asia Pacific is the largest market for refractories, on account of behemoth steel production in China. The impact of Chinese manufacturers has been immense in the refractories market, however, the recent crackdown by the authorities has led to closure of many factories that were flouting environmental laws. Despite the short-term challenges, the outlook on Chinese market remains positive, with the market in China expected to grow at the highest CAGR during the assessment period.
The report profiles some of the leading players operating in the market. Some of the these players are Vesuvius plc, Krosaki Harima Corporation, RHI Magnesita N.V, Shinagawa Refractories Co., Ltd., Morgan Advanced Materials plc, Magnezit Group Ltd., Refratechnik Holding GmbH, Minerals Technologies Inc., Chosun Refractories Co.,Ltd., Resco Products, Inc., Compagnie de Saint-Gobain SA, IFGL Refractories Limited, Alsey Refractories Co, The Christy Refractories Company, L.L.C., Luossavaara-Kiirunavaara AB, CoorsTek, Inc., Allied Mineral Products, Inc., Steel Authority of India Limited, Imerys SA and Puyang Refractories Materials Co., Ltd.
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