Pune, India -- (SBWIRE) -- 08/22/2018 -- Refractories are ceramic materials, made out of natural and synthetic materials and are designed to withstand the intense heat, chemical attack, and corrosion. Without undergoing physical and chemical changes while encountering with high temperatures encountered in modern manufacturing, Refractories materials remain unaffected from the thermal stress and other physical phenomena induced by heat along with the physical wear and corrosion caused by chemical agents.

Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) recently published a study report. According to MRFR, continuing with the same trends, the global Refractories market is projected to demonstrate a significant growth at a CAGR of 4.02% during the review period (2018-2022).

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Therefore, they are extensively used where the manufacturing of petrochemical products and the refining of gasoline takes place. In addition to this, Refractories are used in a number of applications ranging from fireplace brick linings to the re-entry heat shields for the space shuttle. Hence, Refractories market is ever increasing the market, witnessing augmented demand all over the world.

Global Top 10 Key Players:

The key players in market includes Magnesita Refratarios S.A., Saint-Gobain S.A, RHI AG, Shinagawa Refractories Co. Ltd, Krosaki Harima Corporation, Corning Incorporated, Vesuvius PLC, Harbisonwalker International (HWI) Inc, Coorstek Incorporated, Morgan Advanced Materials PLC and others.

Application sector is segmented into steel, cement, glass, non-ferrous and others. The steel industry is the largest application of refractories globally. Refractories has the characteristics which are lightweight, high temperature sustainability, and robustness, therefore they are ideal for linings and insulation of the high temperature furnaces used in steel industry. In-addition, the increasing infrastructure and construction activities in the developing economies such as India, Brazil, Mexico, Russia, and other economies worldwide are contributing abundantly to the steel consumption and henceforth increasing refractories usage.

Innovations in the materials that are being used for the micro reactors is the most prominent trend in the micro reactor technology market. Conventionally, glass ceramics, and silicon are used for the fabrication owing to their chemical neutrality towards most of the chemcials and flexibility for fabrications. However, with the advancement in the research, matyreials such as PMMA are developed. Such materials may offer cost effectiveness, and added flexibility for the fabrication.

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Competitive Analysis:

The major players of the market have certain challenges such as various companies do not have their manufacturing located where the region is growing the most in order to prevent this the major players are expanding their business with a focus on growing region. Due to high price raw material the competitors are facing certain challenges various companies are focusing in house supply of raw materials in order to reduce the burden of high cost of raw materials.

Apart from this, the growing demand for 3-D printed micro reactors owing to its relative affordibility and high designing capability is antcipated to drive the overall micro reactor technology market in major regions. Moreover, 3-D printed micro reactors enables full scale continuous production of fine chemicals and pharmaceuticals. Continuous production provides additional unique benefits to the manufacturers. Unlike batch production, continuous production provides additional process efficiency, relative safety, and manufacturing flexibility. However, high cost and high time to market for micro reactor technology, and limited manufacturing capabilities for commodity chemicals is hampering the market growth. The production capacity of the micro reactors is low, owing to its small scale nature. Thus, commodity chemicals production using micro reactor technology is limited. Leading manufacturers are investing in R&D for innovations in commodity chemcals production through micro reactor technology, and has got limited success.