Refractory Materials Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Refractory Materials Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : January, 2023 | Metals and Minerals

Report Digest

Refractory Materials Market: Overview

The refractory materials market has been projected to grow at a noteworthy speed in the foreseeable years. These growth opportunities in the global market have been on the back of rising demand for steel from different sectors, for example, automotive, infrastructure, construction, consumer durables, and others. In addition to this, a significant increase in the growth prospects in the steel industry is also driving the expansion avenues in the global market in the upcoming years.

There has been a noticeable in the population of the Middle East & Africa. Along with this, the hosting of some mega-events in the region, for example, FIFA World Cup 2022 in Qatar as well as Dubai Expo 2020 is also predicted to boost the demand for infrastructural facilities, such as transportation networks.

The automotive industry has also been expected to grow at a significant pace. Further, the increased production requirements in order to match the consumers demand will lead to enhanced steel demand. Thus, these factors are likely to drive growth opportunities in the global market.

Refractory Materials Market: Key Trends

In recent years, there has been a significant increase in the demand for steel in various industries. It leads to increased application of refractory materials as these are essential materials for the production of steel. Thus, owing to these factors, the refractory materials market has been expected to grow at a noteworthy speed in the years to come.

On the flip side, the constant fluctuation in the prices of refractory raw materials is curtailing the growth opportunities in the global market. The cost of the production of raw materials is a crucial factor to determine the use of the materials. The high volatility is exhibited by the main refractory raw materials, such as zirconium, graphite, bauxite, alumina, and magnesite. These refractory raw materials should undergo an energy-intensive firing procedure more than once in order to accomplish the required results. The requirement of energy essentials for the manufacturing as well as the volume of materials applied is the indicators of sustainability. Along with this, high energy consumption is also creating obstacles in the refractory materials market growth in the following years. 

Refractory Materials Market: Competitive Dynamics and Key Developments

The players from the refractory materials market have been adopting innumerable growth strategies in order to bring fortune in the following years. Some of the key growth strategies include portfolio diversion, development and launching of different technologically advanced products, expansion of the company’s footprints with the implementation of subsidiaries and partnerships, mergers and acquisitions, and expansion of the distribution network. In addition to this, increased investment by the market players for different R & D activities in order to bring technological advancements is likely predicted to fuel the demand opportunities in the global market during the forecast period.  

The key players in the refractory materials market are:

  • Compagnie de Saint-Gobain SA
  • Morgan Advanced Materials Plc
  • CoorsTek Inc.
  • HarbisonWalker International Inc.
  • Magnezit Group
  • Imerys S.A.
  • Krosaki Harima Corp.
  • Minerals Technologies Inc.
  • Refratechnik Holding GmbH

Refractory Materials Market: Regional Assessment

The refractory materials market has been divided into North America, the Middle East & Africa, Europe, Asia Pacific, and South America on the basis of geographical locations. Out of these five geographical locations, Asia Pacific has been estimated to hold a noteworthy share in the global market in the following years. These growth impetus in the regional landscape are on the back of the presence of prominent market countries, such as South Korea, Japan, India, and China. In addition to this, the growing production of crude steel in the region is also facilitating the growth in the regional market during the forecast period.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?