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Refractories - Global Market Trajectory & Analytics

  • ID: 338433
  • Report
  • April 2021
  • Region: Global
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Allied Minerals Products
  • Alteo Holding
  • CerCo Corporation
  • IFGL Refractories Ltd.
  • Lhoist Group
  • Minteq International Inc.
  • MORE
A Hurting Metallurgy Industry Disrupts Market Opportunities for Refractories. Market Braces for $1.7 Billion in Losses

The global market for Refractories is expected witness revenues dip by US$1.7 billion in the year 2020 and thereafter recover and grow to reach US$30.1 billion by the year 2027, trailing a post COVID-19 CAGR of 3.4% over the analysis period 2020 through 2027. As an industrial material, refractories are widely used in the linings of furnaces, kilns, incinerators and reactors, given their extremely high melting point and ability to maintain structural integrity even at very high temperatures. Refractory materials are ceramic, corrosive, and non-metallic products that tolerate extreme temperatures, physical wear, and corrosion released by chemical agents. The materials offer better heat resistance capacity than metals, making them ideal solution for usage in industrial processes that operate in temperatures ranging between 371o C and 425o C. The materials' resistance to heat makes them ideal for usage in kiln furniture, ceramics, foundries, boiler combustion chambers, mission control scrubbers, and incinerators. The market is bearing the brunt of slowing manufacturing and production. As the momentum in the refractories market is largely reliant on the level of activity in iron & steel sector, which in turn is influenced by the economic environment, the recession is curtailing immediate term growth. COVID-19 induced economic crisis is having a considerable negative influence on construction, automotive, shipbuilding, heavy machinery, appliances, and oil & gas infrastructure, where use of steel is the highest. At the same time, weak industrial activity in other refractory end-use domains such as aluminum, copper, glass, energy, waste management, and chemicals industries, primarily due to weak industrial activity, is weakening demand for refractories further. Capacity reductions across the world are expected to be on the rise over the next two years.

Globally, there is considerable excess steel production capacity, especially in China. Around the world, state-owned entities (SOEs) directly/indirectly control around 70% of the steel production, consequently, the plans of government and SOEs differ from that of free-enterprise steel producers. Against this backdrop, the steel industry in China is feeling the pressure of excess inventory build-up, volatile raw material prices, declining steel prices and waning profit margins. Chinese steelmakers combined have over 1.3 billion metric tons of production capacity, of which more than 400 million metric tons are surplus. Capacity utilization in the domestic steel industry has been averaging around 70%. The current medley of market forces are expected to trigger consolidation in the steel industry leading to a natural shake out of outmoded capacity in addition to the focus on legislative control of capacity expansions. The surplus steel capacity continues to impact the complete upstream supply chain that include coal producers, iron ore producers and scrap suppliers. Commodity steel manufacturers are one of the most affected sectors on account of excess steel capacity. Global steel producers have been witnessing growth in output outpacing growth in demand, with capacity utilization rates remaining adamantly around the 75% mark throughout 2019, and continue the same trend in early 2020, just prior to the onset of COVID-19 outbreak. The sector is being weighed down by the pressure caused by decades of excess steel production capacity buildup and poor margins.

In the post COVID-19 period, growth will be come from the established demand for ceramics, steel, cement and other minerals processed via electric ARC furnace technology. Although iron and steel remain chief consumers of refractories, the coming years are forecast to witness an increase in demand for refractories in the production of nonferrous and non-metallic mineral products. The slowdown in Chinese consumption of refractories is expected to be offset partially by the rise of India as the next big driver of refractories consumption in Asia. China, on the other hand, will continue to decline challenged by slower economic growth and government policy led environmental crackdown on refractory pollutants in industrial wastewaters and air emissions. The country will nevertheless witness demand for higher grades of refractories in a bid to bring down refractory usage per metric ton of steel produced from about 22 kilograms to about 10 kilograms. A key trend that will gain momentum during this period will be the migration towards monolithic refractories away from shaped refractories.

Select Competitors (Total 104 Featured):
  • Allied Minerals Products
  • Almatis GmbH
  • Alteo Holding
  • AluChem, Inc.
  • CerCo Corporation
  • Chosun Refractories Co., Ltd.
  • Compagnie de Saint-Gobain S.A.
  • CoorsTek, Inc.
  • Harbisonwalker International
  • IFGL Refractories Ltd.
  • Imerys S.A.
  • Krosaki Harima Corporation
  • Lhoist Group
  • Qinghua Refractories Co., Ltd.
  • Magnezit Group
  • Minteq International Inc.
  • Morgan Advanced Materials plc
  • Puyang Refractories Group Co., Ltd.
  • Refratechnik Holding GmbH
  • Resco Products, Inc.
  • RHI Magnesita GmbH
  • Ruitai Materials Technology Co., Ltd.
  • Shinagawa Refractories Co., Ltd.
  • Vesuvius plc
  • Zhejiang Zili Advanced Materials Co., Ltd.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Allied Minerals Products
  • Alteo Holding
  • CerCo Corporation
  • IFGL Refractories Ltd.
  • Lhoist Group
  • Minteq International Inc.
  • MORE
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19 and a Looming Global Recession
  • Drop in Steel Demand Sets Major Impact on Refractory Business
  • Exhibit 1: Steel Demand in Million Metric Tons: 2018-2021
  • Prevailing Weak Global Economic Environment & Negative Tide in GDP Forecasts Strongly Discourage the Refractories Market
  • Exhibit 2: World Economic Growth Projections (Real GDP, annual % Change) for 2019, 2020 & 2021
  • Industrial Activity to Remain Subdued in the Immediate Term, Inducing Weakness into Refractories Market
  • Exhibit 3: Global PMI Index Points for the Years 2018, 2019 & 2020
  • Exhibit 4: Business Climate Indicator in the Euro Area for the Period June 2019 to May 2020
  • Exhibit 5: Business Confidence Index (BCI) Points for 3Q 2019, 4Q 2019, 1Q 2020, & 2Q 2020
  • Revival in Construction Activity and Ensuing Demand for Iron and Steel to Improve Growth Prospects
  • Exhibit 6: Global Construction Spending (In US$ Trillion) for the Years 2019, 2020, & 2021
  • Refractories: A Prelude
  • Features and Benefits
  • Refractory Products by Form
  • Refractory Products by Material
  • Market Outlook
  • Regional Outlook
  • Key Drivers of Refractories by End-Use Sector
  • Monolithics to Outshine Bricks and Shapes
  • Non-Ferrous and Non-Metallic Applications Gain Growth
  • Refractory Production Landscape
  • Exhibit 7: Global Refractory Production Breakdown by Country/Region: 2019
  • Competition
  • Global Refractories Industry in Consolidation Mode
  • Exhibit 8: Market Share of Leading Players in the World Refractories Market: 2019
  • Recent Market Activity
  • World Brands
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Supplies and Pricing Volatilities Constrain the Refractories Market Worldwide
  • Influx of New Preparation Technologies to Transform Refractory Materials
  • Nanomaterials Gain Interest in Refractory Industry
  • Demand for Efficient and Durable Refractories on Rise
  • Raw Materials Play an Important Role in Determining Prices
  • Alternative Minerals to Witness Increased Adoption as Bauxite Supply Drops
  • Refractories: A Major End-Use Market for Natural Graphite
  • Exhibit 9: Major Markets for Flake Graphite Worldwide (2019): Percentage Breakdown of Volume Consumption by End-Use Sector
  • Companies Test Other Regions for Mining of Graphite
  • Exhibit 10: World Natural Graphite Production (2019): Percentage Breakdown of Production for Leading Countries
  • Refractory Manufacturers to Invest in Graphite Mines to Tackle Rising Graphite Prices
  • Focus on New Sources of Magnesia on Rise
  • Exhibit 11: World Refractory Magnesia Demand (2019): Percentage Breakdown of Volume Consumption by Region
  • Kyanite and Other Related Minerals Gain Interest
  • Customization of Refractories Catches On
  • A Highly Fragmented Marketplace Benefits Raw Material Suppliers
  • Demand for Efficient and Durable Refractories Rises
  • Market Dynamics of Major End-Use Sectors
  • Iron & Steel
  • Exhibit 12: World Crude Steel Production (2014-2021): Volume Output in Million Metric Tons
  • China Holds the Key for Future Growth of Steel Industry
  • Export
  • Exhibit 13: Leading Steel Exporting Countries (in Million Metric Tons) :2019
  • Exhibit 14: Leading Steel Importing Countries (in Million Metric Tons) : 2019
  • Cement
  • Exhibit 15: Leading Cement Producing Countries Worldwide (2019): Annual Volume Output in Million Tons
  • Glass Manufacturing
  • Growth Drivers for Flat Glass Industry: On a Scale 1-10 (10 - High Impact; 1 - Low Impact)
  • Ceramic Tiles
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • UNITED STATES
  • Market Analytics
  • Market Overview
  • Immediate Market Prospects Remain Sluggish
  • Market Demand Largely Dictated by Trends in the Steel Sector
  • Exhibit 16: US Annual Crude Steel Production in Million Tonnes: 2011-2019
  • COVID-19 Casts Shadow on the US Construction Sector, Curtails Steel Demand
  • Exhibit 17: Construction Spending Trends : July 2019 - June 2020
  • Exhibit 18: Residential Construction in the US (Jan 2020-June 2020): Number of Housing Starts in Thousand Units by Type for Single-Family Units and Multi-Family Units
  • Exhibit 19: Residential Construction in the US (2008-2019): Number of Housing Starts in Thousand Units by Type for Single-Family Units and Multi-Family Units
  • Exhibit 20: Number of States Limiting the Construction Industry due to COVID-19 as of April 2020
  • Favorable Outlook for Construction Materials Post COVID-19 Pandemic Augurs Well
  • Refractories: Major Application of Graphite in the US
  • Evolution of US Clay and Non Clay Refractories Industry: A Historical Perspective
  • Market Trends
  • Non-Clay Refractories to Make Gains
  • Advanced and Specialty Products Garner Consumer Interest
  • Monolithic Refractories Seek Novel Opportunities
  • Competitive Scenario
  • Exhibit 21: Market Share of Leading Players in the US Refractories Market: 2019
  • CANADA
  • JAPAN
  • CHINA
  • Market Overview
  • Despite COVID-19 Scare, China to Remain the Most Important Refractories Market
  • Refractory Raw Materials in China
  • Geographic Distribution of Refractory Producers
  • End-use Sectors
  • Exhibit 22: Steel Production in China (2011-2019) (in Million Tons
  • Exhibit 23: Steel Production in China (2011-2019) (in Million Tons
  • Chinese Refractories Industry to Consolidate in Future
  • Eco-Refractories to Foray into the Market
  • Magnesia Supply Weakens in China
  • Market Analytics
  • EUROPE
  • Market Overview
  • Refractories Market in Europe to take a Hit Amid COVID-19 Outbreak
  • Steel Industry: An Integral Part of European Economy
  • Exhibit 24: Finished Steel Production in EU by Type (2019): Percentage Breakdown of Volume Production by Type
  • Recovery in Construction Activity Post COVID-19 Period to Sustain Growth in Steel Sector
  • Challenges Facing the Market
  • Exhibit 25: Crude Steel Production in Key European Markets: Annual Output in Million Tonnes for Years 2018 & 2019
  • Market Analytics
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • Market Overview
  • Government Initiatives to Boost Steel Industry Favor Growth in the Refractories Market
  • Anticipated Recovery in Construction Activity to Promote Demand for Steel
  • Market Analytics
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • Steel Production in Asia
  • Exhibit 26: Crude Steel Production in Select Countries in Asia-Pacific: Annual Output in Million Tonnes for Years 2018 & 2019
  • Market Analytics
  • INDIA
  • Market Overview
  • Evolution of Refractory Market in India
  • Challenges Facing the Indian Refractories Market
  • Efforts to Recycle, Reuse and Eliminate Refractory Waste
  • Indian Steel Market: A Review
  • Competitive Landscape
  • Market Analytics
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • Market Overview
  • BRAZIL
  • REST OF LATIN AMERICA
  • REST OF WORLD
IV. COMPETITION
  • Total Companies Profiled: 104
Note: Product cover images may vary from those shown
  • Allied Minerals Products
  • Almatis GmbH
  • Alteo Holding
  • AluChem, Inc.
  • CerCo Corporation
  • Chosun Refractories Co. Ltd.
  • Compagnie de Saint-Gobain S.A.
  • CoorsTek, Inc.
  • Harbisonwalker International
  • IFGL Refractories Ltd.
  • Imerys S.A.
  • Krosaki Harima Corporation
  • Lhoist Group
  • Qinghua Refractories Co. Ltd.
  • Magnezit Group
  • Minteq International Inc.
  • Morgan Advanced Materials plc
  • Puyang Refractories Group Co. Ltd.
  • Refratechnik Holding GmbH
  • Resco Products, Inc.
  • RHI Magnesita GmbH
  • Ruitai Materials Technology Co. Ltd.
  • Shinagawa Refractories Co. Ltd.
  • Vesuvius plc
  • Zhejiang Zili Advanced Materials Co. Ltd.
Note: Product cover images may vary from those shown
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