The market study covers the present scenario and growth prospects of the global refractory equipment market for 2017-2021. The report also lists ring and roller mill, impact mill, and air separator as the three major product segments, of which the ring and roller mill accounted for more than 57% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global refractory equipment market:
- Increasing demand for energy
- Rise in number of smart cities
- Growth in global manufacturing sector
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Increasing demand for energy
Rising population and rapid urbanization are primarily responsible for the increasing energy demand globally. As per the EIA's estimates, global energy consumption is expected to grow by 48% during 2012-2040. Most of this growth will be from non-OECD Asia, where the demand for energy is driven by strong economic growth. India and China will account for more than half of the world's total increase in energy consumption during the forecast period.
According to Gaurav Mohindru, a lead analyst at Technavio for engineering tools research, “The world's fastest-growing energy sources are renewable sources and nuclear power, and both are expected to grow during the forecast period. Refractory materials are widely used in the nuclear and oil and petrochemical industries to line nuclear reactors and petrochemical containers. Hence, the incremental growth in such industries to meet the demand for energy will drive the global refractory equipment market during the forecast period.”
Rise in number of smart cities
The integration of information, communication, and technology for various operations is the most prominent characteristic of a smart city. These operations or functional areas include governance, safety, security, telecommunication, energy efficiency, and sustainability. The number of smart cities globally is rising at a fast rate, backed by investments from the private sector. Governments are collaborating with various private investors for the rapid growth of the smart cities market. Currently, EMEA has the highest number of smart cities worldwide. However, the number of smart cities in APAC is expected to grow at a faster rate during the forecast period.
“This rapid growth in the global smart cities market is driving the growth of the global cement industry. Refractory materials find wide application in the cement industry and are used in cement plant refractories. Hence, the growth in the cement market will drive the global refractory equipment market during the forecast period,” says Gaurav.
Growth in global manufacturing sector
The manufacturing sector has gone through a dramatic change in the last decade. Developing nations are investing significantly in the manufacturing sector. Manufacturing is important for both the developing and developed nations. Countries facing high unemployment rates are turning to labor-intensive sectors, such as manufacturing.
This growth in the manufacturing sector is driving the industrial burner and chimney markets globally. Refractory materials are used to line chimneys and burners to increase their resistance to high temperatures. Hence, the refractory material market is growing globally and is expected to be the driving force for the growth of the global refractory equipment market during the forecast period.
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