LONDON--(BUSINESS WIRE)--The global refractory materials market for steel industry is expected to grow at a CAGR of above 3% during the period 2018-2022, according to a new market research study by Technavio.
The report determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA. The report also includes an analysis of the parent market, global refractory materials market, and the market share contribution of the global refractory materials market for steel industry to its parent market.
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Market driver: increasing demand for steel from the construction, infrastructure, automotive, and other sectors
Steel is one of the world's most indispensable resources. It plays an important role in various applications ranging from infrastructure, construction, and transportation to the tin-plated steel container that preserves food. It is a vital tool in the development of an economy. An important indicator in the socio-economic development and standard of living of an economy is measured based on the demand for or consumption (per capita) of steel. The consumption of steel is fundamentally related to the development of an economy. The major drivers for steel across the world includes industries such as construction, infrastructure, automotive, and consumer durables.
According to a senior lead analyst at Technavio for metals and minerals research, "During the forecast period, the global automotive industry is projected to grow at a stable pace. The demand for different types of vehicles, including passenger vehicles and heavy commercial vehicles, where steel is extensively used, is rising at a significant pace. The increase in the production required to match the requirements of the customers will result in the enhanced demand for steel. Steel is also used for manufacturing automotive components."
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Market trend: rising popularity of monolithic refractories over shaped refractories
The monolithic refractories are expected to observe high popularity over shaped refractories during the forecast period with a high growth rate, as they are distinct mixes or blends of dry granular or cohesive plastic materials with an indefinite form. These refractories are likely to witness increased demand for almost every application including the steel industry.
They are primarily used to make virtually joint-free linings and are only provided shape upon application. They are produced as some form of suspension that eventually harden to form a hard mass. Large refractory particulates, fine filler constituents, and a binder phase are used in preparing most monolithic. Castables, plastics, gunning mixes, mortars, and ramming mixes are different forms in which they can be used.
In different kinds of furnaces, monolithic refractories have benefits over refractory bricks. They aid quick installation and prevent interruptions for the production of special brick forms. Strenuous brick laying tasks and intersections can be eliminated with the use of monolithic refractories.
Market challenge: fluctuation in the cost of refractory raw materials and high energy consumption
There has been high volatility in the price of refractory raw materials in the last few years. The cost involved in the production of the raw materials is a determining factor toward the end use of these materials, i.e., the production of refractory materials. The three major factors that is involved in the cost of a refractory product are the cost of refractory raw materials, production cost, and cost to design and test the product. Main refractory raw materials such as magnesite, alumina, bauxite, graphite, and zirconium are observed to exhibit high volatility because of their fluctuating prices. Factors such as economic conditions, political unrest, and Eurozone slowdown are the primary reason for such fluctuations. China's export policies is also adding to such variations in prices of the raw material.
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Some of the major contributors in the global refractory materials market for steel industry:
- Morgan Advanced Materials and its affiliates
- RHI Magnesita
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