LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Refractories Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the materials industry. This report breaks down the data and analysis behind the procurement of refractories and acts as an all-inclusive guide for making smart purchasing decisions.
“Majority of the demand for refractories arises from end-user segments such as iron and steel, cement, glass, and non-ferrous industries,” says SpendEdge procurement analyst Bhuvaneshwari Udayakumar. “The buyers in this market space are increasingly demanding for high-grade refractories and aim to engage with suppliers that undertake sustainability initiatives such as recycling of used refractory materials,” added Bhuvaneshwari.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Refractories Market:
- Market demand shifting from precast shapes to monolithic refractories
- Increased focus toward recycling used refractory material
- Increase in the energy efficiency of high-temperature refractory material
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Market demand shifting from precast shapes to monolithic refractories:
In the global refractories market space, there is a higher demand for monolithic refractories. This is mainly because monolithic refractories offer several advantages when compared with precast refractories. Monolithic refractories provide the flexibility of shape, are lower priced than precast refractories shapes, reduces the time required for brick formation, and provides a seamless layer for the inner lining of furnaces and kiln. Moreover, this market is observing a rise in the recycling of used refractory material, as opposed to the earlier practice of dumping the residual waste to landfills.
Increased focus toward recycling used refractory material:
There is a growing focus on recycling of used refractory material, as opposed to the earlier practice of dumping the residual waste to landfills. The popularity of this trend can be attributed to the supplier's initiatives to reduce the environmental impact of business operations. Besides ecological sustainability concerns, reusing and recycling refractories can also provide cost benefits to suppliers, which they can pass on to buyers in the form of reduced prices.
Increase in the energy efficiency of high-temperature refractory material:
Refractories used in iron and steel industries are subjected to high temperatures in the range 3,000°F-4,000°F. This has increased the use of carbon infused magnesia refractories that can reduce thermal expansion to up to 30%, as compared with magnesia refractories. Moreover, controlling thermal expansion of refractory material positively impacts the product's longevity and provides cost control avenues for category buyers.
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