Global Refractory Products Market – Growth in Global Steel Production Drives Growth | Technavio
The report categorizes the global refractory products market by product (clay and non-clay), by technology (shaped and monolithic), and by application (iron and steel, non-metallic, and non-ferrous). The report also 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.
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Market driver: growth in global steel production
The most significant consumer of refractory products is the global iron and steel industry, and therefore, the increase in production and demand for steel during the forecast period is the primary driver for market growth.
According to a senior lead analyst at Technavio for tools and components research, “During the production of steel, refractory products are consumed in substantial quantities, and any change in the global steel production will have a direct impact on the demand for refractory products. The high replacement rate of refractory in steel production also substantiates the implications on refractory products demand from steel production.”
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Market trend: consolidation in the refractory manufacturing industry
It is becoming challenging for the refractory manufacturers to compete successfully in the global refractory products market due to the advancement in refractory technologies, enhanced competition, and increasing difficulty in sourcing raw materials. To survive in the market and successfully maintain their competitive advantage, the existing refractory product manufacturers are prompting to consolidate their resources. Consolidation activities are expected to take place during the forecast period, especially in the Chinese refractory market, as several smaller players join together to maintain their existing businesses.
Market challenge: slowdown in Chinese economy
In terms of size and growth potential, China represents one of the biggest markets for refractories; however, due to a slowdown in trade and weakening of currency, the country’s economy has been affected significantly. The country’s metal production capacity has also suffered decline due to a supply glut. The Chinese economy slowed down considerably during the ten years after the global recession in 2008. Although the country has the highest industrial production output, it saw a steady decline in output growth between 2011 and 2016. This slowdown is attributed to the manufacturing overcapacity in the country. The Chinese government supported various unsustainable business practices to develop the economy at a rapid pace, which are now facing shutdown.
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Some of the major contributors in the global refractory products market:
- Krosaki Harima Corporation
- RHI Magnesita
- SHINAGAWA REFRACTORIES
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