Refractories Market to Develop Rapidly by 2020
Refractories are non-metallic materials that have property to retain its structure even at high temperatures of above 1000 °F. Refractories are used in linings of furnaces, incinerators and reactors in many of the industries. Refractories find application in vessel lining construction of unshaped products, prefabricated elements and bricks in the industries. The key end-user industries for refractories include iron and steel, non-ferrous metals, non-metallic minerals; and non-metallic materials such as glass. Multiple refractory layers and additional insulation materials are necessary to protect the steel structure in the furnaces from aggressive processing conditions. Iron and steel was the largest end-user industry for refractories accounting for about 75% of total market in 2013.
The growth of end-user industries and the increasing demand for high performance furnaces has been driving the global refractories market. However, due to increasing equipment efficiency, the refractory consumption of the end-user companies has been declining. The expansion of iron and steel companies in terms of acquisition of new raw material sites or increasing the number of processing plants are generating new demands for the refractories market. The global glass market is growing at fast pace due to its increasing demand from construction and corporate sectors. Refractories consumption per ton of the processed metal varies across the countries. For instance, Japan consumes about 10 kilograms of refractories per ton of steel, whereas with 23 kg/ton, it is very high in case of China.