Global Steel Refractory Materials Market with COVID-19 Impact (2020–2025)
The Global Steel Refractory Materials was valued at USD 22 110,32 million in the year 2019. The growth in steel refractory materials market is mainly driven by growing urbanization and industrialization, especially in emerging economies such as India and China, which has led to significant investment in the construction of residential and commercial buildings. China is one of the fastest-growing economies with rising travel demand requiring constant development of railways and roadways in the country. The increased pace of infrastructure development in these emerging countries has led to an increase in the construction of residential and commercial buildings, which is expected to drive the demand for refractories in the iron and steel and cement industries.
In 2019, steel demand was impacted by ongoing geopolitical issues and trade tensions which together contributed to global uncertainty. This was particularly felt in the automotive, manufacturing and construction sectors, key drivers of the steel industry. Global automotive production contracted in 2019, with material declines in several key automotive markets, including Germany, Turkey and South Korea. Similarly, the growing consumer demand for household appliances such as washing machines, dishwashers, microwave ovens, cutlery, and furniture has increased the demand for steel in end-user industries. Refractory materials are widely used in the production of steel. These factors are expected to fuel the growth of the global refractory materials market for steel industry during the forecast period.
APAC is the leading consumer of refractory materials for the iron and steel industry. China (which accounts for about half of global steel production), Japan, and India are among the leading producers of iron and steel. The abundant presence of raw materials, along with other factors like low labor cost and the presence of suitable facilities for expansion of this industry, has helped the growth of the iron and steel industry in China. Europe and the Americas come next in the use of refractory materials for the iron and steel industry
Scope of the report:
· The report analyses the steel refractory materials by product type (bricks and shapes, monolithics and others).
· The report assesses the steel refractory materials by manufacturing process (blast oxygen furnace, electric arc furnace, others).
· The global steel refractory materials has been analysed by region (Americas, Europe, Asia Pacific, LAMEA) and By Country (USA, Canada, Mexico, Brazil, Germany, Italy, Russia, China, Japan, India).
· The attractiveness of the market has been presented by region, product type, and manufacturing process. Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
· The companies analysed in the report include RHI Magnesita, Morgan Advanced Materials, Shinagawa Refractories Co. Ltd., Vesuvius, IFGL Refractories, CoorsTek Inc., Calderys, Magnezit Group, Refratechnik Holding Gmbh, Orient Refractories Ltd.
· The report presents the analysis of Steel Refractory Materials for the historical period 2015–2019 and the forecast period of 2020–2025.