Refractory castables have broad prospects for development
According to the CW Research Global Refractory Market Report, by 2021, the value of the global refractory market is expected to grow at an average annual rate of 3.4%. The market’s demand for high-quality refractory products is expected to continue to grow.
Another important trend facing refractory producers is the increased demand for Refractory castables. Therefore, in the future market, manufacturers will have to adapt to more customized solutions and solve related logistics and transportation services.
By 2021, the use of casting materials will account for a higher proportion. The large use of refractory castables will place higher demands on manufacturers, especially on extending the service life, because the replacement of refractory castables will be more complicated and expensive for downstream users.
Competition, technological innovation, and raw material procurement challenges provide a backdrop for refractory companies to integrate their expertise and resources. This is the case with RHIMagnesita’s acquisition of Magnesita, which aims to create the world’s largest refractory company in terms of production capacity and natural resource allocation. The acquisition is an attempt to gain access to most of the steel industry’s customers four years after the establishment of the first plant in Brazil.
With China’s restrictions on domestic mining, in the next few years, producers who rely entirely on Chinese raw material supply will likely have more industry consolidation.