Recovery of Automotive Industry in East and South Asia to Propel Refractories Market Growth
SEOUL--(Korea Newswire) December 03, 2021 -- Expansion of the steel industry supported by growing infrastructure, oil & gas, and automotive industries is fueling the growth of the refractories market in East and South Asia. Despite the initial slowdown caused by the COVID-19, sales of refractories are projected to grow at a steady pace over the forecast period, opines Fact.MR.
Growing urbanization in countries such as India, China, and South Korea is encouraging investments in the construction sector. Increasing adoption of refractories in the construction of residential and commercial buildings is expected to bode well for the market.
Besides this, expansion of the automotive industry in China and Japan, driven by the influx of tourists and migrants is expected to propel sales of refractories. This trend is also expected to boost the construction of roadways and railways in East Asia, therefore spurring the demand in the demand.
As China is home to one of the largest construction industries in the world, the need for eco-friendly refractory materials has burgeoned over the past few years. As per the National Development and Reform Commission (NDRC), the Shanghai Plan includes an investment of US$ 38.7 Bn in the construction sector in their 5-year plan.
This is expected to spur demand for various construction aggregates such as bricks, cement, iron, steel, and glass, which in turn will augment growth in the refractories market. Japan also is expected to emerge as a lucrative refractories market steered by rising scope for application in industrial equipment.
In response to the growing demand for refractories from various end-use industries, companies operating in China are expanding their facilities to improve their production capacity. For instance, in April 2021, Shinagawa Refractories announced that SG Shinagawa Refractories Pvt. Ltd. has commenced the commercial production and has completed the first delivery of Tap Hole Clay, manufacturers in Halol, Gujarat, India.
SG Shinagawa Refractories India is a joint venture of Shinagawa Refractories and Grindwell Norton Ltd., a subsidiary of Saint-Gobain. Before this venture in India, the companies established a technology license-based collaboration in Brazil to expand Local Tap Hole Clay production.
“Increasing production of non-ferrous metals in South Korea and Japan is expected to provide impetus to the refractories market. In addition to this, favorable subsidies offered by governments in China, South Korea, and Japan supporting growth of the construction and industrial sector will continue fueling sales of refractories through 2030,” says a Fact.MR analyst.
Increasing Sales of Consumer Electronics in Japan Augmenting Refractories Market Growth
Increasing automotive and consumer electronics production in Japan is spurring demand for electronic components, which in turn is boosting sales of refractories. Data released by the Japan Electronics and information Technology Industries Association shows that sales of consumer electronics equipment grew by 65.5% in 2020, while sales of industrial electronic equipment grew by 96.9%.
E-commerce in Japan is also favoring the growth of the consumer electronics sector in the country. Convenience of home delivery, availability of a wide array of products, competitive prices, and improving access to attractive offers are key factors pushing sales of consumer electronics via online channels.
Demand for refractories is expected to grow in tandem with the increasing sales of consumer electronics in Japan over the forecast period.
Apart from this, stringent regulations implemented to curb carbon emissions are boosting sales of electric and hybrid vehicles in Japan. This trend is expected to boost sales of refractories to produce lightweight automotive components to manufacture lighter and fuel-efficient vehicles.
Refractories are used for the production of numerous automotive components such as wires, chassis, and outer body components. Hence, the expansion of the automotive industry will continue pushing sales in the Japanese refractories market.
To gain a competitive edge in the market, leading refractories players are investing in research and development to expand their product portfolios. Besides this, mergers, acquisitions, and collaboration are other anticipated strategies adopted by global refractories players.
Some of the leading players profiled by Fact.MR operating in refractories market include:
· Vesuvius plc
· RHI Magnesita N.V
· Krosaki Harima Corporation
· Shinagawa Refractories Co., Ltd.
· Magnezit Group Ltd.
· Morgan Advanced Materials plc
· Refratechnik Holding GmbH
Key Questions Answered by the Report
· The report offers insight into refractories market demand outlook for 2020-2030
· The market study also highlights projected sales growth for refractories market between 2020-2030
· Refractories market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
· Refractories market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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