02 April, 2019
RALEIGH, North Carolina, April 2, 2019 - The global market size of refractories is at a CAGR of 3 - 3.5 percent in 2019, according to Beroe Inc., a procurement intelligence firm. Non-mining sectors such as glass, cement, energy, and chemical drive the market for the refractories industry.
The refractory products in India and China are generally stored at buyers' warehouses, which are then used by engineering firms to install as per the requirement. In Europe, refractory products are stored in supplier’s warehouses and are sourced by the customers when required. In such engagements, the warehousing cost accounts for around 3 - 5 percent of the total sourcing cost of refractories.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
The increasing demand for steel, non-ferrous, and mineral output processing and beneficiation due to the growing demand for commodities drives the market for the refractory industry. Rising commodity prices of steel, aluminum, and other non-ferrous minerals impact the global mineral production, which, in turn, helps in increasing the value of demand for refractories.
According to Porter’s Five Forces analysis, the majority of the raw materials used for refractories depend very less on the refractory market as an end-user application. Fireclay is the major refractory used and 40 percent of the raw material needed for fireclay is used in the global robotics market. Huge reserves of clay and magnesia are concentrated in China, which increases the import dependency for refractory producers outside of China.
The research methodology adopted for the report included:
The buyer can control the price of the refractory according to their interest as there are supply surplus market conditions and rivalry among manufacturers to capture higher market share. There are close to 1,500 refractory product suppliers across the globe and the identification of suppliers who can produce high quality thermal resistant refractories can be challenging.
The report also includes:
Beroe is the world’s leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits, and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
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