Refractories Market Size, Share, Outlook & Forecast 2018-2023

Posted by Priya on October 17th, 2018

Market Synopsis of Refractories Market: 

Globally, the market for Refractories is growing at a CAGR of 4.02% during forecasted period (2016-2022). Refectories is a material that is heat resistant, it provides linings for the heat temperature furnace, reactors and other processing units. Refractories are made of natural and manmade materials, usually nonmetallic or combinations of other compound and minerals.

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Apart from this, the growing demand for 3-D printed micro reactors owing to its relative affordibility and high designing capability is antcipated to drive the  overall micro reactor technology market in major regions. Moreover, 3-D printed micro reactors enables full scale continuous production of fine chemicals and pharmaceuticals. Continuous production provides additional unique benefits to the manufacturers. Unlike batch production, continuous production provides additional process efficiency, relative safety, and manufacturing flexibility.

However, high cost and high time to market for micro reactor technology, and limited manufacturing capabilities for commodity chemicals  is hampering the market growth. The production capacity of the micro reactors is low, owing to its small scale nature. Thus, commodity chemicals production using micro reactor technology is limited. Leading manufacturers are investing in R&D for innovations in commodity chemcals production through micro reactor technology, and has got limited success.

Refractories material which can resist high temperature without undergoing physical and chemical changes while remaining in contact with molten slag, metal and gases. It is necessary to produce range of refractory materials with different properties to meet range of processing conditions. The refractory range incorporates fired, chemically and carbon bonded materials that are made in different combinations and shapes for diversified applications

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Innovations in the materials that are being used for the micro reactors is the most prominent trend in the micro reactor technology market. Conventionally, glass ceramics, and silicon are used for the fabrication owing to their chemical neutrality towards most of the chemcials and flexibility for fabrications. However, with the advancement in the research, matyreials such as PMMA are developed. Such materials may offer cost effectiveness, and added flexibility for the fabrication.