High Demand for Energy to Boost the Refractory Equipment Market | Technavio

October 5, 2017

LONDON–(BUSINESS WIRE)–#EngineeringTools—Technavio
market research analysts forecast the global
refractory equipment market to grow at a CAGR of 4% during the
forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the
global refractory equipment market for 2017-2021. The report also
lists ring and roller mill, impact mill, and air separator as the three
major product segments, of which the ring and roller mill accounted for
more than 57% of the market share in 2016.

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Technavio analysts highlight the following three market drivers that are
contributing to the growth of the global refractory equipment market:

Increasing demand for energy
Rise in number of smart cities
Growth in global manufacturing sector

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Increasing demand for energy

Rising population and rapid urbanization are primarily responsible for
the increasing energy demand globally. As per the EIA's estimates,
global energy consumption is expected to grow by 48% during 2012-2040.
Most of this growth will be from non-OECD Asia, where the demand for
energy is driven by strong economic growth. India and China will account
for more than half of the world's total increase in energy consumption
during the forecast period.

According to Gaurav Mohindru, a lead analyst at Technavio for engineering
tools research, “The world's fastest-growing energy sources are
renewable sources and nuclear power, and both are expected to grow
during the forecast period. Refractory materials are widely used in the
nuclear and oil and petrochemical industries to line nuclear reactors
and petrochemical containers. Hence, the incremental growth in such
industries to meet the demand for energy will drive the global
refractory equipment market during the forecast period.”

Rise in number of smart cities

The integration of information, communication, and technology for
various operations is the most prominent characteristic of a smart city.
These operations or functional areas include governance, safety,
security, telecommunication, energy efficiency, and sustainability. The
number of smart cities globally is rising at a fast rate, backed by
investments from the private sector. Governments are collaborating with
various private investors for the rapid growth of the smart cities
market. Currently, EMEA has the highest number of smart cities
worldwide. However, the number of smart cities in APAC is expected to
grow at a faster rate during the forecast period.

“This rapid growth in the global smart cities market is driving the
growth of the global cement industry. Refractory materials find wide
application in the cement industry and are used in cement plant
refractories. Hence, the growth in the cement market will drive the
global refractory equipment market during the forecast period,” says
Gaurav.

Growth in global manufacturing sector

The manufacturing sector has gone through a dramatic change in the last
decade. Developing nations are investing significantly in the
manufacturing sector. Manufacturing is important for both the developing
and developed nations. Countries facing high unemployment rates are
turning to labor-intensive sectors, such as manufacturing.

This growth in the manufacturing sector is driving the industrial burner
and chimney markets globally. Refractory materials are used to line
chimneys and burners to increase their resistance to high temperatures.
Hence, the refractory material market is growing globally and is
expected to be the driving force for the growth of the global refractory
equipment market during the forecast period.

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