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Refractory Resins Market

Refractory Resins Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027

Refractory Resins Market: Overview

  • Refractories are used in furnaces and boilers that process steel, cement, or glass as well as incinerators that operate at high temperatures. A variety of binders are used when refractories are manufactured. Among all the binders, phenolic binders are extensively used owing to their excellent adhesion and green body strength. 
  • Phenolic resin products are used to make shaped products, unshaped products, and impregnation products. They are highly used in different refractory production processes, including casting, isostatic pressing, hydraulic pressing, warm mixing, and cold mixing.

Key Drivers of Refractory Resins Market

  • Increasing demand for cement for various construction activities has increased the demand for refractory resins among cement manufacturers. Construction activities across the globe has seen an increase in recent years. According to Bureau of Labor Statistics, the construction industry in Europe is likely to be the fastest growing industry in 2020. Hence, demand for refractory resins in cement is also expected to increase with the growth in the construction industry.
  • Exceptional properties of phenolic resin is another factor driving the market growth. Phenolic resins are known to cause low environment damage as compared to its alternatives. These thermosetting resins have high curing strength and are stable in size. This factor is expected to drive the market during the forecast period.

Low toughness property of some refractory resins causes heavy damage, hampering market growth

  • Some refractory resins have low toughness and a curing reaction that results in water generation. This water can remain trapped within the composite and during a fire, steam is generated, which can damage the structure of the material. This factor is expected to restrain the growth of the market in the near future.

Asia Pacific Expected to Hold Large Share of Global Refractory Resins Market

  • In terms of region, the global refractory resins market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In Asia Pacific, China and India are promoting investments in their respective construction sectors, which is expected to boost the refractory resins market.
  • In terms of demand, Asia Pacific held the dominant share in 2018, followed by North America and Europe. Asia Pacific is the most promising market and the trend is expected to continue in the coming years. Continuous rise in manufacturing of products in the region and exports drives the demand for refractory resins. Demand is shifting to the Asia Pacific region due to economic contraction and saturation in the European and North American markets. Refractory resin manufacturers are targeting the Asia Pacific region, as it is the strongest regional market. By 2027, Asia Pacific is expected to hold a significant share in the refractory resins market.
  • The market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period. The construction industry in Mexico has been expanding steadily. U.A.E. is also showing tremendous growth in the construction sector. This factor is projected to drive the demand for refractory resins in Latin America and Middle East & Africa during the forecast period.

Key Players in the Market

The refractory resins market is highly fragmented, with the top manufacturers accounting for a substantial share in 2018. Key players operating in the refractory resins market include:

  • IVP Limited
  • Hexion
  • Sumitomo Bakelite Co., Ltd.
  • Forace Polymers (P) Ltd.

Global Refractory Resins Market: Research Scope

Global Refractory Resins Market, by Type

  • Phenol Resin
  • Furan Resin
  • Others

Global Refractory Resins Market, by Form

  • Liquids
  • Powders

Global Refractory Resins Market, by End-user

  • Steel
  • Cement
  • Glass
  • Others

Global Refractory Resins Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.


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