Mike Deneen*
Global demand for refractories is projected to rise 5.3% a year by 2014 to 40.7m. tpa. In value terms, demand will rise 7% annually through to 2014, reaching $33.1bn.
Advances in value terms will be stronger than in volume terms, reflecting improving refractory technologies. These technologies have, in effect, lowered refractory consumption per unit of output in virtually all refractory-consuming industries, especially in steel, thereby limiting tonnage gains, but supporting value gains through higher prices.
In volume terms, the Asia Pacific region is the largest market for refractories, accounting for over two-thirds of 2009 product demand. China will remain the largest national market and continue to comprise the majority of global demand.
Above-average growth will also occur in India due to solid gains in fixed investment expenditures....