The study of the global Refractory Resins Market has been done in an extensive manner to grab precise insights. A thorough secondary research is undertaken to accumulate information about the market, the parent market, and the peer market. The findings were then validated through primary research by conducting interviews of industry experts and key opinion leaders (KOLs) across the value chain. Following this, both top-down as well as bottom-up methodologies were employed to project the overall market size. Lastly, the market is effectively branched down and data triangulation procedures are implemented to ascertain the size of each segment and subsegment.
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The chemicals sector caters to numerous sectors such as food & beverages, energy & power, automotive, and others. Bulk chemicals, specialty chemicals, tapes, adhesives, sealants, and elastomers are some of the major categories covered in the sector. The sector suffers from a paucity of raw materials due to a lag in transportation or changing political scenarios. Chemicals are the basis of various products such as medicines, rubber, foods, beverages, and others. Plastics is one of the booming sub-sectors which has enjoyed immeasurable success.
Refractory resins are used in furnaces and boilers that process glass, steel, cement as well as incinerators that operate at high temperatures. Various binders are used to during manufacturing of refractories. Among all these binders, phenolic binders are widely used owing to their excellent adhesion and green body strength.
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Increase in demand for cement in construction industry which is expected to increase the demand for refractory resins during this forecast period. For instance, Construction activities are increased in recent years, according to Bureau of Labor Statistics, the construction industry in Europe is fastest growing industry in 2020, and hence demand for refractory resins in cement is expected to fuel the market growth over the forecast period. Also, growing advancements in refractory resin properties is expected to drive the market growth.
However, growing environmental concerns is the major restraining factor which is expected to hamper the global refractory resins market growth.
Resins and composites made from bioplastics have been used as suitable replacements for plastic. Initiatives by companies to take the green approach have resulted in the formulation of new ingredients and new plans. This is exemplified by the Plant Bottle packaging method by Coca-Cola, out of which 30% is derived from plants. The use of these compounds can minimize landfill waste and conserve necessary resources required in the energy & power sector. Investments in technology is likely to be high in order to cater to increasing consumer demand and upgrade operational efficiency for better profit margins.
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Global Refractory Resins Market is segmented into type such as Furan Resin, Phenol Resin, and Others, by form such as Powders, and Liquids. Further market is segmented into end users such as Glass, Cement, Steel, and Others.
Also, Global Refractory Resins Market is segmented into five regions such as five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as
- SI Group, Inc,
- Sumitomo Bakelite Co., Ltd,
- Kolon Industries, Inc.,
- Dujodwala Paper Chemicals Ltd,
- Hitachi Chemical Co., Ltd.,
- BASF SE,
- DIC Corporation,
- Shandong Laiwu Runda New Material Co., Ltd, and
- Fenolit d.d
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