Global Refractories Market to Grow at a CAGR of ~6% During 2022 – 2031 Accounting to Constant Development of Infrastructure Worldwide
Kenneth Research published a report titled “Refractories Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global refractories market in terms of market segmentation by product, form, alkalinity, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global refractories market catered the revenue of nearly USD 20.4 billion in the year 2021 and is expected to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. On the basis of application, the market is segmented into glass, cement, iron & steel, non-ferrous material, and others. The iron and steel segment is estimated to grow at a moderate CAGR over the forecast period on the back of growing demand for consumer goods such as automobiles, as well as increasing use of iron & steel in the construction industry.
Refractories are defined as the ceramics material that can easily survive very high temperatures during the manufacturing process. Owing to the higher heat resistance properties of the material as compared to metals, it makes the material suitable for lining the inside of hot surfaces during industrial processes. The growth of the global refractory market can be majorly attributed to the prominent use of refractories in cement and glass production, along with the heat resistance properties of refractories and constant development in construction sector, and growing use of refractories multiple industries.
On the basis of region, the global refractories market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Out of these, the market in Asia Pacific is expected to show noteworthy growth by growing a modest CAGR over the forecast period. The presence of industries such as iron & steel, power generation, and glass among others in the region is expected to be a major reason to drive the growth of the market.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Use of Refractories in Various Industries is Expected to Influence the Global Refractories Market Growth
The properties of refractories such as, extremely high melting point, phenomenal abrasion, corrosion, and thermal shock resistance, as well as excellent heat and electrical conductivity, make the application of refractories valuable. Industries such as cement production, iron & steel, automotive and many others are the largest consumers of refractories. For instance, the international car sales under automotive industry alone reached approximately 70 million units globally in year 2021. The growing sale of automobiles is directly anticipated to positively influence the demand for refractories. Hence, the growing use of refractories in several industries are expected to play a key role in the growth of the global refractories market.
However, high cost of raw material as well as shortage of raw materials in the world, and threat to environment from excessive use of refractories are expected to operate as key restraint to the growth of global refractories market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global refractories market which includes company profiling Refratechnik Holding GmbH, AluChem, Inc., ALTEO Entities, ArcelorMittal, Shinagawa Refractories Co., Ltd., IFGL Refractories Ltd., Krosaki Harima Corporation, RHI Magnesita GmbH, Vesuvius plc, Saint-Gobain Ceramics & Plastics, Inc., CoorsTek, Inc., Imerys S.A., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global refractories market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Kenneth Research is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties.
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