The global refractories market size is projected to reachUSD 42,308.2 million by the end of 2027. The increasing product applicationsacross diverse industry verticals will emerge in favor of market growth.According to a report published by Fortune Business Insights, titled“Refractories Market Size, Share & Industry Analysis, By Form (Bricks &Shaped and Monolithics & Unshaped), By Product (Clay and Non-Clay), ByAlkalinity (Acidic & Neutral and Basic), By End-Use Industry (Iron &Steel, Non-Ferrous Metals, Glass, Cement, and Others), and Regional Forecast,2020-2027,” the market was worth USD 32,069.5 million in 2019 and will exhibita CAGR of 3.6% during the forecast period, 2020-2027.
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Refractories are advanced ceramic materials that are used inapplications that require high thermal resistance and temperature handlingcapabilities.
Besides this, the product possesses properties such as highmechanical strength and an excellent resistance to corrosion. The product findsapplications in several industries including petrochemical, ceramic, glass,paper and pulp, and others. Accounting to the excellent properties ofrefractories, the product has witnessed a huge demand in recent years. Theincreasing investment in the research and development of efficient productswill bode well for the growth of the overall refractories market in recentyears. Consequential to the rising applications and subsequent demand for theproduct, several companies are operating across the world. The reporthighlights major factors that have contributed to the growth of the market inrecent years.
Major Companies areFocusing on Extending their Production Capacities
The report encompasses several factors that have contributedto the growth of the overall market in recent years. Among all factors, theefforts put in by large scale companies to enhance the production capacities ofrefractories across the world have had the highest impact on the growth of themarket.
In July 2019, HarbinsonWalker announced that it has decidedto expand its manufacturing operations. The company will increase itsproduction capacity in White Cloud, Michigan by 35%. The company will invest amammoth USD 9 million in this expansion. This will emerge as the huge factor inthe growth of the steel industry in North America. HarbinsonWalker’s lateststep to expand the production of refractories will not just help the company’scause, but will also have a positive impact on the growth of the globalrefractories market in the foreseeable future. The increasing demand for theproduct will attract newer companies in the coming years.
Asia Pacific Likelyto Emerge Dominant; Increasing Products will Aid Market Growth
The report analyses the latest market trends across fivemajor regions, including North America, Latin America, Europe, Asia Pacific,and the Middle East and Africa. Among all regions, the market in Asia Pacificis projected to emerge dominant in the coming years. The increasing productapplications and the subsequent rise in the demand for the product across theregion will contribute to the growth of the market in the coming years.
Asia Pacific accounts for over 70% of the global steelproduction; a primary reason why this region will always remain in contentionfor the leading market across the world. As of 2019, the market in Asia Pacificwas worth 20,444.9 million and this value is projected to increase at aconsiderable pace in the coming years. The market in North America will derivegrowth from the rising demand for the product across diverse end-useindustries.
Browse DetailedResearch Insights with Table of Content, Segmentation & Top PlayersAnalysis:
https://www.fortunebusinessinsights.com/refractories-market-103287
