Theglobal refractoriesmarket size is projected to reach USD 42,308.2 million by the end of2027. The increasing product applications across diverse industry verticalswill emerge in favor of market growth. According to a report published byFortune Business Insights, titled “Refractories Market Size, Share &Industry Analysis, By Form (Bricks & Shaped and Monolithics &Unshaped), By Product (Clay and Non-Clay), By Alkalinity (Acidic & Neutraland Basic), By End-Use Industry (Iron & Steel, Non-Ferrous Metals, Glass,Cement, and Others), and Regional Forecast, 2020-2027,” the market wasworth USD 32,069.5 million in 2019 and will exhibit a CAGR of 3.6% during theforecast period, 2020-2027.
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Refractories are advanced ceramic materials that are used in applications thatrequire high thermal resistance and temperature handling capabilities.
Besidesthis, the product possesses properties such as high mechanical strength and anexcellent resistance to corrosion. The product finds applications in severalindustries including petrochemical, ceramic, glass, paper and pulp, and others.Accounting to the excellent properties of refractories, the product haswitnessed a huge demand in recent years. The increasing investment in theresearch and development of efficient products will bode well for the growth ofthe overall refractories market in recent years. Consequential to the risingapplications and subsequent demand for the product, several companies areoperating across the world. The report highlights major factors that havecontributed to the growth of the market in recent years.
Major Companies are Focusing on Extending their ProductionCapacities
Thereport encompasses several factors that have contributed to the growth of theoverall market in recent years. Among all factors, the efforts put in by largescale companies to enhance the production capacities of refractories across theworld have had the highest impact on the growth of the market.
InJuly 2019, HarbinsonWalker announced that it has decided to expand itsmanufacturing operations. The company will increase its production capacity inWhite Cloud, Michigan by 35%. The company will invest a mammoth USD 9 millionin this expansion. This will emerge as the huge factor in the growth of thesteel industry in North America. HarbinsonWalker’s latest step to expand theproduction of refractories will not just help the company’s cause, but willalso have a positive impact on the growth of the global refractories market inthe foreseeable future. The increasing demand for the product will attract newercompanies in the coming years.
Asia Pacific Likely toEmerge Dominant; Increasing Products will Aid Market Growth
Thereport analyses the latest market trends across five major regions, includingNorth America, Latin America, Europe, Asia Pacific, and the Middle East andAfrica. Among all regions, the market in Asia Pacific is projected to emergedominant in the coming years. The increasing product applications and thesubsequent rise in the demand for the product across the region will contributeto the growth of the market in the coming years.
AsiaPacific accounts for over 70% of the global steel production; a primary reasonwhy this region will always remain in contention for the leading market acrossthe world. As of 2019, the market in Asia Pacific was worth 20,444.9 millionand this value is projected to increase at a considerable pace in the comingyears. The market in North America will derive growth from the rising demandfor the product across diverse end-use industries.
Browse Detailed Research Insights with Table of Content,Segmentation & Top Players Analysis:
https://www.fortunebusinessinsights.com/refractories-market-103287
