The global refractories market size is projected to reach USD 42,308.2 million by the end of 2029. The increasing product applications across diverse industry verticals will emerge in favor of market growth. According to a report published by Fortune Business Insights, the market was worth USD 32,069.5 million in 2019 and will exhibit a CAGR of 5.6% during the forecast period, 2020-2029.
The recent coronavirus outbreak has had a massive impact on several businesses across the world. From trade shutdowns to lockdowns, the measures taken to minimize the disease have directly affected these businesses. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Asia Pacific Likely to Emerge Dominant; Increasing Products will Aid Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing product applications and the subsequent rise in the demand for the product across the region will contribute to the growth of the market in the coming years. Asia Pacific accounts for over 70% of the global steel production; a primary reason why this region will always remain in contention for the leading market across the world. As of 2019, the market in Asia Pacific was worth 20,444.9 million and this value is projected to increase at a considerable pace in the coming years. The market in North America will derive growth from the rising demand for the product across diverse end-use industries.
List of companies profiled in the report:
- Beijing Lier High Temperature Materials Co., Ltd. (China)
- Chosun Refractories (South Korea)
- HarbinsonWalker International (U.S.)
- Imerys (France)
- Intocast Group (Germany)
- Yingkou Jinlong Refractories Group (China)
- Magnezit Group (Russia)
- Posco Chemical (South Korea)
- Puyang Refractories Group Co., Ltd. (China)
- Refratechnik (Germany)
- RHI Magnesita (Austria)
- Ruitai Materials Technology Co., Ltd. (China)
- Saint-Gobain (France)
- Sinosteel Group Corporation Limited (China)
- Vesuvius (UK)
- Kaefer (Norway)
- Plibrico Company, LLC (U.S.)
- Alsey Refractories Co. (U.S.)
- Other Key Players
Industry Developments:
January 2019: Calderys (Imerys) announced that it has signed a partnership with China Steel. This collaboration is aimed at the development of a joint research lab to push research efforts for the development of superior quality refractories.
Information Source-
https://www.fortunebusinessinsights.com/refractories-market-103287
