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Know Why Refractories Market Will Have Robust Demand in 2020 ?
Know Why Refractories Market Will Have Robust Demand in 2020 ?
The global refractories market size is projected to reach USD 42,308.2 million by the end of 2027. The increasing product applications across diverse industry verticals will emerge in favor of market growth.

The global refractories market sizeis projected to reach USD 42,308.2 million by the end of 2027. The increasingproduct applications across diverse industry verticals will emerge in favor ofmarket growth. According to a report published by Fortune Business Insights,titled Refractories Market Size, Share & Industry Analysis, ByForm (Bricks & Shaped and Monolithics & Unshaped), By Product (Clay andNon-Clay), By Alkalinity (Acidic & Neutral and Basic), By End-Use Industry(Iron & Steel, Non-Ferrous Metals, Glass, Cement, and Others), and RegionalForecast, 2020-2027,” the market was worth USD 32,069.5 million in2019 and will exhibit a CAGR of 3.6% during the forecast 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.

Besides this, the product possessesproperties such as high mechanical strength and an excellent resistance tocorrosion. The product finds applications in several industries includingpetrochemical, ceramic, glass, paper and pulp, and others. Accounting to theexcellent properties of refractories, the product has witnessed a huge demandin recent years. The increasing investment in the research and development ofefficient products will bode well for the growth of the overall refractoriesmarket in recent years. Consequential to the rising applications and subsequentdemand for the product, several companies are operating across the world. Thereport highlights major factors that have contributed to the growth of themarket in recent years.

Major Companies are Focusing onExtending their Production Capacities

The report encompasses several factorsthat have contributed to the growth of the overall market in recent years.Among all factors, the efforts put in by large scale companies to enhance theproduction capacities of refractories across the world have had the highestimpact on the growth of the market.

In July 2019, HarbinsonWalker announcedthat it has decided to expand its manufacturing operations. The company willincrease its production capacity in White Cloud, Michigan by 35%. The companywill invest a mammoth USD 9 million in this expansion. This will emerge as thehuge factor in the growth of the steel industry in North America.HarbinsonWalker’s latest step to expand the production of refractories will notjust help the company’s cause, but will also have a positive impact on thegrowth of the global refractories market in the foreseeable future. Theincreasing demand for the product will attract newer companies in the comingyears.

Asia Pacific Likely to Emerge Dominant;Increasing Products will Aid Market Growth

The report analyses the latest markettrends across five major regions, including North America, Latin America,Europe, Asia Pacific, and the Middle East and Africa. Among all regions, themarket in Asia Pacific is projected to emerge dominant in the coming years. Theincreasing product applications and the subsequent rise in the demand for theproduct across the region will contribute to the growth of the market in thecoming years.

Asia Pacific accounts for over 70% ofthe global steel production; a primary reason why this region will always remainin contention for the leading market across the world. As of 2019, the marketin Asia Pacific was worth 20,444.9 million and this value is projected toincrease at a considerable pace in the coming years. The market in NorthAmerica will derive growth from the rising demand for the product acrossdiverse end-use industries.


Browse Detailed Research Insights with Table of Content, Segmentation & TopPlayers Analysis:

https://www.fortunebusinessinsights.com/refractories-market-103287