Extensive demand for steel to drive the refractories market

5:37 AM, 13th January 2021
The cement industry has emerged as a key consumer of the refractories products over the last few years, owing to the focus on developing infrastructure.

As per reports, global refractories market size could cross $41 billion in total annual valuation by 2025. In Asia, the governments are focusing on advanced infrastructural solutions like energy, power, ports, airports and roads.

Growing demand for glass, steel and cement, primarily in regions such as the Asia Pacific and MEA is projected to expand refractories market share in the coming years. An increase in disposable income over the years has supported the demand for infrastructure in various parts of the world.

Higher public and private expenditure in emerging nations such as APAC towards the development of public infrastructure has designed a massive scope for transforming the industrial landscape, due to the indispensable usage of iron and steel furnace in various infrastructure projects. According to reliable sources, in the year 2019 India recorded nearly seven merger and acquisition deals worth $1.46 billion in the sector.

Refractories are referred to as materials that help maintain the shape and chemical identity when exposed to extreme temperatures and are used for applications that require high resistance to heat, like furnace lining. The cement industry has emerged as a key consumer of the products over the last few years. The cement sector uses nearly 15 percent of the total refractories produced worldwide.

Growth drivers are

  • Steel industry growth in Asia Pacific
  • Rising nonmetallic (cement, glass, ceramic) material demand from several industries in APAC

Refractories industry share is segmented into non-ferrous, non-metallic, iron and steel, and others. Non-ferrous metals comprise of copper and aluminum that require huge amounts of refractory materials for producing them. Refractories demand from non-ferrous metals are subjected to rise by over 3.9 percent CAGR through 2025.

Browse key industry insights spread across 364 pages with 512 market data tables & 27 figures & charts from the report, “Refractories Market size by form, composition, type, manufacturing process and end-user industry analysis report, regional outlook, application growth potential, price trends, competitive market share & forecast, 2019-2025” in detail along with the table of contents: https://www.gminsights.com/request-sample/detail/3663  

Europe refractories market has emerged as a profitable revenue terrain. This is primarily due to moderate growth in the non-metallic sector in the region which has supported the demand for cement, glass, and lime from various end-users like aerospace, automobile, solar panels, and others.

Refractories manufacturers are constantly working towards enhancing their output by way of mergers, acquisitions, and strategic partnerships. These companies are also heavily investing in R&D to enhance their product offerings.

Some of the prominent producers of refractories include Morgan Advanced Material, RHI Magnesita, Krosaki Harima Corp and Seven Refractories, among various others.

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Contact Info:

Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Website: https://www.gminsights.com

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