Global Refractories Market is expected to grow at a robust CAGR.
Global
Refractories Market is expected to grow owing to growing demand from iron &
steel industry throughout the forecast period.
According
to TechSci Research report, “Refractories
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast
2018-2028”, the Global Refractories Market is expected to
register robust growth during the forecast period.
The
global refractories market is experiencing growth driven by the rising demand
for non-ferrous materials like glass, iron, and steel. The expansion of
construction activities is expected to further fuel the growth of the cement
and iron and steel industries. Additionally, the increasing demand from various
end-use sectors is anticipated to be a key driver for market growth.
Furthermore, increased investments in infrastructure development are poised to
contribute to the growth of the refractories market.
The
increasing adoption of renewable energy sources, particularly solar and wind
power, presents significant opportunities for refractory manufacturers. Solar
panel manufacturing entails high-temperature processes, and refractory linings
are essential in wind turbine components. As the capacity for renewable energy
continues to expand, there is a growing demand for specialized refractories
capable of withstanding the extreme conditions of these applications.
Moreover,
infrastructure development projects, including the construction of roads,
bridges, tunnels, and airports, offer prospects for refractory materials. These
projects often involve the utilization of refractories in the construction of
industrial furnaces, kilns, and cement plants. Providing refractory solutions
for critical infrastructure projects can result in increased demand and foster
market growth.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global
Refractories Market."
Based
on chemistry, the
Basic segment is expected to dominate the market during the forecast period. The
steel industry is experiencing global expansion, particularly in regions such
as Asia Pacific and the Middle East. Developing economies are increasing their
steel production capacities to meet both domestic and international demand,
thereby creating opportunities for basic refractory manufacturers to supply
lining materials for new steel plants. Continuous research and development
efforts in the basic refractories segment have resulted in material
formulations that enhance the performance and lifespan of refractory linings.
Manufacturers can leverage these advancements to offer high-quality, durable
products to various industries. With the tightening of environmental
regulations across sectors, there exists a window for basic refractory
manufacturers to develop eco-friendly refractory materials and processes. By
incorporating recycled materials and reducing carbon footprints, sustainable
refractories can attract environmentally conscious customers. In conclusion,
the basic refractories segment of the global refractories market demonstrates
strong ties to the steel industry, exceptional alkaline resistance, and
promising opportunities arising from emerging markets and technological
advancements.
Based
on end use, the Iron & Steel segment is projected to dominate the market
throughout the forecast period.
The
iron and steel industry represents a significant and crucial sector within the
global refractories market. Refractories play a vital role in this industry by
lining high-temperature equipment used in iron and steel production. The iron
and steel industry is a fundamental component of global manufacturing,
providing essential materials for construction, automotive production,
infrastructure development, and various other applications. As global steel
demand continues to increase due to economic development and urbanization, the
demand for refractories in this sector remains consistently high. There is a
noticeable shift in the steel industry towards electric arc furnaces as an
alternative to traditional blast furnaces. EAFs are more energy-efficient, environmentally
friendly, and have the ability to utilize a higher percentage of scrap steel.
This transition calls for specialized refractory linings, thereby creating
opportunities for manufacturers of advanced and high-quality refractories. With
the growing adoption of electric arc furnaces, refractory manufacturers have
the chance to develop and supply advanced materials that can withstand the
unique conditions of EAFs. These materials must exhibit excellent resistance to
thermal shock and chemical corrosion while maintaining mechanical strength.
Key market players in the Global Refractories Market are:-
Harbisonwalker
International
IFGL
Refractories Ltd
Intocast
AG
Krosaki
Harima Corporation
Magnezit
Group
Minerals
Technologies Inc.
Puyang
Refractories Group Co., Ltd
RHI
Magnesita GmbH
Compagnie
de Saint-Gobain S.A.
Shinagawa
Refractories Co. Ltd
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“The
Refractories Market in Asia Pacific is poised to be the dominant force in the
industry. The Asia Pacific refractories market is currently witnessing trends
driven by technological advancements and product innovation. Manufacturers in
the region are actively investing in research and development to develop
advanced refractory materials that offer enhanced thermal properties, corrosion
resistance, and prolonged service lifetimes. These innovative solutions are
tailored to meet the evolving needs of industries in the region.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Refractories
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast
Segmented
By Chemistry (Acidic, Basic and Neutral), By Chemical Composition (Alumina,
Silica, Magnesia, Fireclay and Others), By Form (Shaped and Unshaped), By End
Use (Iron & Steel, Energy & Chemicals, Non-ferrous Metals, Cement and
Others), By Region, By Competition Forecast & Opportunities, 2018-2028,” has evaluated the future growth
potential of Global Refractories Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Refractories Market.
Contact
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