The global Refractories market is estimated to be USD 23.2 billion in 2020 and is projected to reach USD 27.4 billion by 2025, at a CAGR of 3.4% from 2020 to 2025. The market is witnessing moderate growth, owing to increasing application, technological advancements, and growing demand for these refractories in the Asia Pacific and Europe. Refractories are largely used in the iron & steel industry. The increasing use of refractories and the rising construction activities is driving the refractories market. Strict environmental and government regulations is the restraints for the Refractories market.
Iron & Steel segment is expected to lead the Refractories market during the forecast period. The iron & steel industry will continue to lead the Refractories market, , accounting for a share of 60.0% of the overall market, in 2019 terms of value. This was due to the increasing demand for infrastructure development and mounting demand for consumer goods such as automobiles. The increasing preference for high-cost, high-performance refractories is driven by the need to improve the quality of life, health & environment, and shift to clean, alternative sources of manufacturing.
Asia Pacific is the largest market for Refractories. Asia Pacific accounted for the largest share of the Refractories market in 2020. Factors such as the rapidly increasing consumption of refractories in the iron & steel, power generation cement, and glass industries in countries such as China, Japan, India, South korea and Australia have led to an increased demand for Refractories in the Asia Pacific region.
This study has been validated through primaries conducted with various industry experts worldwide. These primary sources have been divided into 3 categories, namely by company, by designation, and by region. • By Company Type- Tier 1- 55%, Tier 2- 30%, and Tier 3- 15% • By Designation- C Level- 55%, Directors – 23%, and Others - 21% • By Region- North America- 45%, Europe- 27%, Asia Pacific- 15%, Middle East – 6%, and South America - 7%
The refractories market comprises major solution providers, such as Saint-Gobain (France), RHI Magnesita (Austria), Corning Incorporated (US), Morgan Advanced Materials (UK), and Shinagawa Refractories (Japan) among others. The study includes an in-depth competitive analysis of these key players in the refractories market, with their company profiles, and key market strategies.
Research Coverage: The report covers the refractories market based on form, alkalinity, end-use, and region.This study aims at estimating the size and future growth potential of the market across various segmentation types.
It also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report: • Comprehensive coverage and analysis of the refractories market in Asia Pacific, Europe, North America, Middle East & Africa, and South America • Competitive landscape of major players and their developments in refractories market • A list of VOC regulations driving the market in key countries and regions • Identifying high-potential opportunities for refractories • Identifying and targeting high-growth application segments
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