Pune, India, April 25, 2022 (GLOBE NEWSWIRE) — The world refractories market size reached $32.25 billion in 2021. Market valuation is expected to rise from $33.01 billion in 2022 for $44.82 billion by 2029recording a 4.5% CAGR during 2022-2029. The growth of this market is driven by increasing demand in major industrial sectors including iron, steel and other metals, glass, cement, paper and pulp, and petrochemicals.
Refractory customization to meet global demand will further drive market growth, according to Fortune Business Insight™in its report entitled “Refractories Market, 2022-2029.”
Weakening demand in key end-use sectors affected market dynamics
The COVID-19 pandemic has had a significant impact on the growth of the refractories market. Although the production of refractories is an essential service, the uncertainty of the supply chain and the lack of raw materials such as binders and non-clay sands have weighed on the growth prospects of this market. The slowdown in automotive, construction and other key sectors impacted market trends. However, the recovery of these sectors after the pandemic will strengthen the market outlook in the coming years.
Get a sample PDF brochure:
https://www.fortunebusinessinsights.com/enquiry/sample/refractories-market-103287
List of Key Players profiled in the Refractories Market report:
- Beijing Lier High Temperature Materials Co., Ltd. (China)
- Harbinson Walker International (USA)
- Intocast Group (Germany)
- Alsey Refractories Co. (USA)
- Magnezit Group (Russia)
- Imerys (France)
- Posco Chemical (South Korea)
- RHI Magnesita (Austria)
- Saint-Gobain (France)
- Vesuvius (UK)
- Puyang Refractories Group Co., Ltd. (China)
- Refratechnik (Germany)
- Ruitai Materials Technology Co., Ltd. (China)
- Kaefer (Norway)
- Plibrico Company, LLC (USA)
- Krosaki Harima Corporation (Japan)
segments:
According to the shape, the market is divided into monolithic and unshaped and brick and shaped.
By product, the market share breaks down into clay and non-clay.
Based on alkalinity, the market is divided into basic and acidic and neutral.
In terms of end-use industry, the market is divided into iron and steel, cement, glass, non-ferrous metals, and others.
Geographically, the market share is segmented into North America, Latin America, Europe, Middle East & Africa, and Asia-Pacific.
Drivers and Constraints:
Proliferating Trend of Reluctant Personalization to Transform Market Outlook
In recent years, the development of refractories from the combination of various materials has gained ground. For example, magnesia materials and chromium oxide are combined to form a magnesia-chromium refractory. Customization results in many performance benefits, such as higher refractoriness and exceptional resistance to chemical corrosion. Additional benefits include resistance to high temperatures and wear.
Find out before you buy this research report:
https://www.fortunebusinessinsights.com/enquiry/queries/refractories-market-103287
Regional outlook:
Market value of refractories in Asia-Pacific stood at USD 20.76 billion in 2021
Asia-Pacific is expected to dominate the global refractory market share during the period 2022-2029. In 2021, the regional market reached a valuation of USD 20.76 billion. The growth is attributed to increased steel production in Asia-Pacific countries. The World Steel Association reports that the region accounts for more than 70% of global steel production, with China alone accounting for almost 50%.
The market in North America is driven by the expanding sectors of iron, steel and glass. Meanwhile, in Europe, growth will be influenced by rising demand in the automotive sector.
Report cover:
The report offers:
- Key growth drivers, restraining factors, opportunities and potential challenges for the market.
- A comprehensive overview of regional developments.
- List of major industry players.
- Key strategies adopted by market players.
- Latest industry developments include product launches, partnerships, mergers and acquisitions.
Competitive Landscape:
Major Market Players Are Adopting New Strategies to Accelerate Growth and Expansion
With the presence of large international companies as well as local emerging players, the global refractory market share is quite fragmented. Several players are adopting new strategies such as collaborations, new product launches, acquisitions, mergers and R&D investments as part of their growth and expansion goals. Many companies are also expanding their production capacities to meet global market demand.
Browse Detailed Abstract of Research Report with TOC:
https://www.fortunebusinessinsights.com/refractories-market-103287
Contents
- Introduction
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Summary
- Market dynamics
- Refractories Industry Motors
- Market constraints
- Market opportunities
- key ideas
- Main emerging trends – for main countries
- Key developments: capacity extensions, acquisitions, partnerships, etc.
- Latest technological advancement
- Overview of the regulatory scenario
- Analysis of the five forces of carriers
- Qualitative Insights on the Impact of COVID-19 on the Global Refractories Industry
- Supply chain analysis and challenges due to Covid-19
- Measures taken by government/companies to overcome this impact
- Potential Challenges and Opportunities Due to the COVID-19 Outbreak
- Global Refractories Market Analysis, Outlook and Forecast, 2018 – 2029
- Main results/summary
- Market Size Estimates & Forecasts – By Form (Value & Volume)
- Bricks and fit
- Monolithic and unshaped
- Market Size Estimates & Forecasts – By Product (Value & Volume)
- Market Size Estimates & Forecasts – By Alkalinity (Value & Volume)
- Market Size Estimates & Forecasts – By End-Use Industry (Value & Volume)
- iron and steel
- Non-ferrous metals
- Glass
- Cement
- Others
- Market Size Estimates & Forecasts – By Region (Value & Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Notable industry development:
October 2021 – Intocast acquired Pyrol, a manufacturer and marketer of refractories and casting aids in Mexico. With this acquisition, Intocast purchased the majority stake in Pyrol. This development would help the company expand its business in South America and North America, which would help provide better, faster service, customer proximity and shorter delivery routes.
Talk to our expert:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/refractories-market-103287
Read related information:
Ceramics Market COVID-19 Size, Share and Impact Analysis, and Regional Forecast, 2021-2028
Boiler Refractory Materials Market Size, Share and Industry Analysis and Regional Forecast 2022-2029
Graphite market COVID-19 Size, Share and Impact Analysis, and Regional Forecast, 2021-2028
About Us:
Fortune Business Insights™ provides accurate data and innovative business analytics, helping organizations of all sizes make the right decisions. We tailor innovative solutions to our clients, helping them address a variety of challenges unique to their businesses. Our goal is to provide them with global market intelligence, providing them with a granular overview of the market in which they operate.
Contact us:
Fortune Business Insights Pvt. ltd.
9th floor, icon tower,
Baner – Mahalunge road, Baner,
Pune-411045, Maharashtra, India.
Call:
USA: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
E-mail: [email protected]
Connect with us via social media channels:
LinkedIn Facebook Twitter Blogs
Comments are closed.