Global Refractories Market Is Estimated To Witness High Growth Owing To Increasing Demand

raj11

posted on 6 months ago — updated on 1 second ago

57
views

Global Refractories Market Is Estimated To Witness High Growth Owing To Increasing Demand

Refractories are heat-resistant materials that are used in the construction of various high-temperature industrial applications, such as furnaces, kilns, a

The global Refractories Market is estimated to be valued at US$ 52,260.0 million in 2021 and is expected to exhibit a CAGR of 5.0% over the forecast period of 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Refractories are heat-resistant materials that are used in the construction of various high-temperature industrial applications, such as furnaces, kilns, and reactors. These materials provide excellent thermal insulation, corrosion resistance, and mechanical strength, making them essential in industries such as steel, cement, glass, and non-ferrous metals. The increasing demand for steel and other metals, coupled with the growing construction industry, is driving the growth of the refractories market. Moreover, the rising focus on energy efficiency and sustainability is further fueling the demand for advanced and eco-friendly refractory materials.

Market key trends:
One key trend in the refractories market is the shift towards eco-friendly and sustainable refractory materials. With increasing environmental concerns, manufacturers are focusing on developing products that have a lower carbon footprint and reduce energy consumption. Advanced refractory materials such as silica refractories and alumina refractories are being widely adopted as they offer superior performance, durability, and energy efficiency. Additionally, the use of recycled and bio-based raw materials for refractory production is gaining traction, further driving the trend towards sustainability in the industry. This shift towards eco-friendly refractories is expected to continue as companies prioritize sustainable practices and comply with stringent environmental regulations.

PEST Analysis:

Political: The political factors impacting the refractories market include government regulations and policies related to the use of refractories in various industries. Additionally, political stability and trade agreements between countries can also affect the market.

Economic: The economic factors influencing the refractories market include economic growth, inflation rates, and exchange rates. The market is highly dependent on industries such as steel, cement, and glass, and the economic conditions of these industries can have a significant impact on the demand for refractories.

Social: The social factors impacting the refractories market include population growth, urbanization, and changing consumer preferences. As the global population continues to grow and urbanization increases, there is a higher demand for infrastructure, which drives the demand for refractories.

Technological: The technological factors impacting the refractories market include advancements in manufacturing processes and the development of new materials. Technological innovations can lead to improved refractory materials with better heat resistance and durability, which can drive the market growth.

Key Takeaways:

The global Refractories Market Share is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period from 2022 to 2030. This growth can be attributed to the increasing demand from industries such as steel, cement, and glass, which are expanding due to infrastructure development and urbanization.

In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the refractories market. This can be attributed to rapid industrialization and urbanization in countries like China and India, leading to increased demand for refractories in various industries.

Key players operating in the refractories market include Puyang Refractories Group Co. Ltd., Chosun Refractories, INTOCAST AG, Harbisonwalker International, Saint-Gobain, IFGL Refractories Ltd., Vesuvius, Imerys, Shinagawa Refractories Co. Ltd., Krosaki Harima Corporation, RHI Magnesita GmbH, Magnezit Group, Resco Products, Minerals Technologies Inc., Refratechnik, and Morgan Advanced Materials. These key players contribute to the competitive landscape of the market with their diverse product offerings and strong distribution networks.