DUBLIN--(BUSINESS WIRE)--The "Global Refractories Market by Form (Shaped Refractories, Unshaped Refractories), Alkalinity (Acidic & Neutral Basic), End-use Industry (Iron & Steel, Power Generation, Non-Ferrous Metals, Cement, Glass), and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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% 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.
Market Dynamics
Drivers
- Increase in Infrastructural Development in Emerging Countries
- High Growth Rate Witnessed by the Non-Metallic Minerals Industry
- Growing Demand for High-Grade Refractories from the Iron & Steel Industry
Restraints
- Restrictions on the Use of Refractories due to the Growing Environmental Concerns
- Monopoly of China Over Raw Material Supply
Opportunities
- Recycling of Refractory Materials
- Consolidation of the Market
Challenges
- Over-dependence on the Iron & Steel Industry
Companies Profiled
- RHI Magnesita
- Vesuvius
- Krosaki Harima
- Shinagawa Refractories
- Saint-Gobain
- Corning Incorporated
- Morgan Advanced Materials
- Coorstek Incorporated
- Harbisonwalker International
- Imerys
- Chosun Refractories
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