LONDON--(BUSINESS WIRE)--The refractory materials market for steel industry is expected to grow by 5.20 million tons during 2020-2024 and register a CAGR of over 3% during 2020-0224 according to the latest market research report by Technavio. The outbreak of the COVID-19 pandemic resulted in the shutdown of various businesses across the world. This has negatively impacted the growth of the market. However, the market is expected to gain traction over the forecast period with increasing construction and infrastructural activities, the growth of the automotive market, and rising production in the aerospace and heavy industries sector.
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The refractory materials market for the steel industry is driven by increasing demand for steel from various sectors. In addition, other factors such as Increasing capacity developments in the steel industry are expected to trigger the refractory materials market for steel industry toward witnessing a CAGR of over 3% during the forecast period.
The refractory materials market demand will witness an at par growth during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth in 2020 is likely to increase as compared to 2019.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
This post-pandemic business planning research will aid clients to:
- Adjust their strategic planning to move ahead once business stability kicks in.
- Build Resilience by making effective resource and investment choices for individual business units, products, and service lines.
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Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Major Three Refractory Materials Market For Steel Industry Participants:
CALDERYS France SAS
CALDERYS France SAS operates its business through segments such as Products and Services. The company provides the refractory materials with technologies such as calde brick, calde mag dry, and calde mag gun.
CoorsTek Inc. operates its business through segments such as Products, Materials, and Services. The company offers a wide range of raw materials and ceramics such as alumina and silicates.
HarbisonWalker International Inc.
HarbisonWalker International Inc. operates its business through segments such as Products and Refractory Services. The company offers a wide range of refractory products such as bricks, monolithics, high-temperature insulation materials, fiber, insulating firebrick, and precast shapes.
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Refractory Materials Market For Steel Industry 2020-2024: Segmentation
Refractory materials market for steel industry is segmented as below:
- North America
- South America
Based on the volume, the market saw maximum growth in the brick refractories segment in 2019. Similarly, APAC emerged as the largest geographic segment with a 73% market share in 2019. The market growth in APAC will be significant over the forecast period due to the increasing production of crude steel.
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- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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