Refractories Market Size to Reach USD 42.30 Billion by 2027; Increasing Investments in Development of Efficient Products with Improved Properties will Aid Growth, says Fortune Business Insights™

Pune, July 16, 2020 (GLOBE NEWSWIRE) — The global refractories market size is projected to reach USD 42,308.2 million by the end of 2027. The increasing product applications across diverse industry verticals will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Refractories Market Size, Share & Industry Analysis, By Form (Bricks & Shaped and Monolithics & Unshaped), By Product (Clay and Non-Clay), By Alkalinity (Acidic & Neutral and Basic), By End-Use Industry (Iron & Steel, Non-Ferrous Metals, Glass, Cement, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 32,069.5 million in 2019 and will exhibit a CAGR of 3.6% during the forecast period, 2020-2027.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Besides this, the product possesses properties such as high mechanical strength and an excellent resistance to corrosion. The product finds applications in several industries including petrochemical, ceramic, glass, paper and pulp, and others. Accounting to the excellent properties of refractories, the product has witnessed a huge demand in recent years. The increasing investment in the research and development of efficient products will bode well for the growth of the overall refractories market in recent years. Consequential to the rising applications and subsequent demand for the product, several companies are operating across the world. The report highlights major factors that have contributed to the growth of the market in recent years.Major Companies are Focusing on Extending their Production CapacitiesThe report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the efforts put in by large scale companies to enhance the production capacities of refractories across the world have had the highest impact on the growth of the market.In July 2019, HarbinsonWalker announced that it has decided to expand its manufacturing operations. The company will increase its production capacity in White Cloud, Michigan by 35%. The company will invest a mammoth USD 9 million in this expansion. This will emerge as the huge factor in the growth of the steel industry in North America. HarbinsonWalker’s latest step to expand the production of refractories will not just help the company’s cause, but will also have a positive impact on the growth of the global refractories market in the foreseeable future. The increasing demand for the product will attract newer companies in the coming years.
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Asia Pacific Likely to Emerge Dominant; Increasing Products will Aid Market GrowthThe report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing product applications and the subsequent rise in the demand for the product across the region will contribute to the growth of the market in the coming years.Asia Pacific accounts for over 70% of the global steel production; a primary reason why this region will always remain in contention for the leading market across the world. As of 2019, the market in Asia Pacific was worth 20,444.9 million and this value is projected to increase at a considerable pace in the coming years. The market in North America will derive growth from the rising demand for the product across diverse end-use industries.
List of the Leading Companies Profiled in the Refractories Market Research Report are:•          Beijing Lier High Temperature Materials Co., Ltd. (China)•          HarbinsonWalker International (U.S.)•          Imerys (France)•          Intocast Group (Germany)•          Magnezit Group (Russia)•          Posco Chemical (South Korea)•          Puyang Refractories Group Co., Ltd. (China)•          Refratechnik (Germany)•          RHI Magnesita (Austria)•          Ruitai Materials Technology Co., Ltd. (China)•          Saint-Gobain (France)•          Sinosteel Group Corporation Limited (China)•          Vesuvius (UK)•          Kaefer (Norway)•          Plibrico Company, LLC (U.S.)•          Alsey Refractories Co. (U.S.)•          Other Key Players

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Industry Developments:January 2019: Calderys (Imerys) announced that it has signed a partnership with China Steel. This collaboration is aimed at the development of a joint research lab to push research efforts for the development of superior quality refractories.Major Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesKey Developments: Mergers, Acquisition, Partnership, etc.Latest Technological AdvancementInsights on Regulatory ScenarioPorters Five Forces AnalysisGlobal Refractories Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By FormBricks & ShapedMonolithics & UnshapedMarket Analysis, Insights and Forecast – By ProductClayNon-ClayMarket Analysis, Insights and Forecast – By AlkalinityAcidic & NeutralBasicMarket Analysis, Insights and Forecast – By End-Use IndustryIron & SteelNon-Ferrous MetalsGlassCementOthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia pacificLatin AmericaMiddle East & AfricaTOC Continued…!!!
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