Global Refractories Market Trends, Applications, Analysis, Growth, and Forecast to 2028

“Global Refractories Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global refractories market report has been segmented on the basis of form, alkalinity, end-use industry, and region.

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Global Refractories Market: Overview

Refractories or refractory materials are porous, nonmetallic, inorganic, and heterogeneous materials, or combination of minerals and compounds such as bauxite, alumina, zirconia, silicon carbide, chromite, dolomite, magnesite, and fireclays. Refractories have ability to retain its chemical identity and physical shape when subjected to elevated temperatures and are resistant to corrosion, heat, and pressure. Refractories are classified as acidic refractories, basic refractories, and neutral refractories based on chemical composition. Refractory materials are used to make moulds and crucibles for casting of metals, glass, and in rocket launch structures for flame deflector systems. In addition,these materials are used in kilns, furnaces, boilers, reactors, incinerators, and others.

Global Refractories Market: Dynamics

Rising demand for refractories of high grade from iron & steel industry owing to increase the production rate is a major factor expected to drive growth of the global refractories market. Increasing adoption of the end products in various applications such construction, automotive, and others in developed and developing economies, which in turn support growth of the refractories market to a certain extent. Moreover, rising demand for refractories in various end-use industries owing to its physical, chemical, and thermal properties is another factor anticipated to support revenue growth of the refractories market over the long run.

However, stringent regulations pertaining to environmental concerns is a factor which may hamper growth of the target market over the years. In addition, high cost of raw materials is expected to be another factor restraining growth of the potential market.

Increasing number of R&D activities and production facilities of various end-use industries are expected to create lucrative opportunities for the prominent players, which in turn expected to support revenue growth of the target market in the next coming years.

Global Refractories Market: Segment Analysis

On the basis of form, the unshaped refractories segment is estimated to account for major revenue share contribution in the target market. Among alkalinity, basic refractories segment is projected to register for considerable share in terms of revenue in the target market. Among end-use industry, the iron & steel segment is anticipated to register significant revenue share and is projected to witness fastest growth in the potential market in the next coming years.

Global Refractories Market: Regional Analysis

Asia Pacific refractories market is estimated to account for highest revenue share and is expected to dominate the global refractories market over the forecast period. Increasing use of refractories in production and research & development facilities of various industries such as iron & steel, glass, cement, and others, is among some other factors expected to fuel growth of the Asia Pacific refractories market. The market in Asia Pacific is projected to register fastest growth rate in the target market, owing to growing demand for refractories in end use industries such as construction, automotive, industrial, and others. Europe refractories market is expected to register for moderate share in the target market, followed by the market in North America.

Global Refractories Market Segmentation:

Segmentation on the Basis of Form:

• Shaped Refractories
• Unshaped Refractories

Segmentation on the Basis of Alkalinity:

• Acidic & Neutral Refractories
• Basic Refractories

Segmentation on the Basis of End-use Industry:

• Iron & Steel
• Power Generation
• Non-ferrous Metal
• Cement
• Glass
• Others (Chemical and Aerospace)

Segmentation on the Basis of Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa