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Refractories Global Market Report 2023
The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The refractories market is expected to grow to USD 31,25 billion in 2027 at a CAGR of 2,9 %.
Growing demand for iron and steel is driving the refractories market. The demand for iron and steel is growing due to expanded infrastructure building and the growing car and railway industries. The rising demand for energy-efficient steel-making techniques for refractories is estimated to grow. Refractories are crucial lining materials for furnace working interfaces and backup zones during iron and steel manufacturing. According to India Brand Equity Foundation (IBEF), steel consumption is predicted to rise by 17 % to 110 Mt in the financial year 2022, owing to increased construction activity. Therefore, the increasing demand for steel and iron drives the market for refractories. For further details: https://www.researchandmarkets.com/reports/5766814/refractories-global-market-report#src-pos-1