Global Refractories Market – Forecast to 2025
The global Refractories market is estimated according to Research and Markets 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 and 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.
The iron and 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 and environment, and shift to clean, alternative sources of manufacturing.
Companies mentioned in the report include Allied Minerals Products, Almatis GmbH, Alteo Holding, Aluchem, Cerco, Chosun Refractories, Coorstek Incorporated, Corning Incorporated, Harbisonwalker International, IFGL Refractories, Imerys, Krosaki Harima, Lhoist, Liaoning Qinghua Refractories Co. Ltd., Magnezit Group, Minteq International, Morgan Advanced Materials, Puyang Refractories Group, Refractechnik Holding GmbH, Resco Products, RHI Magnesita, Ruitai Materials Technology, Saint-Gobain, Shinagawa Refractories, Vesuvius, and Zhejiang Zili Advanced Materials.