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| Refractories Market |
The global Refractories Market is estimated to be valued at US$ 52,260.0 million in 2021 and is expected to exhibit a CAGR of 5.0% over the forecast period of 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Refractories are heat-resistant materials that are used in the construction of
various high-temperature industrial applications, such as furnaces, kilns, and
reactors. These materials provide excellent thermal insulation, corrosion
resistance, and mechanical strength, making them essential in industries such
as steel, cement, glass, and non-ferrous metals. The increasing demand for
steel and other metals, coupled with the growing construction industry, is driving
the growth of the refractories market. Moreover, the rising focus on energy
efficiency and sustainability is further fueling the demand for advanced and
eco-friendly refractory materials.
Market key trends:
One key trend in the refractories market is the shift towards eco-friendly and
sustainable refractory materials. With increasing environmental concerns,
manufacturers are focusing on developing products that have a lower carbon
footprint and reduce energy consumption. Advanced refractory materials such as
silica refractories and alumina refractories are being widely adopted as they
offer superior performance, durability, and energy efficiency. Additionally,
the use of recycled and bio-based raw materials for refractory production is
gaining traction, further driving the trend towards sustainability in the
industry. This shift towards eco-friendly refractories is expected to continue
as companies prioritize sustainable practices and comply with stringent
environmental regulations.
PEST Analysis:
Political: The political factors impacting the refractories market include
government regulations and policies related to the use of refractories in
various industries. Additionally, political stability and trade agreements
between countries can also affect the market.
Economic: The economic factors influencing the refractories market include
economic growth, inflation rates, and exchange rates. The market is highly
dependent on industries such as steel, cement, and glass, and the economic
conditions of these industries can have a significant impact on the demand for
refractories.
Social: The social factors impacting the refractories market include population
growth, urbanization, and changing consumer preferences. As the global
population continues to grow and urbanization increases, there is a higher
demand for infrastructure, which drives the demand for refractories.
Technological: The technological factors impacting the refractories market
include advancements in manufacturing processes and the development of new
materials. Technological innovations can lead to improved refractory materials
with better heat resistance and durability, which can drive the market growth.
Key Takeaways:
The global Refractories
Market Share is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period
from 2022 to 2030. This growth can be attributed to the increasing demand from
industries such as steel, cement, and glass, which are expanding due to
infrastructure development and urbanization.
In terms of regional analysis, Asia Pacific is expected to be the
fastest-growing and dominating region in the refractories market. This can be
attributed to rapid industrialization and urbanization in countries like China
and India, leading to increased demand for refractories in various industries.
Key players operating in the refractories market include Puyang Refractories
Group Co. Ltd., Chosun Refractories, INTOCAST AG, Harbisonwalker International,
Saint-Gobain, IFGL Refractories Ltd., Vesuvius, Imerys, Shinagawa Refractories
Co. Ltd., Krosaki Harima Corporation, RHI Magnesita GmbH, Magnezit Group, Resco
Products, Minerals Technologies Inc., Refratechnik, and Morgan Advanced
Materials. These key players contribute to the competitive landscape of the
market with their diverse product offerings and strong distribution networks.
Read More,
https://www.newsstatix.com/refractories-market-trends-size-and-share-analysis/
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