Refractories Market size worth $ 27.02 Billion, Globally, by 2028 at 2.47% CAGR: Verified Market Research®

JERSEY CITY, N.J., Nov. 17, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Refractories Market" By Form (Shaped Refractories, Unshaped Refractories), By End-Use Industry (Iron & Steel, Power Generation, Non-Ferrous Metal, Glass), and By Geography. According to Verified Market Research, the Global Refractories Market size was valued at USD 22.24 Billion in 2020 and is projected to reach USD 27.02 Billion by 2028, growing at a CAGR of 2.47% from 2021 to 2028.

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202 - Pages
126 – Tables
37 – Figures

Global Refractories Market Overview

The rise in demand for Refractories is owing to its superior properties and increasing infrastructure developments in the developing regions. The growth in industrialization such as in the developing countries India and China contributed to significant market growth. The increasing investments in the construction of commercial and residential buildings are one of the major factors to fuels the growth of the market.

In accordance with the Global Construction Perspective and Oxford Economics, the global construction market will grow by 85% to USD 15.55 trillion worldwide by 2030, with three countries China, India, and the US accounting for 57% of the global growth. In addition, the rise in the constant travel demands for the development of railways and roadways is expected to introduce a lucrative market growth. Furthermore, one of the major applications of the material is in the iron and steel industry that is in the internal lining of the furnace.

Particularly in furnaces for heating steel before further processing steps, in vessels for holding and transporting metal and slag, in the flues or stacks through which hot gases are conducted, and other more applications. These factors are contributing to accelerating market growth. However, the concerns regarding environmental degradation and other regulatory mandates are expected to hamper the market growth.

Key Developments

  • In June 2020, Morgan Advanced Materials company acquired Carbo San Luis (Buenos Aires, ARG), to serve the purpose of geographical expansion in Argentina, Chile, and Peru.
  • In June 2020, Vesuvius, under its brand Foseco, developed its new product named "KALPUR". It serves the purpose of Direct Pouring Application on an Automatic High-Pressure Green Sand Moulding Line.

Key Players

The major players in the market are Corning Incorporated, Morgan Advanced Materials, Coorstek Incorporated, Harbisonwalker International, Imerys, Chosun Refractories, Rhi Magnesita, Vesuvius, Kurosaki Harima, Shinagawa Refractories, Saint-Gobain.

Verified Market Research has segmented the Global Refractories Market On the basis of Form, End-Use Industry, and Geography.

  • Refractories Market, By Form
    • Shaped Refractories
    • Unshaped Refractories
  • Refractories Market, By End-Use Industry
    • Iron & Steel
    • Power Generation
    • Non-Ferrous Metal
    • Glass
    • Others
  • Refractories Market by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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