The Refractories Market is expected to reach USD 31.77 Billion by 2028, according to a new report by Reports and Data. Increasing demand for the product from the iron steel industry is estimated to stimulate market demand in the forecast period. These are the key materials used by the steel industry in the internal linings of furnaces for the production of iron and steel, in vessels for holding and carrying metal and slag, in furnaces for heating steel prior to further processing, and in the stacks through which hot gases are conducted. Refractories are also essential for the safe operation of the processes.
Increasing demand for refractories in cement production is anticipated to fuel product demand in the upcoming years. Refractories play an instrumental role in both the lining of the high volume static equipment areas, which includes a modern pre-calciner kiln system and the rotary kiln lining. The robustness of the rotary kiln brick lining usually determines the operating duration of a kiln.
Additionally, growing demand for non-ferrous metals that are used for producing castings for the automotive, aerospace, construction, medical, and electrical industries are expected to boost the global product demand.
The laying of stringent regulations regarding the usage and disposal of the product, owing to the emission of volatile organic compounds gas may hamper the market growth in the upcoming years.
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Over the recent past, chemical and materials industry has observed rapid digital transformation, innovations and advancements in chemical processing, globalization, sustainability, and development of robust supply chain. Increasing incidence of uncertainties in chemical production and development have further increased focus on risk management solutions. Chemical and materials industry supplies raw materials to a number of end-use industries such as petrochemicals, solvents, manufacturing and construction, and healthcare, among others. Increasing integration of advanced technology in the manufacturing and production processes along with a growing focus on producing environmentally sustainable chemicals and materials is further expected to revolutionize the Refractories market over the forecast period.
The report further offers key insights into strategic alliances and ventures undertaken by key companies in the market to cater to the growing global demand, capitalize on lucrative opportunities, and gain a robust footing in the market. It focuses on mergers and acquisitions, joint ventures, collaborations, product launches, brand promotions, and deals.
Key players operating in the market:
Imerys, Vesuvius, Krosaki Harima Corporation, RHI Magnesita GmbH, Saint-Gobain, Corning Incorporated, Shinagawa Refractories, Coorstek Incorporated, Chosun Refractories, and Calderys Refractories Limited, among others.
The report further offers a regional segmentation of the Refractories market with regards to production and consumption rate, revenue share, market share, trends, consumer preference, regulatory framework, economic factors, investment and funding opportunities, RD activities, technological advancements, product launches, import/export, supply and demand ratio, and presence of key players in each region. The report divides the Refractories market into 5 key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa. The global Refractories market report also offers a country-wise analysis to impart a clear picture of the growth of the Refractories market in each region.
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Chemical Composition Outlook
Industry Vertical Outlook
Key Highlights in the Report:
A detailed analysis of the Refractories market through the assessment of different market aspects such as product type, application, end-use verticals, and others.
Qualitative and quantitative analysis along with the market estimation for the forecast period 2021-2028
Detailed analysis of market dynamics such as drivers, restraints, opportunities, and threats
Insights into recent development, business expansion plans, and strategic alliances of the top companies in the market
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