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How would the cement industry impact the Refractories Market growth through 2025?

Refractories Market

Refractories Market

The global refractories market is estimated to foresee considerable growth over the coming years due to the product’s extensive use in the cement industry. The cement industry uses about 15% of the overall refractories production. Refractories maintain their chemical identity and shape when exposed to extreme temperatures, and are thus used in applications that need higher resistance to heat. Refractories performance is considered a crucial parameter across the cement industry owing to its effect on manufacturing speed and capacity.

Based on the aforementioned factors, Global Market Insights Inc. estimates the global refractories market is likely to exceed a valuation of $41 billion by 2025.

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In addition to the cement industry, the product also observes immense applications in the glass industry. The refractories performance in glass industry can effectively affect glass quality and production costs. Additionally, the overall performance of furnaces can also be directly related to some other factors like choice of materials and furnace design. In fact, refractories within different regions of glass furnace suffer from different operating environment. As a result, different refractories are used throughout different areas of glass furnaces.

How is the composition segment expected to fare in the market landscape over the coming years?
With reference to the composition segment, non-clay refractories are projected to observe an expansion of more than 4% by the end of 2025. These refractories are generally manufactured as bricks or pressed shape.

However, in some of the cases, magnesite-chrome and alumina are also fused in molds. Other raw materials used for manufacturing non-clay based refractories include oxides and carbonates like magnesium and zirconium.

What kind of growth is the refractories market expected to experience in the Asia Pacific?

Increasing government focus towards infrastructure and an upsurge in investments towards fixed assets like ports, roads, airports, power and energy is expected to push the Asia Pacific refractories market growth. Furthermore, the region is also observing a positive outlook towards the commercial real estate, creating opportunities of growth.

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Subsequently, significant growth of the construction sector is further complementing the market outlook in the region. Taking 2016 for instance, when Thailand launched a 2016-2020 infrastructure plan, which is benefiting from the country’s stable government and active participation from the region’s private and public sectors. Furthermore, the country is also projected to observe the highest rise in constructional expenditures in the ASEAN region over the coming years, which is projected to surpass $58.5 billion by 2025.

Major companies in the refractories market are adopting different strategies like mergers, acquisitions, partnerships, and investments to gain a competitive edge in the industry landscape. Citing an instance, in September 2019, RHI Magnesita proposed to merge its three India-based arms; RHI India, RHI Clasil, and Orient Refractories to form the biggest refractory company in the country.

The competitive landscape of the global refractories market is inclusive of players such as Seven Refractories, IFGL Refractories ltd., Resco Products, Krosaki Harima Corp., CoorsTek, Vesuvius PLC, Morgan Advanced Materials, RHI Magnesita, HarbisonWalker International, and Imerys among others.

Contact Us:
Contact Person: Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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