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Refractories Market Research by Business Opportunities, Top Manufacture , Industry Growth, Share Report, Size, Analysis and Global Forecast to 2027
The recent coronavirus outbreak has had a massive impact on several businesses across the world. From trade shutdowns to lockdowns, the measures taken to minimize the disease have directly affected these businesses. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Refractories are advanced ceramic materials that are used in applications that require high thermal resistance and temperature handling capabilities.
Besides this, the product possesses properties such as high mechanical strength and an excellent resistance to corrosion. The product finds applications in several industries including petrochemical, ceramic, glass, paper and pulp, and others. Accounting to the excellent properties of refractories, the product has witnessed a huge demand in recent years. The increasing investment in the research and development of efficient products will bode well for the growth of the overall refractories market in recent years. Consequential to the rising applications and subsequent demand for the product, several companies are operating across the world. The report highlights major factors that have contributed to the growth of the market in recent years.
Major Companies are Focusing on Extending their Production Capacities
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the efforts put in by large scale companies to enhance the production capacities of refractories across the world have had the highest impact on the growth of the market.
In July 2019, HarbinsonWalker announced that it has decided to expand its manufacturing operations. The company will increase its production capacity in White Cloud, Michigan by 35%. The company will invest a mammoth USD 9 million in this expansion. This will emerge as the huge factor in the growth of the steel industry in North America. HarbinsonWalker's latest step to expand the production of refractories will not just help the company's cause, but will also have a positive impact on the growth of the global refractories market in the foreseeable future. The increasing demand for the product will attract newer companies in the coming years.
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Asia Pacific Likely to Emerge Dominant; Increasing Products will Aid Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing product applications and the subsequent rise in the demand for the product across the region will contribute to the growth of the market in the coming years.
Asia Pacific accounts for over 70% of the global steel production; a primary reason why this region will always remain in contention for the leading market across the world. As of 2019, the market in Asia Pacific was worth 20,444.9 million and this value is projected to increase at a considerable pace in the coming years. The market in North America will derive growth from the rising demand for the product across diverse end-use industries
List of the Leading Companies Profiled in the Refractories Market Research Report are:
Beijing Lier High Temperature Materials Co., Ltd. (China)
HarbinsonWalker International (U.S.)
Imerys (France)
Intocast Group (Germany)
January 2019: Calderys (Imerys) announced that it has signed a partnership with China Steel. This collaboration is aimed at the development of a joint research lab to push research efforts for the development of superior quality refractories.
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Market Insights
Refractories market is estimated to grow at the growth rate of 4.13% for the forecast period of 2020 to 2027. Demand for electrical, automotive, aerospace, glass, cement industries will drive the growth of the market.
Refractories are heat resistant than other metals, they are used for lining hot surfaces and found inside many industrial processes. They are available in different shapes and sizes, are pressed, molded or produced in interlocking…
