Press release
Refractories Market to Grow 2 Times During Forecast Period 2020-2030
Global refractories market is forecast to reflect moderate growth of under 4% during the forecast period. Steel sector for refractories, among all end use industries is well positioned to continue dominating the demand pie with close to three fourth of the overall refractories consumption by 2030.Browse Full Report - https://www.factmr.com/report/4755/refractories-market
The years ahead are forecast to experience new trends of clay-based refractories, which will put more pressure on steel, cement and other allied industries to satisfy the ever increasing consumer demand.
Further, to meet the rising demand, manufacturers are forced to drag heavy investments in improving their performance and product availability. This situation will positively drive the global refractories demand in the long term forecast, attributed to high applications in steel, cement and glass industries.
However, the outbreak of nCoV-19 has impacted demand for steel products, as a result of nation-wide lockdowns with a detrimental effect on production and supply chains. Decelerating demand for steel products and ceased construction activity has led to muted growth in the refractories market.
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Key Takeaways of Global Refractories Market
Global refractories market is projected to create a value opportunity of around US$ 10.2 Mn during the forecast period, adding 1.4X more value in 2030 as compared to 2020.
Clay-based refractories will continue to dominate demand for refractories market accounting for more than two-third of the global share.
The global market for refractories is expected to witness high growth in emerging countries such as India, China and Brazil owing to the increasing infrastructure projects and mounting demand for steel products.
Asia Pacific is estimated to be the most lucrative market in terms of revenue generation, currently valued at US$ 26 Mn and is expected to show prolific expansion over the forecast period.
Refractories used in steel production are set to continue their dominance in the market accounting for more than three-fourth of global market share by 2030, with a growth rate of 4% over the forecast period.
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The Refractories market report provides the readers with the below-mentioned insights:
• Key trends, including ecological conservation, patented solutions, and globalization.
• Consumption pattern of each segment of the market in every region.
• Detailed study of the factors (positive and negative) impacting the growth of the global Endobronchial Valves market.
• Critical analysis of R&D activities performed by market players to expand their production footprint across various industries.
• Thorough research of effect of the market across various end use industries.
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The Refractories market report gets rid of the following queries:
1. Which end use has the highest rate of consumption and why?
2. Which regions are the market players targeting to gain a competitive edge?
3. What is the growth forecast of the global market in region?
4. What is the Y-o-Y growth rate of the global market?
5. Which segment will have the maximum share of the global market by the end of year?
And so on…..
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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…
