Press Release

Global Refractories Market is Set to Reach $ 26 Billion by 2024

Increasing infrastructural development in developing countries and growing demand for high-grade refractories from iron & steel industry to boost global refractories market through 2024

According to TechSci Research report, "Global Refractories Market By Form, By Alkalinity, By End-User, Competition, Forecast & Opportunities, 2024”, global refractories market is projected to cross $ 26 billion by 2024 on account of rising infrastructural development in developing countries coupled with surging demand for high-grade refractories from iron & steel industry. However, factor such as restrictions on the use of refractories due to growing environmental concerns is expected to hamper the growth of the market. Global refractories market is broadly categorized into form, alkalinity, end user and region. On the basis of form, the market is segmented into shaped refractories and unshaped refractories. Among these sub-segments, unshaped refractories are anticipated to be the largest sub-segment during forecast period owing to its high efficiency in numerous applications across various industries such as glass, cement and ceramic industries. Unshaped refractories have significant properties which include abrasion resistance, chemical inertness, mechanical integrity and thermal shock resistance at high temperatures.

Browse XX market data Tables and XX Figures spread through 110 Pages and an in-depth TOC on "Global Refractories Market"

Based on alkalinity, the market is segmented into acidic, basic and neutral. Of all, basic and acidic refractories are expected to be the major segments of the market during forecast period. The demand for acidic and basic is high owing to their major use in glass and ceramic industries. Further, the low cost and ability to withstand high temperature with superior quality thermal shock resistance is further pushing their demand. In the North American region, the US market is anticipated to be the largest consumer of refractories during forecast period. Growing production of cement and steel in the US, especially for construction purpose is fuelling the demand for refractories in the region.

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“Among regions, APAC is anticipated to be the fastest growing market for refractories on the back of rapid economic growth, growing construction and automotive sectors, low cost labor and growing foreign investments. Moreover, expansions and global shift in the production capacity from the developed markets to the developing markets is further leading to the growth of APAC refractories market. China dominates APAC refractories market owing to the growth of construction and automotive industries in the country.” stated Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Refractories Market By Form, By Alkalinity, By End-User, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global refractories market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in global refractories market.

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