Global refractories market is anticipated to grow at a CAGR of 4.9% during the forecast period (2024-2031). A major factor supporting the growth of the market is the increasing demand for refractories from the steel and iron industries. The refractories are polycrystalline, polyphase, and inorganic materials that have a growing demand in iron and steel for application in furnaces, kilns, casting, and others. Steel and iron are increasingly used in the automotive and other sectors. The rising utilization of steel and other metals in automotive for obtaining fuel efficiency and durability is boosting growth.
Browse the full report description of “Refractories Market Size, Share & Trends Analysis Report by Alkalinity (Acidic & Neutral, Basic). by Form (Shaped and Unshaped), by Chemical Composition (Alumina, Silica, Magnesia, and Fireclay) and by End-Use (Iron and Steel, Cement & Lime, Glass & Ceramics, Non-ferrous Metals, and Others) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/refractories-market
According to the International Organization of Motor Vehicle Manufacturers (OICA) and the World Steel Association, steel-based products account for around 60.0% of the vehicle structure compared to glass at 6.0%. Moreover, JSW Steel announced the steel-making expansion at the Vijaynagar site from 5 MT every year to 17 MT by March 2024. Thus, with the high demand for refractories in steel and iron metals, which are majorly used in automotive productions, the refractories market is growing rapidly.
The process chain in the steel business from primary to secondary steelmaking procedures is a diversity of vessels that exist for the central units such as the electric arc furnace and blast furnace and the more maintenance-intensive components such as tapholes, launders, and submerged entry nozzles. Refractories are the topmost materials used by steel production in the internal linings of furnaces for making iron and steel, in furnaces for heating steel before further processing, in vessels for holding and transporting metal and slag the flues or stacks through which hot gases are conducted. According to Fiber Cast, the iron and steel segment has been assessed to make up around 60.0% of all refractory industries.
Increasing government spending, accommodative policies, and relaxation of mobility restrictions have escalated the production rate of steel. For instance, according to a report published by the Indian Steel Association (ISA), demand for steel increased by 7.2% in 2020-21. This has fueled the growth of the refractory material market growth in the growing iron & steel industry. Furthermore, thriving railways and construction infrastructure may provide an additional push to the growth of the iron & steel industry, which is expected to propel the refractory material market growth.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Alkalinity
o By Form
o By Chemical Composition
o By End-Use
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Krosaki Harima Corp., Morgan Advanced Materials plc, RHI Magnesita GmbH, and Shinagawa Refractories Co., Ltd. among others.
Key questions addressed by the report.
Global Refractories Market Report Segment
By Alkalinity
By Form
By Chemical Composition
By End-Use
Global Refractories Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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