COVID-19 Impact Analysis On Refractories Market Size 2020- Growth, Key Vendors, Drivers and Forecast 2025
Market
Insights
Refractories are
materials resistant to high temperatures and used in making crucibles or molds.
They are produced from natural or synthetic materials such as dolomite,
magnesite, silicon carbide, bauxite, and fireclays. The global refractories
market report by Market Research Future (MRFR) contains pertinent drivers,
challenges, and insights for the period of 2019 to 2025 (forecast period). The
impact of the COVID-19 virus and its impact on industry fortunes are
encompassed and explored in detail.
Market Scope
The global
refractories market is estimated to reach a value of USD 30,820 million by
2025. It can score a CAGR of 4.08% over the forecast period. It is primarily
driven by the need for cement manufacturers. The boom in real estate and
undertaking of various infrastructural development schemes can fuel the market
growth. Initiatives by developing and developed countries to enhance their
current infrastructure for attracting tourists and making it a safe destination
for investments can bode well for the market.
Huge demand for
non-ferrous metals for industries of electrical, aerospace, medical, and
automotive will fuel the market growth. The use of these metals to improve the
structural integrity of buildings and machines can fuel the need for
refractories. They can increase the corrosion resistance and chemical
resistance to a considerable degree.
But the paucity
of raw materials can hamper the global refractories market growth.
Segmentation
The global
refractories market has been segmented by alkalinity, form, and application.
By alkalinity,
the market is bifurcated into basic and acidic & neutral. The acidic &
neutral segment is expected to register a CAGR of 4.2% during the assessment
period. The growth of the segment can be
attributed to its low cost and the ability to resist slag erosion at high
temperatures.
On the basis of
form, the refractories market has been divided into shaped and unshaped. The
growth of the unshaped refractories segment is due to their use as a
replacement of the traditional brick refractories. This can be attributded to
the advantages of the monolithic linings for elimination of joints, easier
transportation and handling, greater volume stability, better spalling
tendency, and requirement of low skilled forces.
Based on
application, is the market is segmented into iron & steel, non-ferrous
metals, glass, cement, and others. Among these, the cement application segment
is projected to reach USD 5,194 million by 2025.
Regional
Analysis
Geographically,
the refractories market is segmented covers trends across North America, Latin
America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The APAC
refractories market is likely to grow at a phenomenal rate to touch a value of
USD 14,788 million by 2025. Rapid industrialization and urbanization in the
emerging economies of India, Thailand, and Malaysia can boost the market demand
for refractories. Rising number of residential and commercial construction
activities and continuous demand for cement will be growth drivers for
refractories.
The numerous
infrastructural projects in the Middle East & Africa region is expected to
boost the need for refractories. The burgeoning iron and steel industry as well
as demand for efficient techniques for creating castings and molds for
efficient end products can drive the global refractories market.
Competition
Outlook
Calderys,
Krosaki Harima Corporation, CoorsTek Inc., Vesuvius, RHI Magnesita GmbH, Morgan
Advanced Materials, Chosun Refractories Eng. Co. Ltd., Shinagawa Refractories
Co. Ltd., Saint-Gobain, and HarbisonWalker International are key players of the
global refractories market.
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Complete Premium Research Report @ https://www.marketresearchfuture.com/reports/refractories-market-2393
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