Mar 10, 2020, 09:37 ET
CLEVELAND, March 10, 2020 /PRNewswire/ -- Global demand for refractories is forecast to rise 2.2% annually through 2023 to reach 51.6 million metric tons. The most significant growth will occur in China and India, where high levels of construction activity and healthy growth in heavy industries will boost gains. These trends and more are analyzed in Global Refractories, an industry study from The Freedonia Group.
For more information visit the study page for Global Refractories.
China will account for over 50% of global refractory demand in 2023, due primarily to China's massive iron and steel industries. Additional gains will be driven by a rebound in iron and steel production, as the country expands its and infrastructure and bolsters its transportation systems.
India is expected to grow at a rapid rate through 2023 as the country's infrastructure and manufacturing industries continue to develop. Demand for iron and steel refractories will be spurred by an increase in infrastructure construction in order to support India's thriving automobile and railway sectors. In addition, refractory demand for nonferrous metal applications will be supported by elevated levels of industrial manufacturing.
Contact Corinne Gangloff for an interview with the analyst.
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About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group
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