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.
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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