CHICAGO, Sept. 18, 2020 /PRNewswire/ -- According to the new market research report "Refractories Market by Form (Shaped Refractories, Unshaped Refractories), Alkalinity (Acidic & Neutral. Basic), End-Use Industry (Iron & Steel, Power Generation, Non-Ferrous Metals, Cement, Glass), and Region - Global Forecast To 2025", published by MarketsandMarkets™, the global Refractories Market size is expected to grow from USD 23.2 billion in 2020 to USD 27.4 billion by 2025, at a CAGR of 3.4% during the forecast period. Refractories are used across industries, such as Iron & Steel, Power generation, Non-Ferrous metals, Cement and Glass. In the Refractories Market, iron & steel is the key end-use industry owing to the wide applications of these refractories.
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The iron & steel end-use industry is expected to register the highest CAGR in the global Refractories Market during the forecast period.
The iron & steel industry will continue to lead the Refractories Market. This was due to the increasing demand for infrastructure development and mounting demand for consumer goods such as automobiles. The increasing preference for high-cost, high-performance refractories is driven by the need to improve the quality of life, health & environment, and shift to clean, alternative sources of manufacturing. Furthermore, iron & steel end-use will also have the largest market share in the global Refractories Market as Refractories are widely used for linings and insulation of the high-temperature furnaces in this industry. As refractories are characterized by low weight, high temperature sustainability, and robustness, they are an ideal material for manufacturing precast shapes, refractory bricks, binders, and nozzles.
APAC is expected to hold the largest market share in the global Refractories Market during the forecast period.
Asia Pacific accounted for the largest share of the Refractories Market in 2020. Factors such as the rapidly increasing consumption of refractories in the iron & steel, power generation cement, and glass industries in countries such as China, Japan, India, South Korea and Australia have led to an increased demand for Refractories in the Asia Pacific region.
Saint-Gobain (France), RHI Magnesita (Austria), Corning Incorporated (US), Morgan Advanced Materials (UK), and Shinagawa Refractories (Japan) are the leading refractories manufacturers, globally.
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