Global Refractories Market is expected to reach USD 40,007.33 million by 2025 from USD 29,518.47 million in 2017, at a CAGR of 4.0% in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Segmentation: Global Refractories Market
Global Refractories Market, By Alkalinity (Acidic & Neutral Refractories, Basic Refractories), By Product Type (Clay, Non-clay), Form Type (Monolithic, Bricks, Others), By End User (Iron and Steel, Cement and Lime, Non-ferrous, Glass, Energy and Chemicals, Others), By Fusion Temperature (Normal Refractory, High Refractory, Super Refractory), By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2025
Drivers: Global Refractories Market
The major factors contributing to the growth of the market includes factors such as increasing prevalence for non-metallic minerals industry, growing infrastructure in emerging countries and demand of refractories from iron & steel industry.
Increasing Prevalence For Non-Metallic Minerals Industry
Non-metallic minerals include cement, ceramics, glass, and lime. The end products of non-metallic minerals range from bricks and tiles to glass and tableware. The construction industry is the main user of non-metallic mineral products like cement, concrete, clay products and plaster and also is a prominent customer for lime, glass and ceramic goods (such as sanitary ware and tiles). Moreover, non-metallic mineral products such as glass and ceramics have their wide usage in manufacturing activities, such as for food and beverages industry, transport equipment, electrical machinery and equipment. They are also being sold directly as consumer goods. Furthermore, non-metallic minerals have its usage in fossil fuels. According to United States Geological Survey (USGS), in May 2016, it has been estimated that in the U.S. nonmetallic mineral products was 249.5 metric tons.
According to United States Geological Survey, it has been estimated that, nonmetallic industrial minerals represent the largest sector of domestic nonfuel minerals industry in terms of both production and their contribution to gross national product.
However, increasing non-metallic minerals such as, ceramics, glass and others have also increased the demand for refractories, which in return is fueling the market for refractories.
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Growing Infrastructure In Emerging Countries
In order to expedite economic growth, to respond to demographic and urbanization pressures, and to meet sustainable development goals emerging countries are exhibiting substantial increase in infrastructure investment in the upcoming years. According to World Bank Group, in April, 2017, it has been estimated that infrastructure investment amounts to approximately USD 1.00 trillion per year.
Furthermore, according to Euromoney, it has been estimated that global spending on infrastructure has been expected to reach USD 9.00 trillion by 2025 from USD 4.00 trillion in 2012.
According to Euromoney, in Russia, the infrastructure sector has been estimated to grow from USD 39.00 in 2011 to USD 110.00 in 2020.
According to Norges Bank Investment Management, in 2012, the World Bank and the Asian development bank spend up to 50 percent of their resources on infrastructure development.
For instance, according to Hindustan times, in India, in February 2017, it has been estimated that due to rise in infrastructure building material production such as cement rose by 22.9%. It has positively impacted the building materials,
Hence, increasing infrastructural facilities in the developing countries have increased the demand for building materials such as ceramics, glass, cement, which in turn has fueled the demand for refractories and acting as a major driver for the global refractories market.
Demand Of Refractories From Iron & Steel Industry
According to Lucideon, it has been estimated that the iron and steel industry is the largest consumer of refractory materials accounting for around two third of refractory usage worldwide.
The process chain in steel industry, from primary to secondary, steel making processes is a diversity of vessels exists for the major units, such as the blast furnace and electric arc furnace and the more maintenance-intensive components, such as launders, tapholes and submerged entry nozzles. Refractories are the primary materials used by the steel industry in the internal linings of furnaces for making iron and steel, in vessels for holding and transporting metal and slag, in furnaces for heating steel before further processing, and in the flues or stacks through which hot gases are con- ducted.
According to fiber cast, it has been estimated that, the Iron and Steel sector make up to over 60.0% of all refractory business.
Refractories plays an important role in steel making process which includes coke ovens, blast furnaces ladles, reheat furnaces . FibreCast’s (U.S.) expertise spans the entire iron and steelmaking process to leverage the full potential of refractories.
As a result, increasing demand for the refractories in iron & steel industry as the major portion of refractories market is covered by steel and iron industry is acting as the major driver for refractories market.
Major Players: Global Refractories Market
Some of the major players operating in this market are Vesuvias, RHI Magnesita, Saint Gobain S.A., Morgan Advanced Materials, Shinagawa Refractories Co., Ltd., COORSTEK, INC., Refratechnic, HARBISONWALKER INTERNATIONAL, IMERYS, KROSAKI HARIMA CORPORATION, Vesuvias, IFGL Refractories Ltd., among others.
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