The refractory market is expected to grow to USD 44.82 billion in 2029
According to a report titled "Refractory Materials Market 2022-2029" published by Fortune Business Insights, the growth of this market is driven by increasing demand in key industrial sectors including steel, other metals, glass, cement, paper and pulp, and petrochemicals product.
The global refractory materials market size will reach USD 32.25 billion in 2021. Its market capitalization is expected to rise from $33.01 billion in 2022 to $44.82 billion by 2029, with a CAGR of 4.5% from 2022-2029.
In recent years, the development of refractory materials with various material combinations has received attention. For example, magnesia material and chromium oxide are combined to form magnesia-chromium refractory. Customization brings many performance benefits such as increased fire resistance and exceptional chemical resistance as well as high temperature and wear resistance.
Asia Pacific is expected to dominate the global refractory market share during 2022-2029. The regional market is valued at $20.76 billion in 2021. The economic growth can be attributed to the growth of steel production in the countries of the Asia-Pacific region. Worldsteel reports that the region accounts for more than 70% of global steel production, with China alone accounting for nearly 50%.
The North American market is driven by the expanding steel and glass industry. Meanwhile, in Europe, economic growth will be affected by growing demand across the auto industry.
Although refractory production is an essential service, supply chain uncertainty and subsequent lack of raw materials such as binders and non-clay sands have dampened the growth prospects of this market. The economic slowdown in automotive, construction and other key industries affected market trends. However, the post-pandemic recovery of these sectors will strengthen the market outlook in the coming years.
P.S. The article comes from China Glass Network(www.glass.com.cn)
The global refractory materials market size will reach USD 32.25 billion in 2021. Its market capitalization is expected to rise from $33.01 billion in 2022 to $44.82 billion by 2029, with a CAGR of 4.5% from 2022-2029.
In recent years, the development of refractory materials with various material combinations has received attention. For example, magnesia material and chromium oxide are combined to form magnesia-chromium refractory. Customization brings many performance benefits such as increased fire resistance and exceptional chemical resistance as well as high temperature and wear resistance.
Asia Pacific is expected to dominate the global refractory market share during 2022-2029. The regional market is valued at $20.76 billion in 2021. The economic growth can be attributed to the growth of steel production in the countries of the Asia-Pacific region. Worldsteel reports that the region accounts for more than 70% of global steel production, with China alone accounting for nearly 50%.
The North American market is driven by the expanding steel and glass industry. Meanwhile, in Europe, economic growth will be affected by growing demand across the auto industry.
Although refractory production is an essential service, supply chain uncertainty and subsequent lack of raw materials such as binders and non-clay sands have dampened the growth prospects of this market. The economic slowdown in automotive, construction and other key industries affected market trends. However, the post-pandemic recovery of these sectors will strengthen the market outlook in the coming years.
P.S. The article comes from China Glass Network(www.glass.com.cn)