2024-2033 Refractories Market: Key Insights on Growth Opportunities
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What is the Expected Growth Trajectory for the Refractories Market by 2033?
There has been a consistent growth in the size of the refractories market in the past few years. The market that is projected to escalate from $27.64 billion in 2023 to $28.83 billion in 2024, will experience a compound annual growth rate (CAGR) of 4.3%. The historical growth of the market can be credited to the industrial revolution and the production of steel, the evolution of iron and steel industries, the progress in cement and glass sectors, the growth in non-ferrous metal production, as well as demand from the chemical and petrochemical industries.
The size of the refractories market is anticipated to exhibit steady growth in the upcoming years, potentially reaching a value of $33.29 billion in 2028 with a compound annual growth rate (CAGR) of 3.7%. This predicted growth within the forecast period could be credited to the surge in infrastructure development, advancements in refractory design and use methods, market permeation in emerging economies, the use of high-temperature substances, and a move towards more sustainable refractories. Key trends for the forecast period involve increased demand in the steel industry, augmented cement production, escalation in non-ferrous metals production, technological improvements in refractory materials, and market growth in developing economies.
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What Factors Are Leading to Growth in the refractories Market?
The surging need for iron and steel feeds into the progression of the refractories market. The expansion of infrastructure, along with the growth of the automotive and railway industries, is fuelling the demand for iron and steel. Moreover, the expected growth in energy-efficient steel production methods for refractories further supports the growing market. Refractories, serving as essential lining materials for furnace working interfaces and backup zones, are integral to iron and steel production. The India Brand Equity Foundation (IBEF) projects that the consumption of steel will rise by 17% to 110 million tons in FY22, correlating with increased activity in construction. The augmented demand for iron and steel consequently stimulates the refractories market.
Which Segments Play a Key Role in Understanding the Refractories Market?
1) By Form: Shaped Refractories, Unshaped Refractories
2) By Alkalinity: Acidic And Neutral, Basic
3) By Refractory Mineral: Bauxite, Alumina, Kaolin, Magnesia, Graphite, Zircon
4) By End-Use Industry: Iron And Steel, Power Generation, Non-Ferrous Metals, Cement, Glass, Other End-Users
What Trends Are Emerging as Game-Changers in the Refractories Market?
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Which Regions Are Setting the Pace for Refractories Market Growth?
Asia-Pacific was the largest region in the refractories market in 2023. The regions covered in the refractories market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Refractories Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the refractories market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Refractories Market Include
1. Refractories Market Executive Summary
2. Refractories Market Segments
3. Refractories Market Size And Template Market Growth Rate
4. Key Refractories Market Trends
5. Major Refractories Market Drivers
……
25. Key Mergers And Acquisitions In The Refractories Market
26. Top Refractories Companies
27. Refractories Market Opportunities And Strategies
28. Refractories Market, Conclusions And Recommendations
29. Appendix
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