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The global refractories market size is projected to reach USD 42.30 billion by the end of 2027. The rising investments in product R&D will bode well for the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Refractories Market Size, Share & Industry Analysis, By Form (Bricks & Shaped and Monolithics & Unshaped), By Product (Clay and Non-Clay), By Alkalinity (Acidic & Neutral and Basic), By End-Use Industry (Iron & Steel, Non-Ferrous Metals, Glass, Cement, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 32.06 billion in 2019 and will exhibit a CAGR of 3.6% during the forecast period, 2020-2027.
Refractories are products that are used in diverse industrial applications, including chemicals, petrochemicals, paper, and ceramic. The product has exceptional properties such as high thermal resistance, excellent temperature and corrosion resistance, and good physical properties. The increasing R&D activities associated with the product, driven by the high investments, will bode well for the growth of the overall market in the coming years. Several companies are looking to capitalize on the massive product demand by introducing products at low cost. This step is carried out to establish a stronghold in the global market; a factor that is difficult in the highly competitive market. The presence of several large scale companies in numerous countries across the world will create several growth opportunities for the companies operating in the market. Moreover, the efforts put in by large scale companies to cater to consumer-specific requirements will emerge in favor of the growth of the refractories in the coming years.
Calderys’ Partnership with China Steel will Have a Massive Impact on Market Growth
The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the market. Accounting to the increasing demand for the product, several large scale companies are looking to collaborate with other companies, with a bid to establishing a stronghold in the market.
In January 2019, Calderis announced that it has signed a partnership with China Steel. The company aims at creating a joint research lab. The company will look to develop advanced refractories with improved qualities. The collaborative research lab is aimed at the research and development of conventional refractories and enhancing the operational capabilities of existing products. The massive investment in this research lab will help the company’s cause. The rising investments in product R&D by major companies such as Caldery will have a direct impact on the growth of the overall market in the foreseeable future.
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Increasing Focus on Infrastructure Development will Aid Growth
The rising focus on infrastructure development across diverse industry verticals will lead to a wider product adoption across the world. The massive role played in construction and infrastructure will create several growth opportunities for the companies operating in the market. The increasing construction and building activities, coupled with the rising population in countries such as China, India, and Brazil will have a direct impact on the growth of the regional refractories market. Moreover, the massive investment in commercial infrastructure will lead to a huge demand across the world.
Major Companies are Focusing on Acquisitions and Production Expansions
Accounting to the increasing demand for the product across the world, there is a healthy market competition across the world. It is observed that company mergers and acquisitions as well as collaborations are an increasing trend among major companies. The market is partially consolidated in nature, with 25 companies accounting for over 50% share of the global market.
List of companies profiled in the report:
The global market is segmented on the basis of:
Volume (Kilo Tons), Value (USD Billion)
By End-Use Industry