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Global Refractories Market to Reach $30.2 Billion by 2026

Refractories are vital industrial inputs essential for the manufacture of glass, petrochemicals, cement, metals, ceramics, iron and steel, involving high temperature processes. The global refractories market is poised to report a slow recovery in 2021, after displaying negative growth in 2020, under the impact of COVID-19 crisis. Given that the demand for refractories is directly linked to the overall health and performance of key infrastructure industries, stable global GDP growth and its positive implications on the market are forecast to provide a stable environment for demand growth in the coming years. Going forwards, the market is expected to witness decent growth buttressed by stable demand for steel, cement, glass and other infrastructure industries. This backdrop is set to drive demand for refractory products. Fueling the mid-term growth is improved investment activity in the construction sector supported by improving economic conditions worldwide. Growth in the market is expected to mainly stem from iron & steel, glass, and non-ferrous metals industries. The market is also expected to benefit from increasing adoption of refractories in other smaller markets such as incinerators and chemicals. Besides, refractory technologies are also undergoing significant improvement, and the market is witnessing increasing demand for advanced and long-lasting refractory products. Advancements in the refractory technology have lengthened the lifetime of refractories.

Amid the COVID-19 crisis, the global market for Refractories estimated at US$23.8 Billion in the year 2022, is projected to reach a revised size of US$30.2 Billion by 2026, growing at a CAGR of 3.4% over the analysis period. Bricks & Shapes, one of the segments analyzed in the report, is projected to record 3.1% CAGR and reach US$16.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Monolithics & Others segment is readjusted to a revised 3.8% CAGR for the next 7-year period. Growth prospects are high for monolithic castables and preformed shapes that feature high performance and flexibility than other refractory forms. Growth is supported by the use of monolithics in extending interval between brick relinings to offer an economic advantage.

The U.S. Market is Estimated at $1.6 Billion in 2022, While China is Forecast to Reach $17.2 by 2026

The Refractories market in the U.S. is estimated at US$1.6 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$17.2 Billion by the year 2026 trailing a CAGR of 4.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.1% and 1.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.3% CAGR. Demand for refractories would primarily be driven by developing markets, which is a clear indication of shifting base of heavy industry production base to developing areas with low cost advantages. After Asia-Pacific, Middle East & Africa and Latin America are projected to emerge as the fastest growing markets for refractories worldwide in volume terms during the analysis period. Projected rise in the already significant steel industry in the region apart from rising demand from other industries such as cement is expected to surge demand for refractories. High consumption of refractories in China would be driven by the continued use of conventional less sophisticated production technologies in steel and other manufacturing sectors that consume higher level of refractories. This is in stark contrast to developed markets such as the US, Japan and Europe that employ more efficient and advanced production technologies.