Refractory Material Market to Garner $30.3 Billion, Globally, By 2030 at 4.7% CAGR, Says Allied Market Research

Surge in iron & steel production and increasing demand from the glass industry drive the growth of the global refractory material market.

PORTLAND, Ore, Jan. 18, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Refractory Material Market by form (Shaped and Unshaped), Chemical Composition (Alumina, Silica, Magnesia, Fireclay, and Others), Chemistry (Acidic, Basic, and Neutral), And End Use (Metals & Metallurgy, Cement, Glass & Ceramics, Power Generation, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030" According to the report, the global refractory material industry was estimated at $19.2 billion in 2020, and is anticipated to hit $30.3 billion by 2030, registering a CAGR of 4.7% from 2021 to 2030.

Drivers, restraints, and opportunities-

Surge in iron & steel production and increasing demand from the glass industry drive the growth of the global refractory material market. On the other hand, several environmental & health issues associated with the use of refractory materials impede the growth to some extent. However, emergence of recycled refractory materials is expected to create lucrative opportunities in the industry.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/15265

COVID-19 scenario-

• Several companies had either shut down or shrunk their operations owing to the risk of infections among the workforce where refractory materials are used for thermal insulation purposes. This factor impacted the global refractory material market negatively, especially during the initial phase.
• However, the market is projected to recoup soon.

The shaped segment to dominate by 2030-

Based on form, the shaped segment contributed to nearly three-fifths of the global refractory material market share in 2020, and is anticipated to rule the roost by 2030. Increasing population across the world has heightened the growth of the building & construction sector, which in turn has led the cement manufacturers to produce high quality cement where shaped refractory materials are widely used in furnaces, kilns, incinerators, and reactors exposed at high temperatures. This factor has propelled the segment growth. The unshaped segment, however, would register the fastest CAGR of 4.8% throughout the forecast period. Rise in demand for crude oil and allied products where unshaped refractory materials are widely used in kilns and furnaces boosts the growth of the segment.

Get Detailed COVID-19 Impact Analysis on the Refractory Material Market @ https://www.alliedmarketresearch.com/request-for-customization/15265?reqfor=covid

The basic segment to maintain the dominant share-

Based on chemistry, the basic segment accounted for nearly two-fifths of the global refractory material market revenue in 2020, and is expected to lead the trail by 2030. The same segment would also grow at the fastest CAGR of 5.0% during the forecast period. Developments in the transportation sector have escalated the demand for oil & gas where basic refractory materials are widely employed in both offshore and onshore platforms. This factor has driven the segment growth.

Asia-Pacific, followed by Europe and North America garnered the major share in 2020-

Based on region, Asia-Pacific, followed by Europe and North America garnered the major share in 2020, holding more than three-fourths of the global refractory material market. The same region would also cite the fastest CAGR of 5.0% from 2021 to 2030. Increasing utilization of refractory materials in sectors such as power generation, iron & steel, cement manufacturing, and others drives the market growth in this region.

Key players in the industry-

• IFGL Refractories Ltd.
• Vitcas
• Lanexis
• Morgan Advanced Materials
• RHI Magnesita GmbH
• Calderys
• Saint Gobain
• SHINAGAWA REFRACTORIES CO., LTD.
• Dalmia Bharat Refractory
• Krosaki Harima Corporation

Interested in Procuring This Report? Visit Here:
https://www.alliedmarketresearch.com/refractory-material-market/purchase-options

Avenue Basic Plan | Library Access | 1 Year Subscription |

Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.

Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter

Get more information: https://www.alliedmarketresearch.com/library-access

Similar Reports:

Platter Substrate Materials Market: Global Opportunity Analysis and Industry Forecast, 2021-2030
Balsa Core Materials Market: Global Opportunity Analysis and Industry Forecast, 2018-2025
3D Printing Materials Market: Global Opportunity Analysis and Industry Forecast, 2014 - 2022
Thermochromic Material Market: Global Opportunity Analysis and Industry Forecast 2020–2030
Lightweight Materials Market: Global Opportunity Analysis and Industry Forecast, 2014-2022

About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg