Worldwide Refractories Market to Top $36 Billion by 2022
The largest segment of the global market in 2016 was unshaped refractories, which are replacing conventional refractories at a much faster rate in many applications.
The global refractories market is projected to reach $36.17 billion by 2022, growing at a compound annual growth rate (CAGR) of 3.89% between 2017 and 2022, according to a report available from Research and Markets. By volume, the refractories market is projected to reach 56.83 million tons by 2022, expanding at a CAGR of 3.5% during the forecast period. Key factors driving the market include the increasing number of infrastructural development projects in emerging economies such as China, India, and Brazil, and the high growth rate witnessed by the non-metallic minerals industry.
The largest segment of the global market in 2016 was unshaped refractories, which are replacing conventional refractories at a much faster rate in many applications that require high-temperature resistance. In comparison to conventional refractories, unshaped refractories are easy-to-install, avoid delays in manufacture of special brick shapes, and allow substantial repairs with a minimum loss of time.
The global refractories market is witnessing a moderate growth rate. Factors restraining and challenging growth in the refractories market include restrictions on the use of refractories due to growing environment concerns, a monopoly of China over raw material supply, and fluctuating iron ore prices.
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