Recently, ResearchAndMarkets made a forecast report on refractories worldwide in 2025. It is estimated that it will reach 27.4 billion US dollars in 2025, and the total growth rate from 2020 to 2025 will be 3.4%.
The moderate growth of refractory market is attributed to the increasing application, technological progress and demand in Asia-Pacific region and Europe. The increasing use of refractories and the rise of construction activities are promoting the refractory market, and strict environmental and government regulations are the restrictive factors of the refractory market.
In the forecast period, the steel industry is expected to lead the refractory market.
The steel industry will continue to lead the refractory market, accounting for 60% of the total market share in 2019, due to the development of infrastructure and the increasing demand for consumer goods such as automobiles. People's requirements for quality of life, health and environment are getting higher and higher, and the demand for clean alternative manufacturing sources makes the demand for high-cost and high-performance refractory materials increase.
Asia-Pacific region is the largest refractory market.
The Asia-Pacific region has the largest share in the refractory market in 2020. China, Japan, India, South Korea, Australia and other countries have rapidly increased the consumption of refractories in the steel, power generation cement and glass industries, which makes the demand for refractories in the Asia-Pacific region increase.