Research And Markets recently released a report on the world's refractory materials forecast in 2025. It is expected to reach US$27.4 billion in 2025, with a total growth rate of 3.4% from 2020 to 2025.
The refractory market is experiencing moderate growth, due to the growing applications, technological advancement and demand in the Asia-Pacific region and Europe. The increasing use of refractory materials and the rise of construction activities are driving the refractory market. Strict environment and government regulations are restricting factors in the refractory market.
During 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 increased demand for consumer products such as automobiles. People's increasing requirements for quality of life, health and environment, as well as the demand for clean alternative manufacturing sources, have increased the demand for high-cost, high-performance refractory materials.
The Asia-Pacific region is the largest refractory market.
The Asia-Pacific region has the largest share of the refractory market in 2020. Factors such as the rapid increase in the consumption of refractory materials in the steel, power generation cement and glass industries in countries such as China, Japan, India, South Korea, and Australia have increased the demand for refractory materials in the Asia-Pacific region.
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