Gurugram, India, April 27, 2023 (GLOBE NEWSWIRE) — Driven by the strong mechanical strength and the growing demand from the iron and steel industry The According to forecasts, the global refractories market will exceed US$35 billion by 2028 Ken Research Study.
Refractory materials are non-metallic minerals with chemical and physical properties. It resists degradation from heat, pressure or chemical attack and retains its strength and shape. Refractory materials are more heat resistant than metals and are used to line the hot surfaces in industrial processes.
“Ken Research shares 5 key takeaways from its latest research study about this promising market.
1. The rapid development of infrastructure and the growing steel industry are increasing the demand for refractories
Owing to its strong mechanical strength and its resistant property of being decomposed by heat, pressure or chemical attack, the global refractory market is anticipated to experience positive growth during the forecast period. Accordingly Ken Research estimates that Global refractory market is estimated to be around US$25 billion by 2022 and is projected to continue growing to more than US$35 billion by 2028, growing at 5% per year over the forecast period 2022-2028. Asia Pacific is the most dominant region in the global refractories market. Therefore, since the refractory market has no alternative and has wide applications, there is minimal risk of being replaced by any substitute in the near future. According to the World Refractories Association, one tonne of steel requires around 10-15 kg of refractory to line the furnace in which it is made. Without the protective material property of refractories, the furnace could not contain the molten steel.
2. Rise Of Iron And Steel In Automotive Sector Drives Market Growth; High demand for refractory observed
The demand for refractories is increasing due to an increasing demand for various industries such as automotive,…