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Description
Refractories Market size was valued at 21.88 Billion in 2021 and is estimated to reach 26.36 Billion by 2028, at a CAGR of 2.7% during the forecast period 2022 to 2028. Due to the increase industrializations shows rapid growth in the infrastructure in developing and developed regions. Increase in the production of non-ferrous materials are casting process in the industries such as aerospace, electrical, cement, automobile and medical sector fuelling the market growth and the technological advancement boosts the growth of the refractories market. However, High cost of complex refractories, lack of trained professional to operate, difficulty in finding suitable refractories and environmental concern are the major factors that hinder the growth of the refractories market. Ceramic, alumina, silica, magnesia, and other materials are used to make refractories, which are designed to withstand the extremely high temperatures encountered in modern production. They are utilised to line the hot surfaces within many industrial processes because they are more heat resistant than metals. Preformed forms or unformed mixtures are the most common refractory products. The refractories market is predicted to develop as infrastructure in emerging countries improves. Growing environmental concerns are projected to limit demand for refractories market expansion. The refractories market is predicted to benefit from the recycling and re-use of refractories materials. High raw material prices are projected to be an issue for the refractories industry, limiting demand. Global refractories market is surging owing to frequent acquisitions and launchings by the market players. In August 2018, Saint- Gobain acquired German company HKO Group (Germany) that provides a complete range of very high temperature thermal insulation and fire protection solutions. With this, Saint Gobain entered the high temperature thermal insulation markets.
