COVID-19 Impact on Refractories Market in 2020 – Know the Forecast Demand till 2026
The global refractories market size is projected to reach USD 42,308.2 million by the end of 2027. The increasing product applications across diverse industry verticals will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled "Refractories Market Size, Share & Industry Analysis, By Form (Bricks & Shaped and Monolithics & Unshaped), By Product (Clay and Non-Clay), By Alkalinity (Acidic & Neutral and Basic), By End-Use Industry (Iron & Steel, Non-Ferrous Metals, Glass, Cement, and Others), and Regional Forecast, 2020-2027," the market was worth USD 32,069.5 million in 2019 and will exhibit a CAGR of 3.6% during the forecast period, 2020-2027.
The recent coronavirus outbreak has had a massive impact on several businesses across the world. From trade shutdowns to lockdowns, the measures taken to minimize the disease have directly affected these businesses. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Refractories are advanced ceramic materials that are used in applications that require high thermal resistance and temperature handling capabilities.
Besides this, the product possesses properties such as high mechanical strength and an excellent resistance to corrosion. The product finds applications in several industries including petrochemical, ceramic, glass, paper and pulp, and others. Accounting to the excellent properties of refractories, the product has witnessed a huge demand in recent years. The increasing investment in the research and development of efficient products will bode well for the growth of the overall refractories market in recent years. Consequential to the rising applications and subsequent demand for the product, several companies are operating across the world. The report highlights major factors that have contributed to the growth of the market in recent years.
Major Companies are Focusing on Extending their Production Capacities
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the efforts put in by large scale companies to enhance the production capacities of refractories across the world have had the highest impact on the growth of the market.
In July 2019, HarbinsonWalker announced that it has decided to expand its manufacturing operations. The company will increase its production capacity in White Cloud, Michigan by 35%. The company will invest a mammoth USD 9 million in this expansion. This will emerge as the huge factor in the growth of the steel industry in North America. HarbinsonWalker's latest step to expand the production of refractories will not just help the company's cause, but will also have a positive impact on the growth of the global refractories market in the foreseeable future. The increasing demand for the product will attract newer companies in the coming years.
Asia Pacific Likely to Emerge Dominant; Increasing Products will Aid Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing product applications and the subsequent rise in the demand for the product across the region will contribute to the growth of the market in the coming years.
Asia Pacific accounts for over 70% of the global steel production; a primary reason why this region will always remain in contention for the leading market across the world. As of 2019, the market in Asia Pacific was worth 20,444.9 million and this value is projected to increase at a considerable pace in the coming years. The market in North America will derive growth from the rising demand for the product across diverse end-use industries.
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