Refractory Bricks market to grow at CAR 5.9%, market value to reach USD 32.54 billion by 2028
Acumen Research and Consulting
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Global Refractory Bricks market size will grow at a CAGR of 5.9% over the forecast period, market which was valued at USD 20.57 billion in 2020, is set to reach USD 32.54 billion by 2028 according to research conducted by market research firm,?Acumen Research and Consulting. The COVID-19 pandemic has so far been exceptional and devastating, resulting in lower-than-expected demand for refractories throughout all regions when compared to the pre-pandemic levels.
Refractory materials are advanced technical ceramic products. They can endure high thermal and mechanical wear as well as chemical degradation at high temperatures. They play a significant part in practically every industry's daily operation by providing mechanical strength, thermal insulation, and corrosion resistance. These items have been critical in the development of key manufacturing processes in sectors such as glass, iron, steel, cement, paper,?metals pulp petrochemicals.?
These items are classified as commodities in some industries, such as steel and various metals, and must be changed on a regular basis to keep performance. Cement and?Glass, in contrast hand, consider their capital investments because they may execute their task for up to ten years. According to the World Refractory Association, the cost of refractory goods is less than 3%, and frequently less than 1%, of the cost of manufactured items. By optimizing the application and design of refractory goods, end-use industries can save up to 20% on operational costs. Furthermore, the manufacturing process is non-toxic, and more than 90% of the refractory materials are recovered or reused, making them vital for the progress of the many end-use sectors.
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Refractory Bricks market Dynamics?
There is a huge demand in the housing market in many developing economies of Asia Pacific regions. Houses need bricks as base hence the demand will be higher for many years to come. When the housing market grows, so does the demand for steel and iron. The increased usage of steel and iron in the auto sector further fuel the demand for these bricks. These bricks are also used in furnaces which are used to make steel and iron, transporting slag and metal and in stacks and flues through which hot gases are conducted. Around 35 - 40% refractory is being consumed upto 30 million tons of the refractory produced each year. In the last two decades, recycling of the spent refractories have emerged as a trend given the favorability of environment and growing land filling cost.?
Region based analysis of the refractory bricks market?
Europe holds the title for having the highest market share in terms of revenue, with Germany being the country contributing the highest in the European region. The recycling of spent refractory makes up important secondary source of the refractory raw material.?
Asia pacific accounts for the region showing the highest growth amongst all other regions. China is a major hub for bauxite alumina graphite and magnesia. Many countries are dependent on the import of key refractory grade mineral. For example, the European refractory market is dependent on China for outsourcing raw materials mainly high grade bauxite graphite and magnesia.
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Key players in the Global Refractory Bricks market?
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