Sales of Refractories Market to Grow 2X by 2030 Global refractories market is forecast to reflect moderate growth of under 4% during the forecast period. Steel sector for refractories, among all end use industries is well positioned to continue dominating the demand pie with close to three fourth of the overall refractories consumption by 2030. The years ahead are forecast to experience new trends of clay-based refractories, which will put more pressure on steel, cement and other allied industries to satisfy the ever increasing consumer demand.
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Key Takeaways of Global Refractories Market
Global refractories market is projected to create a value opportunity of around US$ 10.2 Mn during the forecast period, adding 1.4X more value in 2030 as compared to 2020.
Clay-based refractories will continue to dominate demand for refractories market accounting for more than two-third of the global share.
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The global market for refractories is expected to witness high growth in emerging countries such as India, China and Brazil owing to the increasing infrastructure projects and mounting demand for steel products.