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 .
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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 .