The Refractories Global Market Report 2023, provides comprehensive information on the refractories market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Refractories Global Market Report 2023, the market size is expected to grow from $26.55 billion in 2022 to $27.91 billion in 2023 at a compound annual growth rate (CAGR) of 5.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The refractories market is expected to grow to $31.25 billion in 2027 at a CAGR of 2.9%.
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Technological advancement is a key trend in the refractory market. Artificial intelligence and machine learning are used to produce refractories to gain efficiency. Images and other data collected during in-situ analysis can be input into machine learning (ML) models. These models provide insights that allow companies to make accurate predictions on the product’s running time and the parameters and conditions (such as temperature) inside the reactor that is optimal for receiving the desired product, whether steel, glass, or cement while keeping the refractory layer to a minimum. RHI Magnesita, an Austria-based supplier of refractory products, systems, and services, uses AI to learn from production data. Its Automated Process Optimization (APO) system collects all available data regarding a specific manufacturing process and provides predictions about refractory material maintenance and replacement.
The refractories market is segmented:
1) By Form: Shaped Refractories, Unshaped Refractories
2) By Alkalinity: Acidic And Neutral, Basic
3) By Refractory Mineral: Bauxite, Alumina, Kaolin, Magnesia, Graphite, Zircon
4) By End-Use Industry: Iron And Steel, Power Generation, Non-Ferrous Metals, Cement, Glass, Other End-Users
Asia-Pacific was the largest region in the refractories market in 2022.
The table of contents in TBRC’s refractories market report includes:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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