Multiple Trends Influencing Growth in Asia-Pacific Refractories Market
- Jul 18, 2018-
According to a report available from Research and Markets, the Asia-Pacific refractories market is expected to reach $18.5 billion by 2025, increasing at a CAGR of 4.5% from 2017’s $13.2 billion. Major factors contributing to the growth of the market include an increasing prevalence of non-metallic minerals, growing infrastructure in emerging countries, and demand from the iron and steel industry.
The Asia-Pacific refractories market is segmented based on form type into three notable segments: bricks, monolithic and others. The monolithic segment is sub-segmented into castable, plastic, ramming, patching, coating, refractory mortars and insulating castables. In 2018, the bricks segment is estimated to dominate the market with a 57.5% market share; the segment is projected to collect around $10.5 billion by 2025, increasing with the highest CAGR of 4.3%.