The global refractory materials market for steel industry to grow at a CAGR of 3.49% during the period 2018-2022.
Global Refractory Materials Market for Steel Industry 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is rising popularity of monolithic refractories over shaped refractories. The monolithic refractories, which are distinct mixes or blends of dry granular or cohesive plastic materials with an indefinite form, are expected to observe high popularity over shaped refractories during the forecast period with a high growth rate. These refractories are likely to witness increased demand for almost every application including the steel industry.
According to the report, one of the major drivers for this market is Increasing demand for steel from the construction, infrastructure, automotive, and other sectors. Steel, being one of the world's most indispensable resources, plays an important role in various applications ranging from infrastructure, construction, and transportation to the tin-plated steel container that preserves food. It is a vital tool in the development of an economy. The demand for or consumption (per capita) of steel is considered as an important indicator in the socio-economic development and standard of living of an economy.