Refractory Materials Market for Steel Industry 2020-2024 | Increasing Demand for Steel from the Construction, Infrastructure, Automotive, and Other Sectors to Boost Market Growth | Technavio
2020-09-09
LONDON--(BUSINESS WIRE)--The refractory materials market for steel industry is expected to grow by 5.20 million tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
Factors such as growing disposable incomes, rapid urbanization, and the need for infrastructure development have significantly increased the consumption of steel across various sectors including, construction, infrastructure, automotive, and consumer durables. For instance, the growing population and rising adoption of commercial and passenger vehicles have significantly increased the demand for steel in the automotive industry. Similarly, the growing consumer demand for household appliances such as washing machines, dishwashers, microwave ovens, cutlery, and furniture has increased the demand for steel in end-user industries. Refractory materials are widely used in the production of steel. These factors are expected to fuel the growth of the global refractory materials market for steel industry during the forecast period.
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As per Technavio, the increasing capacity developments in the steel industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Refractory Materials Market for Steel Industry: Increasing Capacity Developments in the Steel Industry
The global steel industry has been witnessing significant growth in capacity expansions over the last decade. The industry grew from 1.05 billion tons in 2000 to 2.39 billion tons in 2016. This can be attributed to the continued increase in the demand for steel from various end-user industries. During the forecast period, the Middle East is expected to witness a significant rise in the production capacity due to the increased focus on attaining a self-reliable economy among countries in the region. Economies that constitute the Commonwealth of Independent States (CIS) and several APAC countries are also expected to witness significant growth in capacity additions. These developments are expected to contribute to the growth of the global refractory materials market for steel industry during the forecast period.
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