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India holds the 2 nd position as the brick producer in the world by producing around 300 billion bricks annually through around 145,000 brick kilns that are operational there. In Bangladesh, there are over 7500 brick kilns that produce around 30 billion bricks annually accounting for 1 % of the country’s GDP and employing close to 1 million people. Almost a quarter of the world’s bricks are produced in South Asia. Owing to the increasing demand for refractories in a variety of industries including iron and steel, glass manufacturing, cement production, and power generation among others, the Asia Pacific region is predicted to witness growth at the highest CAGR over the forecast period. The global refractories market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and the Middle East, and Africa. The global refractories market accumulated approximately USD 20.4 billion in 2021 and is predicted to grow with a CAGR of ~6% over the forecast period. Furthermore, the global export value of refractory bricks and tiles was USD 1,459,171 thousand in 2020 which increased to USD 1,877,000 thousand in 2021 with an annual growth value of 28 percent from 2020 to 2021.
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The adoption of advanced technologies and also the rising number of manufacturers for furnaces are expected to improve the growth of the market. Additionally, there were 16,255 industrial and laboratory furnaces and nonelectrical ovens importing companies worldwide. The market is expected to improve as a result of the advanced smart furnaces. with a 65-ton capacity of recovering aluminum. With the implementation of GHI smart furnaces with 4.0 technology, the plant will have a production capacity of more than 90.000 t/year and the largest tilting rotary furnace in the U.S. Japan boasts the most environmentally friendly furnaces, which is known to reduce carbon emissions by about 30%. The use of cutting-edge sustainable furnaces, which can reduce carbon emissions and are available with AI technology, aids the refractory industry in emitting less pollution. Refractories are utilized in these industries for being able to function at high temperatures. Refractories are materials used to line furnaces, kilns, and reactors in businesses such as the manufacturing of steel, ceramics, and cement.
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It is anticipated that the development in steel trade and the surge in construction activities enhances the demand for refractories and therefore expand the market growth in the coming years. The global import value for iron and steel for use in construction was about USD 1,120 million in the year 2021 with annual growth in import value of 10 percent from 2020 to 2021. The research study also looks at the main competitor’s product lines and future market expansion strategies. The market research report, which covers the forecast period, i.e., 2022-2031, thoroughly examines the impact of COVID-19 and its consequences on end-user. Recent research by Kenneth Research, titled “ Global Refractories Market ” gives its readers a quick rundown of market components, including growth drivers, restraint factors, current market trends, and, the potential for future growth. Also, projects in the private and public sectors would be supported by the same bank which has a capital basis of USD 3 billion. The administration had also taken a number of initiatives to develop the infrastructure of the country. The project is a 4-year period project from 2022 to 2025, which included 5 main sectors, namely roads (30%), followed by railways (26%), power (20%), oil & gas pipelines (10%), and telecom (10%). On the other hand, projects related to the nation’s 6 trillion national monetization pipeline were expected to be financed by the National Bank for Financing Infrastructure and Development (NaBFID). New York, J(GLOBE NEWSWIRE) - The Indian government allotted USD 1.89 billion to AMRUT and Smart Cities Mission to promote programs such as “Housing for All” and “Smart Cities Mission”. Key companies covered in Global Refractories Market by Kenneth Research are Refratechnik Holding GmbH, AluChem, Inc., ALTEO Entities, ArcelorMittal, Shinagawa Refractories Co., Ltd., IFGL Refractories Ltd., Krosaki Harima Corporation, RHI Magenista GmbH, Vesuvius plc, Saint- Gobain Ceramics & Plastics, Inc., CoorsTek, Inc., Imerys S.A., and others.