The global refractories market size is projected to reach USD 42,308.2 million by the end of 2027. The increasing product applications across diverse industry verticals will emerge in favor of market growth. According to a report published by Fortune Business Insights, the market was worth USD 32,069.5 million in 2019 and will exhibit a CAGR of 3.6% during the forecast period, 2020-2027.

Information Source: https://www.fortunebusinessins....ights.com/refractori

Refractories are advanced ceramic materials that are used in applications that require high thermal resistance and temperature handling capabilities. Besides this, the product possesses properties such as high mechanical strength and excellent resistance to corrosion. The increasing investment in the research and development of efficient products will bode well for the growth of the overall refractories market in recent years. Consequential to the rising applications and subsequent demand for the product, there are several companies operating across the world. The report highlights major factors that have contributed to the growth of the market in recent years.