According to the research report titled ‘Global Steel Refractory Materials Market - Analysis By Product Type, Manufacturing Process, By Region, By Country: Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)‘, available with Market Study Report, global steel refractory materials market was valued at USD 22,110.32 million in 2019 and is expected to gain considerable traction through 2025.
 

Rising urbanization and industrialization particularly in developing countries like India and China, in tandem with large investments in construction of commercial and residential buildings are driving global steel refractory materials market growth. Moreover, increasing demand for household equipment like dishwashers, cutlery, washing machines, microwave ovens, and furniture has fueled consumption of steel in end-user industries, thereby enhancing the industry outlook. However, geopolitical issues along with trade tensions may decrease steel demand, causing disruptions across major sectors like automotive, construction and manufacturing sectors, cites the study.
 

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Based on product type, global steel refractory materials market size is divided into bricks & shapes, and monolithics & others. Considering the manufacturing process, the industry is segmented into electric arc furnace, blast oxygen furnace, and others.
 

On the geographical front, APAC currently leads the global steel refractory materials growth in terms of consumption with China, India, and Japan among the largest producers of iron and steel. Country wise, China steel refractory materials industry holds a significant industry share owing to abundance of raw materials, low labor cost, and presence of ample and suitable manufacturing facilities in the region. Moreover, constant development of roadways and railways to address the rising travel demand is augmenting the industry growth in China.  
 

Key players that have a majority stake in global steel refractory materials market share include Calderys Ltd., Orient Refractories Ltd., Vesuvius, Refratechnik Holding Gmbh, Shinagawa Refractories Co. Ltd., Magnezit Group Ltd., IFGL Refractories Ltd., CoorsTek Inc., RHI Magnesita N.V., and Morgan Advanced Materials.