With the emergence and long-term Impact of COVID-19, the Global Dry Ramming Mass Market is to reach USD 3.64 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Dry Ramming Mass Market is poised to raise up to USD 3.64 Billion by 2030. Dry ramming mass is a flexible and pre-mixed refractory material that is widely used in a variety of sectors, such as steelmaking, power generation, cement manufacture, and petrochemical production. It is designed to withstand extremely high temperatures encountered in steelmaking processes to construct furnaces, ladles, boilers, containment vessels, and other essential equipment. The ongoing urbanization and industrialization trend, surge in infrastructure development projects, and growing investments in the steel and metal industries are the key driving factors for the market demand during the estimated period.
Additionally, the rapid growth of the steel industry is exhibiting a positive influence on the market growth across the globe. According to the World Steel Association AISBL, in 2021, it was estimated that the crude steel production globally was accounted for 1,951 million tons, which is an increase from 1,879 million tons in 2020. The robust expansion of the steel industry, driven by increasing construction and infrastructure projects globally, fuels the demand for dry ramming mass. This material is essential for lining furnaces and other steelmaking equipment.
For instance, the Indian government unveiled a comprehensive National Infrastructure Pipeline (NIP) with an investment commitment of INR 111 lakh crore (USD 1.5 trillion) for the fiscal years 2019-2025. Originally planned for 6,835 projects, the portfolio expanded to 7,400 by the end of 2021, encompassing diverse sectors such as roads, housing, urban development, railroads, renewable energy, conventional power, and irrigation. Thus, these aforementioned factors are propelling the growth of the Dry Ramming Mass Market at a substantial rate.
Moreover, the growing investment in technological advancements, as well as increasing focus on cost and operational efficiency across end-user industries present various lucrative opportunities over the forecast years. However, the high initial investment and limited availability of raw materials, along with stringent environmental regulations are hindering the market growth throughout the forecast period of 2023-2030.
The global Dry Ramming Mass Market is highly competitive owing to the presence of several key manufacturers such as Saint-Gobain (France), Dense Refractories Co., Ltd. (China), Imperial World Trade Private Limited (India), Vishva Vishal Refractory Limited (India), Refcast Corporation (India), Henan Xinmi Changxing Refractory Material Co., Ltd. (China), and others.
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Key findings of the study suggest:
- Global Dry Ramming Mass Market is anticipated to grow with a healthy growth rate of more than 6.8% over the forecast period 2023-2030.
- In the Function segment, lining emerged as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to widespread application of dry ramming mass across diverse industries.
- Asia Pacific is also expected to grow at a high CAGR during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Type:
- Alumina ramming mass
- Silica ramming mass
- Magnesia based ramming mass
- Others
By Function:
- Lining
- Repairing
- Patching
- Others
By Application:
- Foundries
- Blast furnace
- Electric arc furnace
- Steel
- Non steel
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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