(MENAFN- America News Hour) In a recently published report, Global Refractory Metals Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Refractory Metals Market products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
Global Refractory Metals Market is valued approximately at USD 1.40 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 1.6% over the forecast period 2019-2026. The refractory metals are referred as class of those metals which can highly and extraordinarily resist to heat and wear. It includes five elements, two of the fifth period of periodic table which is niobium and molybdenum and three of the sixth period which is tantalum, tungsten, and rhenium. Due to its properties such as high resistance to heat and wear, the refractory metals have enormous demand from aerospace industries in making of aircrafts, therefore rapid growth in aerospace and aviation industries across the globe drives the growth of market over the forecast years. For instance: In India, there were nearly 620 aircraft being operated by scheduled airline operators. . The number of airplanes is expected to grow to 1,100 planes by 2027. Similarly, as per the World band organization, over 3.9 billion people travelled through air transport in 2017 and increased with 4.23 billion in 2018. Such factors are expected to drive the growth and larger demand of new aircraft in the market, hence significant increase in aerospace and aviation industries across the globe propel the growth of refractory metals over the forecast years. In addition, increase in infrastructural development in emerging countries are the factors accelerating the market growth. However, restrictions on the use of refractories due to the growing environmental concerns are the factors hamper the market growth over the forecast years.
The regional analysis of global Refractory Metals market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rapid growth in aviation and aerospace industry across the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as robust growth in industrialization and manufacturing industries across the region would create lucrative growth prospects for the Refractory Metals market across Asia-Pacific region.
Major market player included in this report are:
Xiamen Tungsten
CMOC
Molymet
H.C. Starck
Global Tungsten & Powders
Codelco
Rising Rare Metals EO-Materials
Treibacher Industrie
Climax Molybdenum
Ningxia Orient Tantalum Industry
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Molybdenum Metal
Tungsten Metal
Niobium Metal
Tantalum Metal
Others
By Application:
Steel Industry
Electronics
Nuclear Power Generation
Aerospace
Manufacturing
Medical
Mining
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Refractory Metals Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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