Nov 13, 2020, 05:47 EST
Shibuya-ku, Tokyo, Japan, Japan, Nov 13, 2020, 05:47 /Comserve / -- 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.
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.
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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:
Global Tungsten & Powders
Rising Rare Metals EO-Materials
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:
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Nuclear Power Generation
Rest of the World
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