Refractories Market

Refractories Market was valued at USD 23,990 Million in 2022 and is projected to witness a CAGR of 3.4% during the forecast period.

Introduction of the Refractories Market Report

Refractory refers to a material that is resistant to decomposition by heat, pressure, or chemical attack and has the ability to retain strength and form at high temperatures. The refractories are inorganic, non-metallic, heterogeneous, and porous. This type of ceramic material withstand high temperature (exceeding 1,000°F) and is widely used in modern manufacturing. The refractories are made up of synthetic and natural materials, especially non-metallic or a combination of compounds and minerals such as alumina, chromite, dolomite, silicon carbide, and other materials.

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Market Dynamic

Key Drivers and Emerging Trends

Increasing application of refractories across several end use industries including aerospace, chemical, glass, cement and ceramics, automotive non-ferrous metals, and iron and steel stands to be a major factor driving the global refractories market growth. In addition, a remarkable increase in the iron and steel production across the developing countries and growing demand for non-ferrous metals are projected to augment the market share. For example, global steel production increased to 1,808 million tons in 2018 from 1,433 million tons in 2010. The ongoing advancements in the refractory technologies and the need for a recycling refractory material to produce steel will expand the market growth over the forecast period. Moreover, increasing infrastructural activities primarily across emerging economies have stimulated the use of refractories, owing to their easy installation and ability to be molded as per the required dimensions, which will drive the market size. However, increasing environmental awareness and strict guidelines enforced by the government and environmental agencies regarding the usage and disposal of refractories will restrain the Refractories Market size over the forecast period.

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End-Use Industry – Segment Analysis

Iron & steel end-use industry is projected to witness a higher CAGR during the forecast period. Increasing application of refractories in furnaces to heat steel before processing, in vessels to hold and transport metal, and internal lining of furnaces to make steel and iron, owing to the ability of these materials to resist higher temperature without any major change in physical properties is projected to expand the market growth. Moreover, the growing demand for high-performing refractories owing to the emerging need to improve life quality and inclination towards a clean and alternative source of production.

Form – Segment Analysis

Shaped refractories are expected to witness a faster CAGR over the forecast period, because of their growing need from the metal and non-metal industries. In addition, the increasing application of shaped refractories in the ovens and kilns to make the insulation layer is another factor driving the segment’s size.

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Regional – Segment Analysis

Asia-pacific is expected to lead the global refractories market over the coming years, owing to the expansion of iron and steel industry. Rising demand for refractories across various end-use industry verticals which include power generation, cement, and glass, will further propel the regional growth. The easy availability of raw materials and massive expansion of the construction sector assists China in leading the refractories market. As per the National Bureau of Statistics of China, the construction output was approximately CNY 29.31 trillion in 2021.

Top Market Players

Various notable players operating in the market include RHI Magnesita GmbH, Vesuvius, Krosaki Harima Corporation, SHINAGAWA REFRACTORIES CO., LTD., Saint-Gobain, Coming Incorporated, Morgan Advanced Materials plc, CoorsTek Inc., Harbisonwalker International, and Imerys Refractory Minerals, among others. 

Key Developments:

• • In 2021, ArcelorMittal Refractories, collaborated with Krosaki Harima Corporation. The collaboration is intended to optimize production capacities and expand ArcelorMittal Refractories’ product portfolio using Krosaki Harima’s manufacturing technology.
  • In 2021, Imerys initiated production at its new Vizhag refractory plant with an investment of INR 350 crores to cater the demand of local customers. The new plant will supply the refractory and the construction market with calcium aluminate binders.
  • In 2021, the Refratechnik Group collaborated with Höganäs Borgestad Group for the supply of refractory products.
  • In 2020, Carbo Sun Luis was acquired by Morgan Advanced Materials plc successfully in order to support and expand the network in Argentina, and Chile.
  • In 2020, Morgan Advanced Materials plc successfully acquired of Carbo Sun Luis to support and grow the network in Chile, Argentina, and Chile.
  • In 2020, Vesuvius introduced its new product – KALPUR. It is a Direct pouring application on an Automatic High-Pressure Green Sand Moulding Line and have improved yield and directional solidification.
  • In 2019, RHI Magnesita invested EUR 40 million for the building of new Dolomite Resource Centre Europe. This center will be used in the entire European market for mining and processing at the Hochfilzen site in Tyrol before being transported by rail to France.

Segments Covered in the Report:

The global refractories market has been segmented based on form, alkalinity, end-use Industry, and regions. Based on Form, the market is segmented into shaped refractories & unshaped refractories. Based on alkalinity, the market is segmented into acidic & neutral refractories and basic refractories. Based on end-use Industry, the market is segmented into iron & steel, power generation, non-ferrous metal, cement, glass, other industries. 

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Key questions answered in this research report:

• • At what pace is global refractories market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in refractories market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global refractories market?
  • Which form generated maximum revenues in 2019 and identify the most promising form during the forecast period?
  • What are the various alkalinity areas of global refractories market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Refractories Market by Form

• • Shaped Refractories
  • Unshaped Refractories

Global Refractories Market by Alkalinity

• • Acidic & Neutral Refractories
  • Basic Refractories

Global Refractories Market by End-Use Industry

• • Iron & Steel
  • Power Generation
  • Non-Ferrous Metal
  • Cement
  • Glass
  • Other Industries

Global Refractories Market by Region

• • North America Refractories Market (Option 1: As a part of the free 25% customization)
    • By Form
    • By Alkalinity
    • By End-Use Industry
    • US Market All-Up
    • Canada Market All-Up
  • Europe Refractories Market (Option 2: As a part of the free 25% customization)
    • By Form
    • By Alkalinity
    • By End-Use Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Refractories Market (Option 3: As a part of the free 25% customization)
    • By Form
    • By Alkalinity
    • By End-Use Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Refractories Market (Option 4: As a part of the free 25% customization)
    • By Form
    • By Alkalinity
    • By End-Use Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Refractories Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • RHI Magnesita GmbH
  • Vesuvius
  • Krosaki Harima Corporation
  • SHINAGAWA REFRACTORIES CO., LTD
  • Saint-Gobain
  • Coming Incorporated
  • Morgan Advanced Materials plc
  • CoorsTek Inc
  • Harbisonwalker International
  • Imerys Refractory Minerals