Refractories Market Size (2023 - 2030)

The global refractories market size is estimated to be valued at USD 23.5 billion in 2022, recording a CAGR of 3.5% to reach USD 27.9 billion by 2030 during the foreseen period. 

Refractories refer to diverse inorganic, porous, heterogenous, and non-metallic materials designed to endure extreme pressures and temperatures. The most common types of refractory materials used are fireclay, silica, magnesite, high alumina minerals, chromite, etc. 

Refractories are advanced ceramics materials and can endure heavy thermal and mechanical scrape with chemical oxidation at intense temperatures. Refractory products carry a vital, still neglected role in the daily operations of about every industry by supplying thermal insulation, mechanical strength, and corrosion resistance. 

At the same time, refractories have been used for a long, an important change is observed in the market. Refractories are used as the primary material for the inner lining of large industrial equipment for their safety, economic operations, and low maintenance. 

Market Drivers

The demand from the steel industry is rising which is influencing the global refractories market successfully. The construction activities along with infrastructural development are heightening in the developing countries are envisioned to boost the market demand. The demand for steel products is uprising and key players are minding for ongoing capacity expansion are making ways for ample opportunities within the market. 

The refractory market is witnessing an average growth ascribed to growing importance for high-performance, high-cost refractories resulting in the need to enhance the quality, alternative sources of manufacturing, and health and environment. Technological advancements and increasing applications hike the refractories market growth. 

The rising population with an increasing shift towards urban areas fosters market growth. Lifestyle changes have led to the need for decorative houses and stimulating discretionary expenses surge the refractory market growth. The market players are focusing on developing the infrastructure and rising residential projects in leading economies spurring the market growth during the forecasted period. 

Market Restrains

However, the cost of the raw materials related to heavy import duties has failed the refractories growth. The US and Europe have imposed strict anti-dumping duties on Chinese traders, due to the disputed trade practices obstructing the market globally. 

Segmentation Analysis

The global refractories market is segmented and sub-segmented based on alkalinity, form, and end-user:

Refractories Market - By Form

• Brick and Shaped Refractories
• Monolithic and Unshaped Refractories

The brick and shaped refractories form segment accounted for the largest share as the metals and non-metal industries require heavy products. Bricks are used to form the insulation layer inside the ovens and kilns. Bricks are replaced regularly to address the insulation rating set by the customers, expanding the market for refractories. 

The monolithic and unshaped refractories segment is projected to achieve share during the foretold period. Forming linings inside the reactors has got a huge demand wherein positioning of shaped refractories is limited owing to space restrictions. 

Refractories Market - By Alkalinity

• Acidic & neutral
• Basic

Refractories Market - By End-User

• Iron & Steel
• Power Generation
• Non-Ferrous metals
• Cement
• Glass
• Others

Based on the end-user, the iron and steel segment accounts for the largest share in the refractories market. The application of refractories in almost all vessels, reactors, and furnaces is used during steel manufacturing. During the steel manufacturing process, the refractory lining is replaced regularly every 30 minutes to two days. 

Moreover, the demand for the iron and steel industry is increasing due to the snowballing desire for glass products from different downstream sectors like energy, automotive, chemicals, and construction. 

Regional Analysis

Asia-Pacific is leading the refractories market accounting for the highest share throughout the region. The market growth in the region accounts for the solid presence of varied end-use industries and also the advent of cement and non-ferrous metal industries propel the growth of the region. For example, as per the World Steel Association, APAC accounts for more than 70% of steel production. Out of 70%, nearly 50% of steel production is held by China.

Also, the demand from regional countries like India, China, South Korea, and Japan is strengthening the expansion of the refractories market. 

North America is estimated to have substantive growth in the refractories market owing to the rising demand from the end-users emerging in the region. Iron, steel, and gas industries are exhibiting high demand. The aerospace sector is slated to showcase high demand for the product of the application increments the market growth. 

The refractories market in Europe is scheduled to have sluggish growth. The market is expected to be refreshed as the manufacturers in the automotive sector demand steel and glass which increments the market growth in Europe. Around 15% of the steel production is held by Europe and will reflect the steel industry growth in the region. 

Brazil and Mexico hold an important position in the refractories market in Latin America. The market is holding a prominent place in steel and cement production. The market is projected to incline as the end-use industries change their focus on developing and emerging countries of the region. Moreover, the region is likely to have stable and strong growth throughout the foreseen period. 

For example, in June 2022, Morgan Advanced Materials acquired Carbo San Luis in Argentina. The acquisition helps Morgan Advanced Materials in enlarging its network in Chile, Peru, and Argentina. 

The Middle East and African market for refractories are scheduled to govern the approval from the petrochemical and petroleum sector present in the MEA. The chemicals are highly reactive and require specialized products supplying high-value chances for the key players operating in the region. 

South Africa has invested heavily in large-scale infrastructure projects which foster the iron and steel industry in the region. 

Top key players in the global Refractories Market

1. RHI Magnesita (Austria)
2. Corning Incorporated (US)
3. Morgan Advanced Materials (UK)
4. Shinagawa Refractories (Japan)
5. Saint-Gobain (France) are some major players included in the global refractories market. 

COVID-19 Impact on Refractories Market

The World Health Organization (WHO) announced an emergency public health issue. The increase in COVID-19 cases has led to the temporary shutdown of the sectors like iron and steel, cement, and others.

With the sudden eruption of a novel virus, nations have imposed severe lockdown that has resulted in the cancelation of flights, travel bans, which considerably affected the economy globally. The economic and industrial activities were paused and the refractories market has experienced consequences in terms of both production and demand from the end-use industries like ceramics, chemicals, cement, iron, and steel. 

Due to the COVID-19 pandemic, the sales of iron and steel have witnessed a slight decline in the refractories market. 

During the COVID-19 pandemic, the refractories is affected as it is reliable on construction and automobile fields. 

REFRACTORIES MARKET REPORT COVERAGE

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Recent Market Developments

• On February 05, 2022, RHI Magnesita acquired Missouri Refractories Inc. The company produces more than 400 monolithic mixes serving multiple industries inclusive of cement, steel, glass, and lime.