The global refractories market size is estimated to be valued at USD 23.5 billion in 2020, recording a CAGR of 3.5% to reach USD 27.9 billion by 2025 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.
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.
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.
The global refractories market is segmented and sub-segmented based on alkalinity, form, and end-user:
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.
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.
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 2020, 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
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.
Market Size Available
2020 – 2026
2021 – 2026
North America, Europe, APAC, Middle East & Africa (MEA), Latin America
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Recent Market Developments
Refractories Market - Forecast (2021 - 2026)
Chapter 1. Refractories Market – Scope & Methodology
1.1. Market Segmentation
1.3. Research Methodology
1.4. Primary Sources
1.5. Secondary Sources
Chapter 2. Refractories Market – Executive Summary
2.1. Market Size & Forecast – (2021 – 2026) ($M/$Bn)
2.2. Key Trends & Insights
2.3. COVID-19 Impact Analysis
2.3.1. Impact during 2021 - 2026
2.3.2. Impact on Supply – Demand
2.3.3. Impact on Production Cost
2.3.4. Impact on Supply Chain
Chapter 3. Refractories Market – Competition Scenario
3.1. Market Share Analysis
3.2. Product Benchmarking
3.3. Competitive Strategy & Development Scenario
3.4. Competitive Pricing Analysis
3.5. Supplier - Distributor Analysis
Chapter 4. Refractories Market Entry Scenario
4.1. Case Studies – Start-up/Thriving Companies
4.2. Regulatory Scenario - By Region
4.3 Customer Analysis
4.4. Porters Five Force Model
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Powers of Customers
4.4.3. Threat of New Entrants
4.4.4. Rivalry among Existing Players
4.4.5. Threat of Substitutes
Chapter 5. Refractories Market - Landscape
5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
5.2. Market Drivers
5.3. Market Restraints/Challenges
5.4. Market Opportunities
Chapter 6. Refractories Market – By Form
6.1. Brick and Shaped Refractories
6.2. Monolithic and Unshaped Refractories
Chapter 7 . Refractories Market – By Alkalinity
7.1. Acidic & Neutral
Chapter 8 . Refractories Market – By End-User
8.1. Iron & Steel
8.2. Power Generation
8.3. Non-Ferrous Metals
Chapter 9. Refractories Market , By Geography – Market Size, Forecast, Trends & Insights
9.1. North America
9.2.7. Rest of Europe
9.3. Asia Pacific
9.3.2. South Korea
9.3.5. Australia & New Zealand
9.3.6. Rest of Asia-Pacific
9.4. Rest of the World
9.4.1. Middle East
9.4.3. South America
Chapter 10. Refractories Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)
10.1. Company 1
10.2. Company 2
10.3. Company 3
10.4. Company 4
10.5. Company 5
10.6. Company 6
10.7. Company 7
10.8. Company 8
10.9. Company 9
10.10. Company 10
Primary & Secondary Sources to Collect & Validate Data
Utilization of Both Top Down & Bottom Up Approach
Holistic Research Methodology
Scope & Introductory Research
In the initial stage of research, the scope for market is defined. In order to better understanding of the market, secondary focus is on different segmentations of the market. Preliminary research involves identifying key data points related to the market under consideration to estimate the market sizes to the best extent.
Based on the scope of the market and the key data points, a number of secondary sources are considered. This data collection stage consists of a team of analysts who gather data from various secondary resources, accessing proprietary databases and primary research by reaching out to key market participants and opinion leaders.
At this stage, collected data using several sources is arranged in structured format. The sources include industry participants, in-house models, key opinion leaders in the market ecosystem and databases. Historical data trends are established at this point, and compared to the current scenario. Based on the macro- and micro-factor prevailing in various geographies, proprietary data models are used to analyze key market countries. Key players in this market are listed based on their capabilities in revenue, sales, and development. The study also involves the identification of companies in the category of 'new entrants' and their potential effects on the market.
At this stage, the analyst team moves on to understand how the market has changed over the years. The total size of the market is gathered after an study of different business segments and end-users is done. An impact research is also done to see what factors will/may influence the market in the years ahead. The effect of various variables on the industry is often taken into account when forecasting market sizes.
Data verification is conducted at all research levels, however this stage is dedicated to more rigorous checking of the data points. At this stage, the estimated data is triangulated with company revenues and checked with industry experts including several senior executives and key opinion leaders in the market. The data is then summarized, and the findings are derived from the same for the report.
Quality Assurance & Report Preparation
Holistic research methodology is followed with combination of Top Down and Bottom Up approach to undertake the estimation and forecasting task in order to ensure quality of data. At this stage of the research process, a dedicated QA team checks the data and approves after several predefined checks. Each section is checked and questioned to make the report accurate and reliable. In case of discrepancy, a team of analysts reviews the issue, and the whole process is repeated again. That significantly improves the report's quality. After approval, all the parts of the report are brought together and is formatted by highly trained team thus making it ready to dispatch.