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Refractories Market Size, Trends, Advancement, Growth and Business Opportunities 2022 to 2030

11-25-2022 05:39 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: P&S Intelligence

Refractories Market Size, Trends, Advancement, Growth

In 2021, the refractories market generates $27.8 billion revenue, and it is predicted to rise to $42.2 billion in 2030, advancing at a rate of 4.7% from 2021 to 2030. It is ascribed to large-scale infrastructure development, glass industry expansion, and rising non-ferrous materials usage.

Refractories are utilized as a crucial material on furnace linings, as they offer heat and pressure resistance, and chemical assault. It can tolerate temperature ranges from 500 to 3,326 °F, while the melting point of steel is around 2,802°F. The refractory materials in their pure form bears a melting temperature that usually ranges from 3,300°F to 6,000°F.

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The iron and steel industry holds significant revenue share of the refractories industry, accounting for 65%. It is due to the two-thirds of the global consumption. There are numerous types of vessels such as electric arc furnace, and blast furnace, and high maintenance intensive components such as tapholes, submerged entrance nozzles, and launders. Therefore, the rising demand of the steel in automotive, building and other sectors, leads to high requirement of the refractories.

The clay refractory includes sedimentary or residual clays that vitrify at extreme temperature. It reflects extreme heat resistance The high strength and durability offered by clay products leads to their wide usage in various elements such as wall and floor facing materials, chimney, lining materials, apparatus, as well as light porous roof aggregates.

The clay brick contributes around 50% to the complete wall materials output. Hollow clay products' structural properties include lesser heat loss by air-filled voids that offer scope for reducing the weight of exterior wall as well as its thickness. Moreover, there are types of clay bricks for various purposes. It includes curved clay brick, road surface brick, sewage installations stone.

The nonclay refractories are usually produced as pressed shapes and bricks, several possess alumina and magnesite-chrome materials that are fused cast into molds. The initial material of these refractories are usually metal oxides, and carbonates, primarily including zirconium, aluminium, and magnesium.

The zircon refractories are utilized in glass tanks, as they offer resistance against corrosion of molten glasses. They remain stable for extended time duration due to extreme temperature, along with this, they also offer creep resistance.

The expansion of the construction industry in merging economies such as China and India, leads to increased requirement of iron and steel in roadways, railways and residential construction. Hence, the rising construction activities leads to increased demand of the refractories.

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APAC acquires the significant revenue share of the refractories industry, amounting to $17 billion, ascribed to presence of numerous end-use industries. It is also projected to retain its position in the near future. APAC contributes more than 70% of the global steel output, with China alone generating 50% of steel, according to World Steel Association.

The major companies of the refractory industries:
1- Corning Incorporated
2- Krosaki Harima Corporation
3- Harbinson Walker International
4- Morgan Advanced Materials
5- Shinagawa Refractories Co. Ltd.
6- RHI Magnesita GmbH
7- Puyang Refractories Group Ltd.

Therefore, the wide application of the refractories in the construction, and automotive sector drives the industry growth.

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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