Trending News: Refractories Market to Hit USD 44.82 Billion by 2029 | CAGR of 4.5% during 2022-2029 |Fortune Business Insights™

The global refractories market size reached USD 32.25 billion in 2021. The market valuation is predicted to rise from USD 33.01 billion in 2022 to USD 44.82 billion by 2029, registering a CAGR of 4.5% during 2022-2029. The growth of this market is driven by increasing demand across major industrial sectors including iron, steel, and other metals, glass, cement, paper & pulp, and petrochemicals. Refractory customization to meet the global demand will further drive the market growth, says Fortune Business Insights™, in its report titled "Refractories Market, 2022-2029."

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The Refractories Market report highlights an all-inclusive assessment of the revenue generated by the various segments across different regions for the forecast period, 2022 to 2029. To leverage business owners, and gain a thorough understanding of the current momentum, the Refractories Market research taps hard-to-find data on aspects including but not limited to demand and supply, distribution channel, and technology upgrades. Principally, the determination of strict government policies and regulations and government initiatives building the growth of the Refractories market offers knowledge of what is in store for business owners in the upcoming years.

Competitive Landscape:

Major Market Players Adopt New Strategies to Accelerate Growth & Expansion

With the presence of major international companies as well as local emerging players, the global refractories market share is fairly fragmented. Several players are adopting new strategies such as collaborations, new product launches, acquisitions, mergers, and R&D investments as part of their growth and expansion goals. Many companies are also expanding their production capacities to meet the global market demand.

Notable Industry Development:

October 2021 - Intocast acquired Pyrol, a manufacturer and trader of refractory products and casting auxiliaries in Mexico. With this acquisition, Intocast bought the majority stake in Pyrol. This development would help the company to expand its business in South America and North America, which will help to offer better faster service, customer proximity, and shorter delivery routes.

COVID-19 Impact:

Weakened Demand Across Key End-Use Sectors Affected Market Dynamics

The COVID-19 pandemic impacted refractory market growth significantly. Despite refractory production being an essential service, supply chain uncertainty and subsequent lack of raw materials such as binders and non-clay sands dented the growth prospects for this market. The slowdown of automotive, construction and other key sectors impacted the market trends. However, the recovery of these sectors post-pandemic will strengthen the market outlook over the forthcoming years.

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Segments:

According to form, the market is bifurcated into monolithic & unshaped and bricks & shaped.

By product, the market share is broken down into clay and non-clay.

Based on alkalinity, the market is bifurcated into basic and acidic & neutral.

In terms of the end-use industry, the market is split into iron & steel, cement, glass, non-ferrous metals, and others.

Geographically, the market share is segmented into North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific.

Report Coverage:

The report offers:

Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:

Proliferating Trend of Refractory Customization to Transform Market Outlook

In recent years, development of refractories from combination of various materials has gained traction. For example, magnesia materials and chromium oxide are combined together to form magnesia-chrome refractory. Customization results in numerous performance benefits such as higher refractoriness and exceptional resistance to chemical corrosion. Additional benefits include resistance to high temperatures and wear & tear.

Regional Insights:

Asia Pacific Refractories Market Value Stood at USD 20.76 Billion in 2021

Asia Pacific is slated to dominate the global refractories market share during 2022-2029. In 2021, the regional market reached a valuation of USD 20.76 billion. Growth is attributable to increasing steel production in Asia Pacific countries. The World Steel Association reports that the region constitutes more than 70% of the world's steel production, with China alone accounting for nearly 50%.

The market in North America is driven by the expanding iron, steel, and glass sectors. Meanwhile in Europe, growth will be influenced by rising demand across the automotive sector.

List of Key Players Profiled in the Report:

Beijing Lier High Temperature Materials Co., Ltd. (China)
HarbinsonWalker International (U.S.)
Intocast Group (Germany)
Alsey Refractories Co. (U.S.)
Magnezit Group (Russia)
Imerys (France)
Posco Chemical (South Korea)
RHI Magnesita (Austria)
Saint-Gobain (France)
Vesuvius (U.K.)
The major points covered in the table of contents:

Overview: This part provides a summary of the report, as well as a broad overview of the global Refractories Market, to offer an understanding of the nature and contents of the research study.

Market Analysis: The research forecasts the market share of key segments of the Refractories Market with accuracy and reliability. This study may be used by industry participants to make strategic investments in key growth areas of the Refractories Market.

Analysis of Leading Players' Strategies: This report can be used by market participants to acquire a competitive advantage over their rivals in the Refractories Market.

Regional Growth Analysis: The report covers all of the key areas and countries. The regional analysis will assist market players in tapping into untapped regional markets, developing unique regional strategies, and comparing the growth of all regional markets.

Market Forecast: Report purchasers will get access to precise and validated estimations of the entire market size in terms of both value and volume. The study also includes estimates for the Refractories Market in terms of consumption, production, sales, and other factors.

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