Refractories Market Is Estimated To Witness High Growth Owing ToGrowing Demand for Refractory Materials in Iron & Steel Industry | IFGL Refractories Ltd., Vesuvius, Imerys

Refractories are heat-resistant materials that are used in high-temperature furnaces and equipment for such applications as the production of iron, steel, nonferrous metals, glass, cement, lime, brick, and many other materials. Refractories play an important role in various high-temperature industrial processes by forming a heat-resistant lining for kilns, incinerators, furnaces, and reactors.

Market Dynamics:

Iron and steel industries account for a significant share of global refractory demand. Surging steel production driven by infrastructure development worldwide is expected to propel refractories demand over the forecast period. Further, advancements in refractory materials along with rising adoption of monolithic refractories to reduce maintenance costs will also provide opportunities for market growth between 2023 and 2030. Increasing usage of novel non-clay based ceramic and composite refractories is also expected to drive the market.

The global refractories market size was valued at USD 52,260.0 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 5.0% from 2022 to 2030.

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Refractories Market Drivers:

Rise in Steel Production Boosting Demand for Refractories

With rapid industrialization and infrastructure development activities across the globe, the demand for steel has witnessed a significant rise over the past few years. Steel production acts as a key end-use industry for refractories since they are used extensively in steelmaking applications such as basic oxygen furnaces, electric arc furnaces, and ladle furnace linings. According to World Steel Association, global crude steel production reached 1,765.9 Mt in 2018, reflecting an increase of 4.6% compared to 2017. Going forward, the growth momentum in the steel industry is expected to drive the demand for refractories from the sector.

Growing Uptake of High-Performance Refractories Augmenting Market Growth

Unabated on downstream processing capabilities and stringent emission norms have pushed steelmakers to increasingly adopt innovative and high-performance refractories to enable energy efficiencies, optimize productivity, and reduce carbon footprint. Some of the key performance-enhancing refractories gaining traction include low-cement castables, lightweight plastics-bonded and insulated refractories, Ramming Mass, and zircon-based materials. The ability of these advanced materials to withstand higher operating temperatures, reduce maintenance downtime, improve process efficiencies, and extend lining life is playing a pivotal role in bolstering their adoption rates across steel plants. This, as a result, is fueling the market growth of refractories industry.

Top Key Players:

Puyang Refractories Group Co. Ltd., Chosun Refractories, INTOCAST AG, Harbisonwalker International, Saint-Gobain, IFGL Refractories Ltd., Vesuvius, Imerys, Shinagawa Refractories Co. Ltd., Krosaki Harima Corporation, RHI Magnesita GmbH, Magnezit Group, Resco Products, Minerals Technologies Inc., Refratechnik, and Morgan Advanced Materials.

Detailed Segmentation:

Global Refractories Market, By Product Type
Non-clay Refractory
Clay Refractory

Global Refractories Market, By End-User Industry
Iron and Steel
Energy and Chemicals
Nonferrous Metals
Cement
Ceramics
Glass
Other End-user Industries

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Regional Analysis:

⁃ North America: United States, Canada, and Mexico
⁃ South & Central America: Argentina, Chile, Brazil and Others
⁃ Middle East & Africa: Saudi Arabia, UAE, Israel, Turkey, Egypt, South Africa & Rest of MEA.
⁃ Europe: UK, France, Italy, Germany, Spain, BeNeLux, Russia, NORDIC Nations and Rest of Europe.
⁃ Asia-Pacific: India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Australia and Rest of APAC.

Refractories Market Opportunity:

Growing Cement Industry in Developing Nations Opening New Avenues

With increasing government investments in infrastructure projects, cement consumption in developing countries across Asia Pacific, Latin America, and Middle East & Africa has been rising significantly over the past few years. For example, China leads globally in terms of cement output, accounting for over 60% of the total production share. Sustained cement demand from emerging nations is advantageous for refractory manufacturers as cement making is a key application area that uses various types of refractories such as basic refractories, acidic refractories, and neutral refractories. Hence, continuous capacity additions in the cement sector of developing markets are opening new pathways of growth for refractories industry players looking to tap into untapped potential.

Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the Refractories Market over the forecast period?
What are the key trends expected to influence the Refractories Market between 2023 and 2030?
What is the expected demand for various types of products/services in the Refractories Market?
What long-term impact will strategic advancements have on the Refractories Market?
Who are the key players and stakeholders in the Refractories Market?
What are the different segments and sub-segments considered in the Refractories Market research study?

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Strategic Points Covered in Table of Content of Global Refractories Market:

Chapter 1 : Introduction, market driving forces, and product The study and research objectives are to investigate the Refractories market.

Chapter 2: Exclusive Summary - Refractories Market Fundamentals.

Chapter 3: The Changing Impact on Market Dynamics- Drivers, Trends, and the Challenges and Opportunities of Process Spectroscopy

Chapter 4: Refractories Market Factor Analysis, Porter's Five Forces Analysis, Supply/Value Chain, SWOT Analysis, Market Entropy, and Patent/Trademark Analysis are all presented in this chapter

Chapter 5: 2017-2022 Forecast by Type, End User, and Region/Country

Chapter 6: Evaluating the key players in the Refractories market, including the Competitive Landscape, Peer Group Analysis, BCG Matrix, and Company Profile.

Chapter 7: To evaluate the market by segments, countries, and manufacturers/companies, as well as revenue share and sales by major countries in these regions (2023-2030).

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