Refractories Market Size, Industry Growth, Share and Futuristic Developments During 2024-2031

Refractories are heat-resistant materials that form a heat-resistant layer to provide thermal insulation and protect metals against high temperatures. They are used in applications where extreme heat is used, such as steelmaking, metal casting, glass making, petrochemical processing, cement production, and more.

Market Dynamics:

Refractories play a vital role in the steel production process by protecting the inner lining of furnaces and vessels against heat and corrosion. Expanding steel industry globally is driving significant demand for refractories. According to World Steel Association, global steel production increased by 1.3% to 1,894.5 million tons in 2020 from 1,869.7 million tons in 2019. Developing countries are major contributors to this growth in steel production and consumption and are expected to drive further market growth for refractories over the forecast period.

Additionally, growth in cement and non-ferrous metal industries is also fueling demand for refractories. According to the Global Cement Magazine, global cement production stood at 4.1 billion tons in 2020 and is expected to rise further going forward. Key manufacturers are investing in expansion of production capacities and introducing innovative products to cater to the growing demand from end-use industries, which is expected to propel the refractories market growth during the forecast period.

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.

Request Sample Copy of Report @ https://www.coherentmarketinsights.com/insight/request-sample/5395

Refractories Market Drivers:

Increasing Demand from Iron and Steel Industries

The iron and steel industries are one of the major end-users of refractory materials as they are used extensively in blast furnaces, pouring ladles, and other high temperature equipment. Refractories help protect steelmaking equipment from extreme heat and slag erosion. With rapid urbanization and industrialization happening globally, the demand for steel and iron from construction and infrastructure development is increasing rapidly. According to World Steel Association, global steel demand is projected to increase by around 70% by 2050 driven majorly by developing nations in Asia. This rising steel production directly leads to higher consumption of refractories in the iron and steel making process. Therefore, the expanding iron and steel industries worldwide acts as a key growth driver for the refractories market.

Growth of Cement Industry

Refractory materials find widespread application in cement rotary kilns, cooling towers, preheaters, and other processing equipment used in the cement manufacturing process. Cement production involves high temperatures up to 1450 degree Celsius, and refractories help maintain the shape and functionality of cement plant machinery operating under such intense heat. The global cement industry has been witnessing strong growth over the past few years supported by infrastructure development activities. Rising construction of buildings, roads, bridges leads to higher cement requirements. It is predicted that worldwide cement consumption will grow by over 17% in the coming decade. As the cement industry expands rapidly meeting the surging demand from construction sector, it will positively impact refractory consumption in the manufacturing of cement. Hence, the market will receive a significant boost due to increasing demand from cement plants worldwide.

Major 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
Request for Customization @ https://www.coherentmarketinsights.com/insight/request-customization/5395

Refractories Market Restrain:

Volatility in Raw Material Prices

Fluctuating prices of key raw materials used in refractory production such as bauxite, magnesite, chromite pose a major challenge for the refractories industry. Most refractory manufacturers rely on imports to meet their raw material requirements. Changes in supply and demand fundamentals globally directly affect the prices of these minerals and ores. For example, over the past 5 years, the price of bauxite, a crucial refractory raw material, has witnessed fluctuations upwards as well as downwards ranging from 10-30%. Similarly, chromite ore prices dropped by 15-20% during 2020 due to reduced demand from steel and cement industries amid the covid pandemic. Frequent price swings of raw materials make manufacturing costs volatile for refractory producers. This challenges their ability to set competitive prices and threaten profit margins. To overcome this restrain, companies need to closely monitor raw material price trends and Hedging strategies.

Refractories Market Opportunity:

Growth in Aluminum Industry

Aluminum production requires intensive use of refractory bricks and mixes as they are used in furnaces, ladles, troughs and drain channels involved in the electrolytic smelting and casting of aluminum. Currently, aluminum sector accounts for around 15% of global refractory consumption. With increasing focus on green technologies, aluminum is emerging as an important metal replacing conventional steel and iron in many applications due to its lightweight and corrosion resistance properties. The aluminum industry is forecast to expand at a healthy rate of 5-7% per year driven by greater demand from transportation, construction and packaging industries. Transition to electric vehicles further raises the prospects of aluminum given its suitability for weight reduction. Higher aluminum production worldwide in the coming years presents a lucrative untapped market for refractory suppliers. By enhancing product offerings specialized for demanding applications in aluminum industry, refractory manufacturers can tap into this promising opportunity for future growth.

Refractories Market Trends: Innovation in Manufacturing Processes

To overcome the limitations of conventional raw materials and manufacturing techniques, refractory industries are actively exploring innovative processing methods and materials' engineering. 3D printing technology is opening up new possibilities to manufacture refractory shapes closer to the desired geometric complexity with reduced wastage. It allows making customer specific designs suitable for diverse product applications. Another ongoing trend is development of self-healing refractories using advanced composites. By embedding microcapsules containing healing agents within matrices, refractories gain autonomic repair capability extending their lifetime. Nanomaterials are also finding increasing use to strengthen refractories improving thermal shock resistance and corrosion protection. Continuous research on energy efficiency and feasibility of new alternative compositions like low-cement castables can

Buy Now @ https://www.coherentmarketinsights.com/insight/buy-now/5395

𝗙𝗔𝗤'𝗦:

What is the projected size of the Refractories Market by 2031?
Which major countries will experience the greatest impact from the Refractories Market?
Which regional market in the Refractories Market is the largest?
Which leading companies dominate the majority of the Refractories Market?
Which geographic market within the Refractories Market industry is expected to exhibit the most significant growth potential?
What are the primary drivers of the Refractories Market?
What are the current trends and future predictions for the global Refractories Market industry?
What are the key strategies employed in the Refractories Market?
What are the main growth prospects for the Refractories Market?

533 Airport Boulevard,
Suite 400, Burlingame,
CA 94010, United States
Phone: US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defence, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.