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Clay Products And Refractories Market Report 2024 - Clay Products And Refractories Market Size, Trends And Analysis
Clay Products And Refractories Market
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According to The Business Research Company's, The clay products and refractories market size has grown strongly in recent years. It will grow from $156.63 billion in 2023 to $166.72 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to steel and metal industries demand, global manufacturing trends, mining and extraction activities, infrastructure development, energy production needs.
The clay products and refractories market size is expected to see strong growth in the next few years. It will grow to $206.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to focus on sustainable refractory materials, increased demand from renewable energy, growing demand for specialty refractories, advanced manufacturing techniques, infrastructure resilience needs. Major trends in the forecast period include digitalization in manufacturing, technological advancements in refractory manufacturing, advanced refractory materials, demand for lightweight refractories, focus on energy-efficient kiln technologies.
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Market Drivers and Trends:
The growth of the clay product and refractory manufacturing market is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP is 3.4% in 2021. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in end-user markets, thereby driving the clay product and refractory manufacturing market during the forecast period.
Major companies operating in the clay products and refractories market are developing new products such as 3D modelling applications to meet larger customer bases, more sales, and increase revenue. A 3D modelling application, often referred to as 3D modelling software or 3D design software, is a computer program or application that enables users to create, manipulate, and visualize three-dimensional objects or scenes. For instance, in August 2023, WASP, an Italy-based producer of 3D printers, launched Clay 3D printers, a new parametric 3D modelling application for printing clay. This product's unique feature is its ability to give users free access to the program through the web so they may experiment, export geodes, and test them on their 3D printers using Version 0.2. Through a simple yet effective interface, this application strives to enhance the client experience in the field of 3D modelling.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Shinagawa Refractories Co. Ltd., Compagnie de Saint-Gobain S.A., LIXIL Group, Kyocera Corporation, The Siam Cement Group Public Company Limited, Corning Incorporated., Internacional De Cerámica S.A.B. De C.V., Mohawk Industries Inc., Saint-Gobain Ceramic Materials, Imerys S.A., RHI Magnesita N.V., Vesuvius plc, Krosaki Harima Corporation, Orient Refractories Limited, CoorsTek Inc., Puyang Refractories Group Co. Ltd., Morgan Advanced Materials plc, Chosun Refractories Co. Ltd., IFGL Refractories Ltd., Ceradyne Inc., HarbisonWalker International, Refratechnik Holding GmbH, P-D Refractories GmbH, Rath Group, Resco Products Inc., Magnesia Refractories Group, Calderys India Refractories Limited, Allied Mineral Products Inc., Refractarios Especiales S.A., Dalmia Refractories Limited
Clay Products And Refractories Market 2024 Key Insights:
• The clay products and refractories market size is expected to see strong growth in the next few years. It will grow to $206.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Economic Stability Fuels Growth In The Clay Product And Refractories Market
• Innovative Product Diversification In The Clay Products And Refractories Market
• The Asia-Pacific was the largest region in the clay products and refractories market in 2023
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