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Refractories Global Market Size, Share, Emerging Trends, Growth Drivers, Analysis, Report and Forecast 2024-2033 | The Business Research Company
Refractories Global Market
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According to The Business Research Company's, The refractories market size has grown steadily in recent years. It will grow from $27.64 billion in 2023 to $28.83 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to industrial revolution and steel production, growth in iron and steel industries, development of cement and glass industries, expansion of non-ferrous metal production, chemical and petrochemical industries demand.
The refractories market size is expected to see steady growth in the next few years. It will grow to $33.29 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to rise in infrastructure development, innovations in refractory design and application techniques, market penetration in emerging economies, adoption of high-temperature materials, shift towards sustainable refractories. Major trends in the forecast period include demand in steel industry, growth in cement production, rise in non-ferrous metals production, technological advancements in refractory materials, market expansion in developing economies.
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Market Drivers and Trends:
Growing demand for iron and steel is driving the refractories market. The demand for iron and steel is growing due to expanded infrastructure building and the growing car and railway industries. The rising demand for energy-efficient steel-making techniques for refractories is estimated to grow. Refractories are crucial lining materials for furnace working interfaces and backup zones during iron and steel manufacturing. According to India Brand Equity Foundation (IBEF), steel consumption is predicted to rise by 17% to 110 million tons in FY22, owing to increased construction activity. Therefore, the increasing demand for steel and iron drives the market for refractories.
Technological advancement is a key trend in the refractories market. Artificial intelligence and machine learning are used to produce refractories to gain efficiency. Images and other data collected during in-situ analysis can be input into machine learning (ML) models. These models provide insights that allow companies to make accurate predictions on the product's running time and the parameters and conditions (such as temperature) inside the reactor that is optimal for receiving the desired product, whether steel, glass, or cement while keeping the refractory layer to a minimum. RHI Magnesita N.V., an Austria-based supplier of refractory products, systems, and services, uses AI to learn from production data. Its Automated Process Optimization (APO) system collects all available data regarding a specific manufacturing process and provides predictions about refractory material maintenance and replacement.
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Major Key Players of the Market:
Saint-Gobain SA, Kyocera, AGC Group, Murata Manufacturing, Corning Incorporated, The NSG Group, Imerys, RHI Magnesita GmbH, Vesuvius, Minerals Technologies Inc., Shinagawa Refractories Co Ltd., Morgan Advanced Materials, Calderys, CoorsTek, Puyang Refractories Group Co Ltd., Harbisonwalker International, Dalmia-OCL, Resco Products Inc., Intocast AG, Allied Mineral Products, Zircar Refractories Ltd., Chosun Refractories, Schott AG, Magnezit Group, IFGL Refractories Ltd., Krosaki Harima Corporation, Orient Refractories Limited, Refratechnik, Refractarios Alfran, A.P. Green Industries Inc.
Refractories Market 2024 Key Insights:
• The refractories market size is expected to see steady growth in the next few years. It will grow to $33.29 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%.
• Refractories Market Surges On The Back Of Soaring Demand For Iron And Steel
• Technological Marvels In The Refractory Market Through AI And Machine Learning
• Asia-Pacific was the largest region in the refractories market in 2023
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Market Insights
Refractories market is estimated to grow at the growth rate of 4.13% for the forecast period of 2020 to 2027. Demand for electrical, automotive, aerospace, glass, cement industries will drive the growth of the market.
Refractories are heat resistant than other metals, they are used for lining hot surfaces and found inside many industrial processes. They are available in different shapes and sizes, are pressed, molded or produced in interlocking…
