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Refractories Market Size is expected to have the highest CAGR from 2022 to 2033 | Emergen Research
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Industrial Growth Driving Market Expansion
The expansion of global manufacturing operations is a key factor propelling the refractories market. Refractories, which serve as essential linings for high-temperature industrial processes, play a crucial role in ensuring efficiency and durability. In 2022, the global manufacturing Purchasing Managers' Index (PMI) stood at 53.3, reflecting continued industrial growth and the ongoing need for high-performance materials.
With rising production levels in industries such as automotive, construction, and electronics, the demand for refractories continues to surge. Additionally, advancements in industrial technology are pushing manufacturers to develop more resilient and efficient refractory solutions to withstand extreme temperatures.
Energy Efficiency as a Market Driver
A renewed focus on energy efficiency is creating significant opportunities in the refractories market. Many industries are now prioritizing materials that can withstand high temperatures while reducing heat loss, ultimately leading to lower energy consumption. Modern refractory solutions have contributed to a 15% decrease in energy usage in some high-temperature applications, highlighting their role in sustainability efforts.
Industries such as steel and cement production are actively seeking advanced refractory materials that not only enhance process efficiency but also support environmental sustainability initiatives. As companies strive to meet regulatory standards and reduce their carbon footprint, energy-efficient refractories are expected to gain further traction.
Challenges in Adoption of New Technologies
Despite technological advancements in refractory materials, market growth faces challenges due to the slow adoption of innovations. Many industries remain cautious about transitioning to new materials, primarily due to the need for extensive testing and validation before implementation. The reluctance to move away from conventional refractory solutions slows down the adoption of more advanced alternatives, affecting the market's overall growth rate.
Companies investing in research and development continue to work toward creating innovative refractory solutions that offer improved durability and performance. However, overcoming the hesitation associated with switching to new materials remains a key challenge for market players.
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Market Segmentation and Growth Trends
The refractories market is segmented into clay and non-clay products. In 2023, the clay segment led the market due to its cost-effectiveness and versatility. Clay-based refractories, especially high-alumina variants, are widely used in ceramics, steel, and other industrial applications.
However, the non-clay segment is expected to witness the highest growth rate during the forecast period. This category includes materials such as alumina, silica, magnesia, and zirconia, which offer superior durability and heat resistance. Industries that require robust materials, such as steel, cement, and glass manufacturing, are increasingly adopting non-clay refractories for their long-lasting performance under extreme conditions.
Refractories Top Companies and Competitive Landscape
The global market is disorganised, characterised by a limited number of international participants and numerous regional competitors. The availability of diverse refractory products from prominent producers and the emergence of specialised manufacturers have influenced the competitiveness in this sector.
This has diminished the specific consumption for various end-use sectors, including steel and glass. The penetration of fused cast refractories is expected to create new sales opportunities for industry participants. The goods are produced by casting and electro-fusion techniques. These goods provide benefits, including abrasion and corrosion resistance, durability, and stable composition, and are utilised in glass furnaces, sidewalls, tank blocks, and superstructures, among other applications.
In June 2023, INTOCAST AG declared its intention to buy EXUS Refractories S.p.A, an Italian firm. This acquisition will enhance the company's portfolio of refractory materials.
Some of the key companies in the global Refractories market include:
INTOCAST AG
RHI Magnesita
Plibrico Company, LLC
EXUS Refractories S.p.A
Pyrol
Redline Industries, Inc.
Saint-Gobain
HarbisonWalker International
Vesuvius plc
Morgan Advanced Materials
Refractories Latest Industry Updates
In April 2023, RHI Magnesita disclosed its intention to acquire the U.S., Indian, and European businesses of Seven Refractories, a specialised provider of non-basic monolithic refractory. Seven Refractories reported revenues of USD 110 million and a profit before tax of USD 12 million in 2022. The company possesses an extensive portfolio of diverse end-use applications in the global market. This acquisition will introduce innovative product categories and technology breakthroughs, resulting in a significant transformation of consumer offers.
In February 2023, Vesuvius Group declared its intention to invest USD 61 million to enhance its refractory manufacturing facilities in India over the next three to five years. These expenditures will yield a 35% enhancement in the company's monthly production capacity through the expansion of its facility at the Taratala unit in Kolkata.
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The main report offers detailed historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the segments from 2020 to 2033:
Refractories Market Segmentation Analysis
Form Outlook (Revenue, USD Billion; 2020-2033)
Bricks & Shaped
Monolithic & Unshaped
Product Outlook (Revenue, USD Billion; 2020-2033)
Clay
Non-Clay
Alkalinity Outlook (Revenue, USD Billion; 2020-2033)
Acidic & Neutral
Basic
End-Use Industry Outlook (Revenue, USD Billion; 2020-2033)
Iron & Steel
Non-Ferrous Metals
Glass
Cement
Others
Service
Inspection Service
Training Service
Calibration Service
Equipment Rental Service
Method Outlook (Revenue, USD Billion; 2020-2033)
Visual Inspection
Surface Inspection
Volumetric Inspection
Others
Vertical Outlook (Revenue, USD Billion; 2020-2033)
Manufacturing
Oil & Gas
Aerospace
Public Infrastructure
Automotive
Power Generation
Others
Technique Outlook (Revenue, USD Billion; 2020-2033)
Ultrasonic Testing
Visual Inspection Testing
Magnetic Particle Testing
Liquid Penetrant Testing
Eddy-Current Testing
Radiographic Testing
Acoustic Emission Testing
Others
Regional Outlook (Revenue, USD Billion; 2020-2033)
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Benelux
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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Refractories Market Size @https://www.emergenresearch.com/industry-report/refractories-market/market-size
Refractories Market Share @https://www.emergenresearch.com/industry-report/refractories-market/market-share
Refractories Market Trends @https://www.emergenresearch.com/industry-report/refractories-market/market-trends
Refractories Regional Market Demand @https://www.emergenresearch.com/industry-report/refractories-market/regional-market-demand
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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…
