Refractories Market is Forecasted to Reach US$ 32.62 Billion in 2028, Says Stratview Research

The global refractories market is projected to witness a growth rate of 3.73% annually from 2023 to 2028, with an anticipated size of US$ 32.62 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global refractories market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 32.62 billion
Growth (CAGR): 3.73% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 6
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Refractories Market:

The global refractories market is segmented based on form type, composition type, type, manufacturing process type, end-user type, and region.

Based on form type - "The bricks & shapes segment accounted for the largest market share."
The market is segmented as bricks & shapes, monolithic, and others. Bricks & shapes are estimated to hold the major share of the market during the forecast period. These refractories are also known as performed refractories and are utilized for forming floor tiles, aches, and walls of various extreme-temperature process equipment. The shape and production of refractories depend primarily on the size and structure of furnaces or other services where the utilization of refractories products can be done. Apart from the iron blast furnace, other lining works are composed of standard refractories already available in the market as only iron blast furnace requires refractories of brick of varied shapes and sizes.

Based on composition type - "The clay-based segment accounted for the largest market share."
The market is segmented as clay-based and nonclay-based. The clay-based refractories segment is estimated to account for the major share of the market during the assessment period. This clay-based refractory includes mullite ceramics, fire clays, etc., and is generally produced as monolithic, preformed bricks, and is also helpful in developing lightweight refractories in the form of blankets, fiberboards, and vacuum cast shapes.

Based on type - "The neutral segment accounted for the largest market share."
The market is segmented as acidic, basic, and neutral. The neutral type segment is anticipated to hold the largest share of the market during the forecast period as these refractories cannot be attacked by acid or basic slags and hence, this is the most preferred type of product. This refractory includes graphite, zirconium carbide, chromite, silicon carbides, etc.

Based on manufacturing process type - "The fused cast segment accounted for the largest market share."
The market is segmented as dry press process, fused cast, hand-molded, formed, and unformed. The fused cast manufacturing process type is estimated to account for the major share of the market during the assessment period. The raw materials required for refractories in each manufacturing process are oxidized before melting by treating them with heat, so as to minimize the oxygen content needed for oxidizing molten refractories.

Based on end-user type - "The iron & steel segment accounted for the largest market share."
The market is segmented into iron & steel, non-metallic materials, non-ferrous metals, and others. The Iron & steel segment is projected to witness a significant growth rate in the market during the forecast period. This refractory needs refractories to be used for various applications such as blast furnaces, process gas heaters, basic oxygen-making steel vessels, troughs, electric arc furnaces, and torpedo ladles. Further, China has a well-developed iron and steel market, representing an important factor fueling the refractory production in the country which is having a positive impact on the overall market during the assessment period.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is estimated to be the largest as well as the fastest-growing region in the market. This growth outlook is majorly attributed to the following-

• Growing production and research and development centers with China, Japan, and India being the major countries as the leading contributors in iron & steel, non-ferrous and glass industries during the assessment period.
• Factors such as growing industries owing to increasing per capita expenditure of the population and increase in urbanization are the major factors fueling the regional market progress over the assessment period.
• North America and Europe are also expected to offer substantial progress opportunities during the assessment period.

Refractories Market Drivers:

Some of the key drivers listed in the report are given below.
• Growing product demand from aerospace, automotive, electrical, glass, and cement industries, growth in the iron and steel industry,
• Rising demand for more energy-efficient techniques in steel making.
• Increasing steel production: Steel is one of the primary end-users of refractories. The growth of the steel industry, especially in developing countries.
• Expansion of infrastructure and construction activities: The expansion of infrastructure and construction activities around the world.
• Advancements in technology: The development of new technologies and materials is leading to the production of high-performance refractories that can withstand higher temperatures and harsher conditions.

Top Companies in the Refractories Market:

Stratview Research has identified the following companies as the top market players.
• Chosun Refractories
• CoorsTek Incorporated
• HarbisonWalker International, Inc.
• Imerys S.A.
• Krosaki Harima Corporation
• Morgan Advanced Materials
• RHI Magnesita N.V.
• Saint-Gobain
• Shinagawa Refractories Co., Ltd.
• Vesuvius PLC.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Refractories Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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