Press release
Refractories Market to Reach USD 32.62 Billion by 2028, says Stratview Research
Startview Research
Refractories are heat-resistant materials used in high-temperature industrial applications across iron & steel, cement, glass, aerospace, automotive, and non-ferrous metal industries. Increasing industrial output and infrastructure development are structurally raising demand for durable and high-performance refractory materials. "Steel production remains the single largest demand generator for refractories globally."
"Stratview Research, a global market research firm, has launched a report on the global market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more."
The report provides detailed analysis of the refractories market across form type, composition type, type, manufacturing process type, end-user type, and regional segments. It evaluates competitive dynamics, growth opportunities, industry trends, and strategic developments influencing manufacturers, suppliers, OEMs, and investors.
Request a free sample report: https://www.stratviewresearch.com/Request-Sample/1295/refractories-market.html#form
Market Statistics
• Market size: USD 26.05 billion in 2022
• Forecast value: USD 32.62 billion by 2028
• CAGR: 3.73% during 2023-2028
• Forecast period: 2023-2028
• Base year: 2022
• Total number of segments: 6
• Tables & figures: 100+
• Country-Level Market Assessment: 20
Market Segmentation
By Form Type
• Bricks & Shapes
• Monolithic
• Others
By Composition Type
• Clay-based
• Nonclay-based
By Type
• Acidic
• Basic
• Neutral
By Manufacturing Process Type
• Dry Press Process
• Fused Cast
• Hand Molded
• Formed
• Unformed
By End-User Type
• Iron & Steel
• Non-metallic Materials
• Non-ferrous Metals
• Others
By Region
• North America
• Europe
• Asia-Pacific
• Rest of the World
Segment Analysis
Bricks & shapes accounted for the largest market share during the forecast period. These refractories are widely used in floor tiles, arches, and furnace walls for extreme-temperature industrial equipment. Demand remains strong because blast furnaces and heavy industrial systems require customized refractory brick configurations for operational durability and thermal stability. This strengthens long-term opportunities for manufacturers supplying engineered refractory structures.
Clay-based refractories held the major market share during the assessment period. Their versatility across monolithic products, preformed bricks, lightweight blankets, fiberboards, and vacuum cast shapes supports broad industrial adoption. The segment benefits from expanding demand for lightweight and thermally efficient refractory solutions across high-temperature industries. This continues to support diversified product portfolios among refractory suppliers.
Neutral refractories are anticipated to hold the largest market share during the forecast period because they resist both acidic and basic slags. Materials such as graphite, chromite, zirconium carbide, and silicon carbides improve operational reliability in demanding industrial environments. Their broader compatibility across applications increases procurement preference among industrial end users.
The fused cast manufacturing process segment accounted for the major market share during the assessment period. The process improves refractory performance by minimizing oxygen content during production and enhancing material stability under extreme temperatures. Industries requiring highly durable refractory systems continue to prioritize fused cast products for critical operations. This supports investment in advanced refractory manufacturing technologies.
The iron & steel segment is projected to witness significant growth during the forecast period. Refractories are essential for blast furnaces, electric arc furnaces, process gas heaters, troughs, torpedo ladles, and steel vessels. Expanding steel production, particularly in China, continues to increase refractory consumption globally. Suppliers with strong steel industry integration are positioned to benefit from sustained industrial demand.
Asia-Pacific is estimated to be both the largest and the fastest-growing regional market during the forecast period. Growth is supported by expanding industrial production, rising urbanization, and increasing investments in research and development centers across China, Japan, and India. Strong iron & steel, glass, and non-ferrous metal industries continue to drive large-scale refractory demand in the region.
Market Drivers
• Rising steel production is increasing refractory consumption across blast furnaces, electric arc furnaces, and steel vessels used in industrial manufacturing.
• Growing infrastructure and construction activities are expanding demand for cement, glass, and steel production, which directly increases refractory usage.
• Increasing demand from aerospace, automotive, electrical, glass, and cement industries is driving adoption of high-temperature resistant materials.
• Advancements in refractory technologies are enabling the production of high-performance materials capable of withstanding harsher industrial conditions.
• Rising demand for energy-efficient steelmaking techniques is increasing the need for advanced refractory systems that improve thermal efficiency and operational durability.
Top Companies in the Market
• 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.
FAQs
1. How large is the refractories market expected to become by 2028?
The refractories market is projected to reach USD 32.62 billion by 2028. The market is expected to grow at a CAGR of 3.73% during 2023-2028, driven primarily by steel production and industrial expansion.
2. What is driving long-term demand in the refractories market?
Steel manufacturing remains the primary demand driver because refractories are critical for high-temperature industrial operations. Infrastructure expansion, industrialization, and demand for energy-efficient steelmaking technologies are also supporting sustained market growth.
3. Why is Asia-Pacific leading the refractories market?
Asia-Pacific leads due to strong industrial production, expanding urbanization, and large iron & steel industries in China, Japan, and India. The region also benefits from growing investments in manufacturing and research activities.
4. Which business segments create the strongest commercial opportunities in the market?
Iron & steel remains the most strategically important end-user segment because refractory products are essential across multiple steelmaking applications. Bricks & shapes and fused cast refractory products also represent major commercial opportunities due to their extensive industrial usage.
5. What are the major challenges affecting refractory manufacturers?
Environmental regulations related to emissions and restrictions on refractory materials remain significant challenges for manufacturers. Market dependence on the iron & steel industry also creates volatility risks when steel demand weakens.
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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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