Global Refractories market expected to record a CAGR of ~ 5% during the forecast period (2017-2028): Ken Research

What Is The Size Of Global Refractories Industry?

Global Refractories market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.

The Refractories market is witnessing robust growth owing to the growing demand for refractories in the iron and steel industry. The refractories market is majorly driven by factors such as global urbanization, industrialization, increasing demand for automotive industries, and a rise in demand for iron and steel in the construction industry.

The growth of the construction industry was in full swing before the COVID-19 pandemic hit its development. Despite a slowdown faced for a period of nearly six to eight months, the industry has revived quite positively.

It is expected that India’s construction industry to grow at ~% CAGR from 2019-2028. Apart from India, China, the Philippines, and several other Middle Eastern countries are expected to showcase more than an ~% growth rate. For the Philippines, the construction industry accounts for nearly ~% of the country’s GDP. The use of automation, and advanced construction techniques have been contributing to its growth along with a high demand for iron and steel.

The refractory products are important for all high-temperature processes in the making of metals, cement, glass, and ceramics. The lockdown in various countries led to supply chain disruption, hindering the market’s growth rate.

Global Refractories market Revenue

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Global Refractories market by Product type

The Refractories Market is segmented by Product type on the basis of Non-Clay Refractories (magnesite brick, zirconia brick, silica brick, chromite brick and other products.) and Clay Refractories (high alumina, fireclay, insulating).

Clay Refractories segment held the largest market share in 2022 of the Global Refractories Market, owing to its low cost compared to the non-clay segment.

Many clay products and refractory manufacturing companies are using robotics and automation to improve plant efficiency and productivity. For, instance according to Boston Consulting Group (BCG), millions of industrial robots are expected to be deployed by 2025, thus indicating a rise in automation and robotics technology

The global Refractories market has been segmented on the basis of Form into Bricks & Shaped and Monolithic & Unshaped.

The Bricks and Shaped segment held the largest market share in 2022 of the Global Refractories Market.

Bricks are used to form an insulation layer inside ovens and kilns and are replaced periodically to meet the insulation ratings set by the customer. It is required in the metal and non-metal industries. This is one of the major factors for the brick and shaped segment to dominate the global refractories market by form.

Iron and steel manufacturing, cement manufacturing, and glass production prefer shaped refractories for thermal insulation purposes in incinerators, furnaces, and reactors. Steel is utilized more in vehicle production as compared to glass, hence an increase in brick and shaped segments.

Global Refractories market by Alkalinity

The Refractories Market is segmented by Alkalinity on the basis of Acidic, Basic & Neutral.

The basic segment held the largest market share in 2022 of the Global Refractories Market.

The basic refractory material contains magnesia, dolomite, and limestone and is stable to alkaline material but reacts to acid. The most commonly used basic refractory brick is magnesite brick. As it is resistant to alkaline slag and iron slag, therefore, is applied to the converter lining and furnace bottom.

The rising demand for magnesite in the construction industry due to its excellent adhesive, fire resistance, and high bonding strength is escalating the demand for basic refractories in recent times.

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Key Topics Covered in the Report

  • Snapshot of Global Refractories Market
  • Industry Value Chain and Ecosystem Analysis
  • Market size and Segmentation of Global Refractories Market
  • Historic Growth of Overall Global Refractories Market and Segments
  • Competition Scenario of the Market and Key Developments of Competitors
  • Porter’s 5 Forces Analysis of the Global Refractories Industry
  • Overview, Product Offerings, and SWOT Analysis of Key Competitors
  • Covid 19 Impact on the Overall Global Refractories Market
  • Future Market Forecast and Growth Rates of the Total Global Refractories Market and by Segments
  • Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
  • Analysis of Refractories Market
  • Major Production / Consumption Hubs in the Major within Each Region
  • Major Production/Supply and Consumption/Demand Hubs within Each Major Country
  • Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
  • Overview of Notable Emerging Competitor Companies within Each Region

 Leading Companies Mentioned in the Report

  • RHI Magnesita
  • Vesuvius PLC
  • Shinagawa Refractories Co., Ltd.
  • Krosaki Harima Corporation
  • Saint Gobain SA
  • IMERYS
  • Chosun Refractories
  • Puyang Refractories Group Co., Ltd.
  • IFGL Refractories Ltd.
  • Refratechnik
  • Resco Products
  • Morgan Advanced Materials

Notable Emerging Companies Mentioned in the Report

  • Haripriya Refractories Pvt. Ltd.
  • Universal Refractories, Inc.
  • Possehl Mexico, SA DE CV
  • Continental refractories Private Ltd.
  • Alsey Refractories Company
  • Christy Refractories Company L.L.C.
  • Wuxi Nanfang Refractories Co., Ltd.

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

  • Refractories Manufacturers
  • Research and Development Institutes/In-house Researchers
  • Mining Companies
  • Packaging Companies
  • Raw Material Production Companies
  • Industrial Equipment & Machinery Manufacturers
  • Recycling organizations
  • Banking and Financial Service Providers
  • Iron and Steel Industry Participants
  • Cement Industry Participants
  • Ceramic Industry Participants
  • Energy and Chemical Industry Participants
  • Refractories Industry Association
  • Government Department of Heavy Industries
  • Ministry of Power

Time Period Captured in the Report

  • Historical Period: 2017H-2021H
  • Forecast Period: 2022E-2028F

For More Information on the Research Report, refer to below links: –

Global Refractories Market

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