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Global Refractories Market to Reach US$ 31.7 Billion by 2027, Impelled by Escalating Demand from the Iron and Steel Sectors

Published on Aug 23, 2022

IMARC Group’s latest report, titled “Refractories Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global refractories market size reached US$ 24.2 Billion in 2021. Refractories are inorganic, non-metallic, porous, and heterogeneous materials with exceptionally high melting points. They are manufactured using materials such as fireclay, high alumina minerals, silica, magnesite, and chromite with excellent resistance to mechanical and thermal stress, corrosion from solids, liquids, and gases, physical wear or abrasion, and gas diffusion. They can withstand high industrial temperatures and pressures and are available in various shapes and sizes that can be pressed or molded according to the required dimensions. They are widely used as interior linings in boilers, furnaces, and kilns to contain heat and protect material processing equipment from elevated temperatures.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.                                           

Global Refractories Market Trends:

The escalating demand for refractories from the iron and steel sectors represents the primary factor driving the market growth. Moreover, the rising investments in large-scale infrastructure projects, especially in developing regions, is another major growth-inducing factor. In addition, there has been a significant shift from conventional tools toward refractories due to their higher temperature resistance, easy installation, and ability to manufacture bricks in customized shapes. Along with this, the increasing production of non-ferrous metals has augmented the product demand for use in internal lining applications. Furthermore, the leading manufacturers are focusing on expanding their production capacities and product portfolio to gain a competitive edge. Besides this, the shifting inclination toward recycling refractory materials for manufacturing steel due to the introduction of stringent government regulations regarding emissions and tax incentives has propelled market growth. Other factors, including the rising usage of iron, steel, and glass in the automotive industry, increasing construction activities, rapid industrialization, surging adoption of unshaped refractories, and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 31.7 Billion by 2027, growing at a CAGR of 4.4% during 2022-2027.

Market Summary:

  • Based on the form, the market has been classified as shaped and unshaped refractories.
  • On the basis of the alkalinity, the market has been bifurcated into acidic and neutral, and basic.
  • The market has been segregated based on the manufacturing process into dry press process, fused cast, hand-molded, formed, and unformed. 
  • Based on the composition, the market has been categorized into clay-based and nonclay-based.
  • On the basis of the refractory mineral, the market has been segmented into graphite, magnesite, chromite, silica, high alumina, zirconia, and others. 
  • The market has been divided based on the application into iron and steel, cement, non-ferrous metals, glass, and others. 
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.  
  • The competitive landscape of the market has also been analyzed, with some of the key players being Chosun Refractories Eng Co. Ltd., Compagnie de Saint-Gobain S.A., Coorstek Inc., Imerys USA Inc., Krosaki Harima Corporation, Morgan Advanced Materials Plc, Refratechnik Holding GmbH, RHI Magnesita GmbH, and Vesuvius Plc.

 

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