by Refractories are ceramic materials that are engineered to withstand very high temperatures in harsh process environments. Refractories have superior thermal shock resistance and corrosion resistance properties. They are used in high temperature furnaces and reactors to line them and shield structural materials from direct exposure to extreme heat and abrasion. Industries such as iron and steel, non-ferrous metals, cement, glass and energy and petrochemical extensively use refractory materials in their manufacturing processes. The global refractories market is driven by the growth of these process industries which require high temperature processes that cannot be completed without using refractories.
The Global refractories market is estimated to be valued at US$ 66374.39 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the refractories market are Vesuvius, RHI Magnesita, Krosaki Harima, Shinagawa Refractories, Saint-Gobain, Corning Incorporated., Morgan Advanced Materials, Coorstek Incorporated, and Refratechnik Holding GmbH.
Key opportunities: Growth of steel and cement industries in developing economies owing to increasing infrastructure development projects provides significant opportunities for refractory manufacturers to expand in these regions. Development of novel non-clay and low cement castable Refractories Market Growth also opens up new growth avenues.
Global expansion: Leading refractory manufacturers are expanding their footprint globally by strengthening their distribution networks as well as through strategic acquisitions. They are also focusing on developing energy efficient and eco-friendly refractory solutions to capitalize on sustainability trends.
Market Drivers
The primary driver for the refractories market is the rising demand from the iron & steel industry. According to the World Steel Association, global crude steel production increased by 3.7% to reach 1,895.9 million tonnes (MT) in 2021. Refractory materials have wide applications in steel making furnaces like basic oxygen furnaces, electric arc furnaces and ladle furnaces. Growth in the world steel output directly relates to the increasing consumption of refractories. The cement industry is another major end-use sector driving market growth.
PEST Analysis
Political: Refractories market is influenced by government regulations and import-export policies related to ceramics and construction industries. Changes in environmental safety norms also impact the manufacturing of refractories.
Economic: The refractories market is affected by economic growth and investment trends in end-use industries like iron & steel, non-ferrous metals, glass, cement and others. Demand rises with increasing industrial activity worldwide.
Social: Growth in urbanization and infrastructure development drives the consumption of materials that use refractories during their production. Rise in construction of buildings and roads augments the need for refractories.
Technological: Innovation in refractory materials with better corrosion and thermal resistance lead to enhanced product life and performance. New production techniques help lower costs and improve energy efficiency in industrial processes relying on refractories.
Geographical Concentration
Asia Pacific currently holds the largest share of the global refractories market in terms of value, led by China. Growth in steel, cement and glass manufacturing across countries like India, Japan and Southeast Asian nations fuels demand.
Fastest Growing Region
The refractories market in Central and South America is anticipated to expand at the fastest pace during the forecast period. This is attributed to rising iron and steel output along with building construction volumes in Brazil, Mexico and other developing economies of the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
