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| Refractories Market |
Refractories are ceramic materials that are resistant to chemical or physical erosion and high temperatures. They are used extensively in high-temperature processes like iron and steel manufacturing, cement, and glass production. Refractories are crucial for building furnace linings and providing thermal insulation in industries with melting and heat-treating processes. Their ability to withstand extreme temperatures makes them vital furnace components.
The global refractories market is estimated to be valued at US$ 57616.65 Mn in 2023 and is expected
to exhibit a CAGR of 5.0% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The increasing demand from the iron and steel industry has been a major factor
fueling demand in the global refractories market. Refractory materials are
critical for furnace linings and insulation in steelmaking. Around 60% of
refractory production is consumed by steel plants for use in blast furnaces,
basic oxygen furnaces, steel ladles, and soaking pits. Rapid industrialization
and infrastructure growth has augmented steel demand worldwide, propelling iron
and steel output. This in turn has accelerated consumption of refractories in
iron and steel plants over the past few years. Expanding steel capacity in
Asian economies such as China and India has significantly boosted refractories
adoption. Going forward, robust growth of the construction sector which will
further augment steel demand is expected to continue driving the refractories
market over the forecast period.
Segment Analysis
The global refractories market is dominated by the iron and steel sub-segment.
Refractories are extensively used in the iron and steel industry for
manufacturing furnaces and reactors used for steel production. They are used to
line the interior walls of furnaces, ladles, and various metallurgical reactors
as they are capable of enduring extremely high process temperatures without
melting or cracking. The iron and steel industry accounts for more than 50% of
global refractories consumption due to the large-scale use of refractory
materials in blast furnaces, basic oxygen furnaces, electric arc furnaces, and
ladles.
Key Takeaways
The global Refractories
Market Growth is expected to witness high growth over the forecast
period of 2023 to 2030. Regional analysis indicates that Asia Pacific region
currently dominates the market and is expected to maintain its lead position
during the forecast period. The growth can be attributed to rising steel
consumption driven by rapid industrialization and infrastructure development
activities in countries like China and India. Key players operating in the
refractories market are Puyang Refractories Group Co. Ltd., Chosun
Refractories, INTOCAST AG, Harbisonwalker International, Saint-Gobain, IFGL
Refractories Ltd., Vesuvius, Imerys, Shinagawa Refractories Co. Ltd., Krosaki
Harima Corporation, RHI Magnesita GmbH, Magnezit Group, Resco Products,
Minerals Technologies Inc., Refratechnik, and Morgan Advanced Materials.
Regional analysis indicates that Asia Pacific region currently dominates the
global refractories market with around 55% share. China represents the largest
consumer as well as producer of refractories globally. The growth in the region
can be attributed to rapidly expanding iron and steel and cement industries in
China and India. The growing infrastructure and construction activities have
increased the demand for steel and cement, thereby driving refractories
consumption. Europe is another major refractories market globally. Countries
like Germany, Italy, and UK have presence of major steel producers which drive
the demand for refractories in the region. North America is expected to witness
decent growth during the forecast period led by recovery in the manufacturing
sector after COVID-19 pandemic in the region.
Key players operating in the refractories market are focusing on expanding
their production capacities and geographical footprint through acquisition
strategies to leverage growth opportunities. For instance, RHI Magnesita
acquired certain refractory assets ofDalmia Bharat Cement in 2019 strengthen
its leadership position in the Indian market. Similarly, Vesuvius acquired larger
insulating fireproofing business of Boston Refractories Inc. in North America
to enhance its product portfolio.
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