Report ID: 10085996 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
Global Refractories Market Highlights Over 2022 - 2031
The global refractories market catered revenue of nearly USD 20.4 billion in the year 2021 and is expected to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be primarily attributed to the growing number of residential and commercial infrastructures in developing economies. Further, recycling and re-using refractories materials for the production of glass and cement, among others, is estimated to drive the growth of the market. Moreover, growing demand for non-metallic materials in mineral industry is also anticipated to boost the market growth. Besides, the reliable properties, such as, resistance to high heat encourage the use of refractories in the iron & steel industry, which is estimated to majorly add to the growth of the market. As per the World Steel Association, the total production of crude steel worldwide accounted for 1951924 thousand tons in the year 2021.
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Refractories are ceramic materials that are made to withstand extreme temperatures during the process of manufacturing other end-use products. The refractories have higher heat resistance as compared to metals, and it is used to line the inside of hot surfaces during industrial processes. Besides being resistant to thermal stress and other physical phenomena, it can resist physical wear and corrosion caused by any chemical agent. The versatile properties of refractories play a key role in the manufacturing of petrochemical products and the refining of gasoline, which is also anticipated to drive market growth in the coming years.
The global refractories market is segmented on the basis of product, form, alkalinity, and application. The application segment is divided into glass, cement, iron & steel, non-ferrous material, and others. Out of these, the iron & steel segment is estimated to hold the largest market size in value and is estimated to grow at a moderate CAGR over the forecast period. On the account of rising demand for iron and steel for infrastructure development and demand for consumer goods such as automobiles, the segment is anticipated to show generous growth over the forecast period.
Global Refractories Market Regional Synopsis
Regionally, the global refractories market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in Europe witnessed decent growth in the year 2021 as a result of the presence of major key players in the region. Alternatively, the market in the Asia Pacific is estimated to witness noteworthy growth by growing with a modest CAGR over the forecast period. The growth of the market in this region can be majorly attributed to the growing need of refractories in industries, such as iron & steel, glass manufacturing, cement production, and power generation among many others. According to the statistics sourced from the International Trade Centre UNCTAD/WTO, China alone made an export of USD 18,344,638 thousands of glass and glassware in the year 2020. Moreover, the presence of multiple end-use industries of refractories and availability of raw materials in countries such as India, Japan, China, and Australia are anticipated to be additional factors expected to influence the market growth in this region.
Market Segmentation
Our in-depth analysis of the global refractories market includes the following segments:
By Product
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Clay
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Non-Clay
By Form
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Shaped
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Unshaped
By Alkalinity
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Acidic
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Neutral
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Basic
By Application
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Glass
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Cement
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Iron & Steel
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Non-Ferrous Metals
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Others
Growth Drivers and Challenges Impacting the Growth of the Global Refractories Market
Growth Drivers
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Prominent use of refractories in cement and glass production
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Development in construction sector
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Heat resistance properties of refractories
Challenges
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High cost of raw material
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Threat to environment from excessive use of refractories
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Shortage of raw material
Key Companies Dominating the Global Refractories Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global refractories market that are included in our report are Refratechnik Holding GmbH, AluChem, Inc., ALTEO Entities, ArcelorMittal, Shinagawa Refractories Co., Ltd., IFGL Refractories Ltd., Krosaki Harima Corporation, RHI Magnesita GmbH, Vesuvius plc, Saint-Gobain Ceramics & Plastics, Inc., CoorsTek, Inc., Imerys S.A., and others.
Latest Developments in the Global Refractories Market:
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22 March 2022: ArcelorMittal announced a strategic partnership with Greenko Group in order to develop a renewable project of 975 MW of nominal solar and wind capacity using Greenko’s hydro pumped storage project.
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24 June 2021: Imerys announced its expansion in India by establishing a new plant completely dedicated to the refractory and infrastructure market.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
Frequently Asked Question
The market is segmented by product, form, alkalinity, application, and by region.
The iron & steel segment is anticipated to hold largest market size in value and is estimated to grow at a moderate CAGR over the forecast period and display significant growth opportunities.
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Report ID: 10085996 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
