Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The global refractories market size was valued at USD 32.98 billion in 2022 and is projected to grow from USD 34.46 billion in 2023 to USD 47.09 billion by 2030, exhibiting a CAGR of 4.6% during the forecast period.
Refractory products are advanced materials capable of withstanding corrosion, thermal & mechanical abrasion, and high temperatures. Some industries use refractories as consumables, including steel and other metals. Growing steel consumption worldwide will positively influence the market outlook.
Fortune Business Insights™ provides this information in a report titled “Refractories Market, 2023-2030”.
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List of Key Players Present in the Refractories Market Report:
- Saint-Gobain (France)
- Imerys (France)
- RHI Magnesita (Austria)
- POSCO Future M Co., Ltd. (South Korea)
- KAEFER SE & Co. KG (Germany)
- Beijing Lier High-Temperature Materials Co., Ltd. (China)
- HarbisonWalker International (U.S.)
- Intocast Group (Germany)
- Alsey Refractories Co. (U.S.)
- Magnezit Group (Russia)
- Vesuvius (U.K.)
- Puyang Refractories Group Co., Ltd. (China)
- Refratechnik Holding GmbH (Germany)
- Ruitai Materials Technology Co., Ltd. (China)
- Plibrico Company, LLC (U.S.)
Competitive Landscape
Acquisitions and Capacity Expansions to Drive Market Growth
Major players focus on capacity expansions and acquisitions, driving the market growth during the forecast period. There is continuous investment across emerging and developed countries related to new product launches, production capacity, strategic acquisitions, and other ways.
Key Industry Development
February 2023- Vesuvius Group announced an investment of USD 61 million to expand its refractory manufacturing bases in India within three to five years. These investments will bring 35% of its monthly production capability at the Taratala unit in Kolkata, India.
COVID-19 Impact
Disruptions in Raw Material Supply During Pandemic Affected the Market
The COVID-19 pandemic negatively impacted the refractories market. The market growth was affected due to disruptions in the supply of raw materials such as non-clay sands and binders. Glass and cement manufacturing companies decreased production due to low demand from the construction and automotive industries globally. Despite initial disruptions, the market gradually recovered post-pandemic, and will record notable gains in the coming years.
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Segments
Strong Demand from Key Players to Drive the Bricks & Shaped Segment
Based on form, the market is segmented into bricks & shaped and monolithic & unshaped. The bricks & shaped segment is estimated to dominate the market share during the forecast period due to large requirements for refractory products from non-metal and metal industries.
Low Cost of Clay to Drive the Market
By product, the market is classified into clay and non-clay. The clay segment holds the largest market share due to its low cost compared to the non-clay segment during the forecast period. There is a high demand for fireclay bricks and insulation products from iron and steel products manufacturers.
High Demand for Basic to Propel the Market Growth
Based on alkalinity, the market is divided into acidic & neutral and basic. The basic segment will hold the largest market share during the forecast period due to significant demand from various industries for the product.
Iron & Steel Segment to Lead due to Wide Applications
By end-use industry, the market is segmented into iron & steel, non-ferrous metals, glass, cement, and others. The iron & steel segment is estimated to hold the largest market share due to its application in reactors, vessels, and furnaces used during steel production.
Regionally, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Rising Iron, Steel, and Glass Consumption by the Automotive Industry to Drive Market
The continuous growth of the automobile industry, particularly EVs, has increased the demand for vehicle manufacturing materials, such as steel, iron, and glass, driving the market growth. The development of Advanced High-Strength Steel (AHSS) has enabled the automotive sector to meet the rising regulatory requirements, which augurs well for the refractories market growth.
Refractory product manufacturing processes, including curing, baking, and mining are very carbon-intensive, attracting regulations and environmental concerns and hampering the market growth.
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Regional Insights-
Strong Presence of End-use Industries to Drive the Asia Pacific Market
The Asia Pacific market size stood at USD 21.36 billion in 2022. Asia Pacific is estimated to hold the largest refractories market share. Asia Pacific is expected to dominate the global market during the forecast period due to the strong presence of different end-use industries.
The North America market is expected to grow significantly during the forecast period. Increasing demand from end-use industries in North America is driving the regional market growth.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Refractories Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Refractories Industry Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast - By Form (Value and Volume)
- Bricks & Shaped
- Monolithics & Unshaped
- Market Size Estimates and Forecast - By Product (Value and Volume)
- Clay
- Non Clay
- Market Size Estimates and Forecast - By Alkalinity (Value and Volume)
- Acidic & Neutral
- Basic
- Market Size Estimates and Forecast - By End-Use Industry (Value and Volume)
- Iron & Steel
- Non-Ferrous Metals
- Glass
- Cement
- Others
- Market Size Estimates and Forecast - By Region (Value and Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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