by Large Paragraph: Refractories are heat-resistant materials used in high-temperature industrial processes like iron and steel making, glassmaking and cement production to line furnace walls and other structures. They are made from raw materials like clay, bauxite, alumina, magnesia and graphite and provide protection from heat, corrosion and erosion. Refractories play a vital role in ensuring optimum productivity, durability and energy efficiency in various manufacturing processes. 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 growth of the global refractories market is majorly driven by increasing demand from iron and steel industries. Refractories have wide application in steel making furnaces such as blast furnaces, basic oxygen furnaces, electric arc furnaces, and ladle furnaces. Rapid industrialization and infrastructure growth coupled with rising consumption of steel is expected to accelerate the demand for refractories over the forecast period. Developing nations in Asia Pacific are witnessing significant investments in infrastructure and industrial projects which is fueling the demand for steel. This in turn is positively impacting the refractories market growth. Additionally, ongoing research and development activities for development of advanced non-clay refractory materials to enhance furnace efficiency and optimize manufacturing process are expected to present lucrative opportunities for market players in the coming years.
SWOT Analysis
Strength: Refractories market is mature and experiences steady demand from various end-use industries like iron and steel, cement, glass, etc. which ensures stable revenues.
Weakness: Constant innovation and R&D required to develop high temperature resistant refractories able to withstand harsh conditions of industrial processes increases costs.
Opportunity: Emerging markets in Asia Pacific expected to drive growth as industrialization increases demand for steel, cement and other materials. Development of specialized refractories for newer applications also presents new opportunities.
Threats: Environmental regulations regarding emissions during manufacturing can increase cost pressures. Substitutes like ceramics may threaten market share in future.
Key Takeaways
The global Refractories Market Growth is expected to witness high growth supported by rising steel and cement production globally. Regional analysis
Asia Pacific dominates the global refractories market with over 50% share supported by high economic growth, urbanization and industrialization in China, India and other developing countries. China accounts for largest share benefitting from position as global steel and cement manufacturing hub.
Key players
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. The refractories market is fragmented with top players accounting for around 30-40% share. Key players focus on continuous product innovation and penetration in developing Asian markets for sustained growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
