“Rising infrastructural developments, high potential from the non-metallic minerals industry, and increasing global demand for high grade refractory is driving the Refractories Market”
The market size for refractories is projected to reach USD 33.7 billion by 2031, registering a CAGR of 3.9% between 2022 and 2031. With modernization, emerging economies have invested significantly in the infrastructural development. With increasing industrialization in some major economies, such as India, China, Germany, Italy, and France, the market is expected to boost further. The high potential from non-metallic minerals industry is another major driver boosting the growth of refractories, globally. Cement, ceramics, glass, and lime are majorly used non-metallic minerals in infrastructural and construction sectors, thus using refractories in their production processes.
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Shaped refractories, the largest form of refractories
Shaped refractory is the major form of refractory that is used primarily because of their ability to withstand high temperature, and usually have a low thermal conductivity for greater energy efficiency. As shaped refractories are characterized with variable composition, corrosion resistance, flux & stag resistance, volume stability, and high sapling resistance, these are the ideal materials for high temperature application in major end-use industries.
Iron & Steel, the largest end-use industry for refractories
Iron & steel is the largest end-use industry of refractories globally. In iron & steel industry, refractories are used widely for linings and insulation of the high temperature furnaces. As refractories are characterized with lightweight, high temperature sustainability, and robustness, these are the ideal materials for manufacturing precasted shapes, refractory bricks, binders, nozzles, and so on. Additionally, the iron & steel industry is expected to boost further with the shift of various manufacturing industries, namely automotive and construction from developed to developing economies, particularly from the U.S. to China. Because of significant economic expansion and growing steel output in countries such as China, India, and Taiwan, the refractories in iron & steel industry will continue to grow.
Asia-Pacific, the largest and fastest-growing market for refractories
Asia-Pacific is the largest market for refractories globally, with China being the most dominant market. This region is witnessing the highest growth rate which is attributed to the rapid economic expansion currently undergoing in the region. Further, rapid industrial development in Asia-Pacific is vigorously driving the demand for refractories for iron & steel, glass, cement, and non-ferrous metals industry.
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This study has been validated through primaries conducted with various industry experts globally. These primary sources have been divided in three categories: by company; by designation; and by region.
• By Company Type- Tier 1- 50%, Tier 2- 37% and Tier 3- 13%
• By Managers- 50%, Research & Consultants- 25% and Others- 25%
• By Region- Asia-Pacific- 62%, and Europe- 38%
The report also includes company profiles and competitive strategies adopted by the major market players, such as Corning Incorporated (U.S.), CoorsTek Incorporated (U.S.), Magnesita Refratarios S.A (Brazil), Morgan Advanced Materials Plc (U.K.), RHI AG (Austria), Saint-Gobain S.A. (France), Shinagawa Refractories Co. Ltd (Japan), and Vesuvius Plc. (U.K.), among others.
Reasons to buy the report:
• To understand the global, regional, and national scenarios.
• To understand the market trends and dynamics along with key factors affecting
• To identify the present and upcoming market opportunities
• To identify the potential markets in various regions for refractories
• To track the recent developments in refractories market
• To understand the competitive background of the industry, and positioning of participants in the market
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