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Refractories Market to Expand at 4.5% CAGR During 2022-2029

Post Time:Aug 12,2022Classify:Industry NewsView:983

According to Fortune Business Insights, The global refractories market size reached USD 32.25 billion in 2021. The market valuation is predicted to rise from USD 33.01 billion in 2022 to USD 44.82 billion by 2029, registering a CAGR of 4.5% during 2022-2029. The growth of this market is driven by increasing demand across major industrial sectors including iron, steel, and other metals, glass, cement, paper & pulp, and petrochemicals.


In recent years, development of refractories from combination of various materials has gained traction. Refractory customization to meet the global demand will further drive the market growth, says Fortune Business Insights™, in its report titled “Refractories Market, 2022-2029."                                   


List of Key Players Profiled in the Refractories Report:        

Beijing Lier High Temperature Materials Co., Ltd. (China)

HarbinsonWalker International (U.S.)

Intocast Group (Germany)

Alsey Refractories Co. (U.S.)

Magnezit Group (Russia)

Imerys (France)

Posco Chemical (South Korea)

RHI Magnesita (Austria)

Saint-Gobain (France)

Vesuvius (U.K.)

Puyang Refractories Group Co., Ltd. (China)

Refratechnik (Germany)

Ruitai Materials Technology Co., Ltd. (China)

Kaefer (Norway)

Plibrico Company, LLC (U.S.)

Krosaki Harima Corporation (Japan)   

Weakened Demand Across Key End-Use Sectors Affected Market Dynamics    


The COVID-19 pandemic impacted refractories market growth significantly. Despite refractory production being an essential service, supply chain uncertainty and subsequent lack of raw materials such as binders and non-clay sands dented the growth prospects for this market. Slowdown of automotive, construction, and other key sectors impacted the market trends. However, the recovery of these sectors post-pandemic will strengthen the market outlook over the forthcoming years.


Segments: 

According to form, the market is bifurcated into monolithic & unshaped and bricks & shaped.


By product, the market share is broken down into clay and non-clay.


Based on alkalinity, the market is bifurcated into basic and acidic & neutral.


In terms of end-use industry, the market is split into iron & steel, cement, glass, non-ferrous metals, and others.


Geographically, the market share is segmented into North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific.


Drivers & Restraints:

Proliferating Trend of Refractory Customization to Transform Market Outlook

Development of refractories from combination of various materials has gained traction. For example, magnesia materials and chromium oxide are combined together to form magnesia-chrome refractory. Customization results in numerous performance benefits such as higher refractoriness and exceptional resistance to chemical corrosion. Additional benefits include resistance to high temperatures and wear & tear. 


Regional Insights:      

Asia Pacific Refractories Market Value Stood at USD 20.76 Billion in 2021

Asia Pacific is slated to dominate the global refractories market share during 2022-2029. In 2021, the regional market reached a valuation of USD 20.76 billion. Growth is attributable to increasing steel production in Asia Pacific countries. The World Steel Association reports that the region constitutes more than 70% of the world’s steel production, with China alone accounting for nearly 50%.


The market in North America is driven by the expanding iron, steel, and glass sectors. Meanwhile in Europe, growth will be influenced by rising demand across automotive sector.


Competitive Landscape:

Major Market Players Adopt New Strategies to Accelerate Growth & Expansion 

With the presence of major international companies as well as local emerging players, the global refractories market share is fairly fragmented. Several players are adopting new strategies such as collaborations, new product launches, acquisitions, mergers, and R&D investments as part of their growth and expansion goals. Many companies are also expanding their production capacities to meet the global market demand.   

Source: https://www.globenewswire.com/Author: shangyi

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