Market Overview:
Refractories are ceramics which are manufactured to withstand high temperatures often exceeding 1538°C without major physical or chemical changes. They are extensively used in environments that require high heat resistance like furnaces, incinerators etc. Refractories provide insulation, protect and support the heated structures.
Market key trends:
One of the key trends gaining traction in the refractories market is the use of fireclay refractories. Fireclay refractories are made from fireclay, which has excellent refractory properties. They can withstand high thermal shock and provide reliable performance in conditions up to 1538°C. Prominent applications of fireclay refractories include lower furnace walls and supports in aluminum smelting furnaces, ladles, soaking pits etc. Their increasing usage is being driven by growing aluminum and steel industries across developing regions. Moreover, fireclay refractories are cost-effective when compared to other specialized refractories like chrome-magnesite, resulting in higher preference. They release less carbon dioxide during manufacturing and use minimal energy, making them more environmentally sustainable. The fireclay refractories segment is estimated to exhibit significant growth during the forecast period owing to the above mentioned advantages.
Segment Analysis
The Global Refractories Market Demand is segmented on the basis of form, alkalinity, end use industry, and region. By form, the fused-cast segment dominated the market in 2023. Fused-cast refractories provide higher strength and resistance against corrosion and thermal shocks as compared to other forms. By alkalinity, the basic segment accounted for the largest share in 2023 due to its wide usage in blast furnaces and high-temperature furnaces. In terms of end use industry, the iron & steel industry held the major share of the market in 2023, owing to extensive use of refractories in blast furnaces and steel making furnaces.
Key Takeaways
The global refractories market size was valued at USD 57616.65 Mn in 2023 and is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period. The increasing demand from the iron & steel and non-ferrous metal industries is driving the market.
Regional analysis: Asia Pacific held the largest share of the market in 2023 and is anticipated to register the highest CAGR during the forecast period. China, Japan, and India are the major countries driving the growth of the Asia Pacific market. Availability of raw materials and expansion of infrastructure and manufacturing activities in developing nations are boosting demand in the region.
Key players analysis: 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 prominent players are focusing on mergers and acquisitions to strengthen their global presence.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it