BEIJING , Nov. 16, 2022 (GLOBE NEWSWIRE) -- The Global Refractory Market Size accounted for USD 29.8 Billion in 2021 and is projected to occupy a market size of USD 43.6 Billion by 2030 growing at a CAGR of 4.4% from 2022 to 2030.
Refractory Market Statistics
- Global refractory market revenue was worth USD 29.8 billion in 2021, with a 4.4% CAGR from 2022 to 2030
- Asia-Pacific region was accounted 30% of refractory market share in 2021
- North America refractory market growth is expected to grow at a CAGR of 5.3% from 2022 to 2030
- By type, clay segment capture over 55% of the overall market share in 2021
- Increasing growth in the iron and steel industries, drives the refractory market value
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Refractory Market Report Coverage:
| Market | Refractory Market | |
| Refractory Market Size 2021 | USD 29.8 Billion | |
| Refractory Market Forecast 2030 | USD 43.6 Billion | |
| Refractory Market CAGR During 2022 - 2030 | 4.4% | |
| Refractory Market Analysis Period | 2018 - 2030 | |
| Refractory Market Base Year | 2021 | |
| Refractory Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Material, By Form, By Alkalinity, By End-Use Industry, And By Geography | |
| Refractory Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | RHI AG, VESUVIUS, Corning Incorporated, TRL Krosaki Refractories Limited, Imerys, HWI, Morgan Advanced Materials, Resco, Sinosteel, Shinagawa Refractories, and Saint-Gobain. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Refractory Market Overview
Refractories are inorganic nonmetallic substances that can withstand high temperatures while maintaining contact with metal, molten slag, and gases without suffering physical or chemical changes. To fulfill a variety of processing conditions, a variety of refractory materials with varied qualities must be manufactured. Refractories are beneficial in building applications with specific high-temperature surfaces, primarily in furnaces or boilers, because their structure decreases heat losses.
Refractory Market Trends
Refractories must be thermal shock resistant, have particular ranges of thermal conductivity, be chemically inert, and also have a coefficient of heat extension dependent on the operating environment. The most essential ingredients utilized in the production of refractories are silica, alumina, and magnesia. Calcium oxide is another common oxide seen in refractories. Fire clays are commonly used in refractories. In emerging countries, the increase in infrastructure development is the primary driver of the refractory market growth. Furthermore, the non-metallic minerals business is expected to grow rapidly due to increased demand for high-grade refractories from the steel and iron industries. Furthermore, rising environmental concerns, as well as China's monopoly over raw material suppliers, are impeding market expansion. Furthermore, the possibility for market participants resides in the recycling of refractory materials.
Rising Demand for Unshaped Refractory Materials
Unshaped refractory materials are monolithic refractories that have no particular shape. The cost-effective and labor-saving unshaped refractory materials are installed with minimal effort. Furthermore, rapid implementation of these considerably decreases the downtime of a given application, which contributes to the market's growth. Moreover, increased demand in the cement, glass, and ceramic sectors is boosting demand for unshaped refractories due to their effective and substantial use. However, the existence of a wide range of compositions and morphologies is projected to boost global demand.
Increasing Demand for High-Grade Refractories from the Iron and Steel Industry
The steel industry's primary material is refractories. It is utilized in the internal linings of steel and iron furnaces, thermal furnaces, as well as vessels for keeping and conveying metal & slag. The iron and steel sector utilizes around 75% of all refractories produced globally and has a very fast consumption rate. Furthermore, the global consumption of refractories is estimated to be 10 kg per tonne of liquid steel created, with this amount fluctuating depending on the country. Furthermore, based on the unit processors they are employed in, the operational life of refractories can be evaluated in both years and days. Since refractory products have varying properties and structures are placed during the steel process of production, it occurs in both integrated and small mill facilities. Furthermore, the materials used in the building of refractories can endure temperatures ranging from 260 to 1850ºC. As a result, refractories are in high demand in the iron and steel sector.
Refractory Applications in Industry
- Refractories are primarily installed on cracking furnaces, stacks, catalytic cracking units, fired heaters, hydrogen reformers, ammonia primary and secondary reformers, coke calciners, utility boilers, air heaters, sulfur furnaces, and ducting in non-metallurgical industries.
- The extraordinarily high melting points of common metals such as iron, nickel, & copper require furnace temperatures to be raised above 2800ºF.
- Refractories are used in the inside linings of furnaces, reactors, kilns, and other vessels to store and transfer metal and slag. Refractory materials are thus required to withstand temperatures above and above these values.
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Refractory Market Segmentation
The global refractory market has been segmented by Acumen Research and Consulting based on material, form, alkalinity, and end-use industry. By material, the segment is separated into clay, and non-clay. According to the refractory market forecast, the clay category is predicted to develop significantly in the next years.
In terms of form, the market is categorized into bricks & other shapes, and monolithic & other unshaped. Based on the alkalinity, the market is divided into basic, and acidic and neutral. Moreover, the market is split into nonferrous metals, iron & steel, glass ceramics, cement/lime, and teeming ladle, based on the end-use industry.
Refractory Market Regional Overview
Based on the region, the worldwide refractory market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to refractory industry analysis, the Asia-Pacific region leads the market in 2021, with significant market shares. This is due to increased production capability among steel and iron producers, where refractory components are commonly used for thermal stability reasons, as a result of rising consumption for steel and iron from a broad range of devices industry sectors, including all industrial, infrastructure and energy, automobiles, as well as others.
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Refractory Market Players
Some of the prominent refractory market companies are RHI AG, Corning Incorporated, Imerys, Morgan Advanced Materials, Sinosteel, VESUVIUS, TRL Krosaki Refractories Limited, HWI, Resco, Shinagawa Refractories, and Saint-Gobain.
Questions Answered By This Report
- What was the market size of Refractory Market in 2021?
- What will be the CAGR of Refractory Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Refractory Market?
- Which region held the largest share in Refractory Market in 2021?
- What are the key market drivers of Refractory Market?
- Who is the largest end user Refractory Market?
- What will be the Refractory Market value in 2030?
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