Dublin, June 19, 2024 (GLOBE NEWSWIRE) -- The "Global Refractories Market by Form (Shaped Refractories, Unshaped Refractories), Alkalinity (Acidic & Neutral. Basic), End-Use Industry (Iron & Steel, Non-Ferrous Metals, Cement, Power Generation, Glass), and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The latest global market analysis reveals that the refractories market is on a consistent upward trajectory, anticipated to grow from USD 34.3 billion in 2024 to USD 42.4 billion by the end of 2029. This solid growth, occurring at a CAGR of 4.4%, is fueled by a spectrum of factors including burgeoning industrialization, particularly in emerging economies, and escalated demand from essential industries such as iron, steel, cement, power generation, and glass.
Acidic & Neutral refractories, composed mainly of materials like silica and alumina, are projected to retain a commanding share of the market. Their remarkable resistance qualities against acidic and basic environments, coupled with high versatility, render them indispensable across various industrial domains. Predominantly leveraged by the glass, cement, and ceramics industries, these refractories are recognized for their ability to maintain high-performance standards under demanding chemical and thermal conditions.
Shaped Refractories Maintain Market Dominance
Within the market, shaped refractories continue to prevail as the dominant segment. Owing to their structural precision and high adaptability, these refractories are extensively utilized for their durability, thermal insulation, and easy installation properties. Industries that require equipment with standardized configurations, such as steelmaking, glass production, and cement manufacturing, find shaped refractories indispensable to their operations.
Iron & Steel Industry Continues to Lead End-Use Segments
The Iron & Steel industry remains a significant contributor to the refractories market, accounting for approximately 60-70% of the overall demand. Critical to high-temperature sectors, refractory materials are integral to maintaining structural integrity and operational efficacy in environments otherwise conducive to corrosion and extreme heat. The advancements and scaling of operations in this industry further amplify the demand for cutting-edge refractory solutions.
Asia Pacific Region Dominates Global Refractories Market
Asia Pacific is reported to dominate the refractories market, thanks to the region's substantial industrial output and commitment to infrastructural development. A strategic mix of policy support, technological investments, and workforce development has poised the region to sustain its leadership status in the refractories market, with significant contributions from key regions including North America and Europe, all of which reflect a synergistic influence on the market's direction and dynamics.
The findings underscore the significant role refractories play across a variety of industries that rely on materials capable of enduring the rigors of high-temperature processes. As the market continues to evolve, these studies provide valuable insights for stakeholders looking to understand the market's trajectory and capitalize on prevailing opportunities.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 283 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $34.3 Billion |
| Forecasted Market Value (USD) by 2029 | $42.4 Billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
Companies Featured
- RHI Magnesita
- Vesuvius
- Krosaki Harima Corporation
- Imerys
- Shinagawa Refractories Co. Ltd.
- Saint-Gobain
- Calderys
- IFGL Refractories Limited
- Elkem
- POSCO Future M
- CoorsTek, Inc.
- Puyang Refractories Group Co. Ltd.
- Resco Products
- Refratechnik Holding GmbH
- Plibrico Company, LLC
- Ruitai Materials Technology Co. Ltd.
- Chosun Refractories
- Magnezit Group
- KAEFER SE & Co. KG
- Almatis GmbH
- Allied Minerals Products, Inc.
- S1Seven
- H2 Green Steel
- ElectraSteel Incorporated
- Carbon Re
- Greenway Steel
For more information about this report visit https://www.researchandmarkets.com/r/vx67ud
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
