Refractories are inorganic and non-metallic materials that exhibit characteristic properties of high melting point and corrosion and heat resistance. They are primarily used in high temperature industrial processes to line furnaces, kilns and incinerators. Refractory products are used in applications such as steel production, cement production, petrochemicals production and glass manufacturing industries where high temperatures are commonplace. The global refractories market is driven by increasing demand from the iron and steel industry as refractories are extensively used in basic oxygen furnaces, electric arc furnaces, and slag tap furnaces of steel plants. The global Refractories Market is estimated to be valued at US$ 66,374.39 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends accelerating the growth of the refractories market is the increasing demand from the iron and steel industry. Refractories are indispensable materials in steelmaking as they form the lining of furnaces and ladles, where molten steel is produced and transported. According to the World Steel Association, steel demand has increased at a CAGR of 3.2% from 2015 to 2020. Rising steel consumption driven by growing construction activity and expansion of manufacturing industries especially in emerging economies is favoring market growth. The thermal and erosion properties offered by refractories ensure optimum production efficiency and service life of steel plants, thereby driving their adoption. Growth in the iron and steel production worldwide is anticipated to boost demand for refractories over the forecast period.
Segment Analysis
The global refractories market is segmented into form and application. Based on form, the fused cast refractories segment dominated the market in 2021. Fused cast refractories have excellent resistance to thermal shock at high temperatures, which makes them suitable for various applications including steelmaking, cement production, and glass production. Based on application, steel dominated the market with a share of around 40% in 2021. Refractories are used in various areas of steel production including blast furnaces, basic oxygen furnaces, and electric arc furnaces.
Key Takeaways
The global Refractories Market Growth is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: Asia Pacific accounted for the largest share of around 40% in the global refractories market in 2021. This can be attributed to strong steel production along with large cement and non-ferrous metal industries in China, India, and Japan. China alone accounted for over 50% of global steel production in 2021. With ongoing infrastructure development activities and growth of end-use industries, the demand for refractories is expected to increase fastest in Asia Pacific.
Key players: Key players operating in the refractories market are RHI Magnesita, Vesuvius, Krosaki Harima, Shinagawa Refractories, Saint-Gobain, Corning Incorporated, Coorstek Incorporated, and Morgan Advanced Materials. RHI Magnesita dominates the global market with a market share of over 15% in 2021. The company has a strong presence across major regions and end-use industries including steel, cement, and glass. Vesuvius and Krosaki Harima also have a significant market shares of around 10-12% each through their wide product portfolio and global footprint.
For more insights, read- https://www.ukwebwire.com/refractories-market-trends-size-and-share-analysis-2/
For more details on the report, Read- https://whotimes.com/change-harmony-exploring-the-dynamic-world-of-ion-exchange-membranes-for-applications/
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