Growing Demand From Iron And Steel Industry Accelerates Growth In The Refractories Market

Refractories are ceramic materials that are resistant to chemical or physical erosion and high temperatures. They are used extensively in high-temperature processes like iron and steel manufacturing, cement, and glass production. Refractories are crucial for building furnace linings and providing thermal insulation in industries with melting and heat-treating processes. Their ability to withstand extreme temperatures makes them vital furnace components.

The global refractories market is estimated to be valued at US$ 57616.65 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing demand from the iron and steel industry has been a major factor fueling demand in the global refractories market. Refractory materials are critical for furnace linings and insulation in steelmaking. Around 60% of refractory production is consumed by steel plants for use in blast furnaces, basic oxygen furnaces, steel ladles, and soaking pits. Rapid industrialization and infrastructure growth has augmented steel demand worldwide, propelling iron and steel output. This in turn has accelerated consumption of refractories in iron and steel plants over the past few years. Expanding steel capacity in Asian economies such as China and India has significantly boosted refractories adoption. Going forward, robust growth of the construction sector which will further augment steel demand is expected to continue driving the refractories market over the forecast period.
Segment Analysis

The global refractories market is dominated by the iron and steel sub-segment. Refractories are extensively used in the iron and steel industry for manufacturing furnaces and reactors used for steel production. They are used to line the interior walls of furnaces, ladles, and various metallurgical reactors as they are capable of enduring extremely high process temperatures without melting or cracking. The iron and steel industry accounts for more than 50% of global refractories consumption due to the large-scale use of refractory materials in blast furnaces, basic oxygen furnaces, electric arc furnaces, and ladles.

Key Takeaways

The global Refractories Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis indicates that Asia Pacific region currently dominates the market and is expected to maintain its lead position during the forecast period. The growth can be attributed to rising steel consumption driven by rapid industrialization and infrastructure development activities in countries like China and India. 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.

Regional analysis indicates that Asia Pacific region currently dominates the global refractories market with around 55% share. China represents the largest consumer as well as producer of refractories globally. The growth in the region can be attributed to rapidly expanding iron and steel and cement industries in China and India. The growing infrastructure and construction activities have increased the demand for steel and cement, thereby driving refractories consumption. Europe is another major refractories market globally. Countries like Germany, Italy, and UK have presence of major steel producers which drive the demand for refractories in the region. North America is expected to witness decent growth during the forecast period led by recovery in the manufacturing sector after COVID-19 pandemic in the region.

Key players operating in the refractories market are focusing on expanding their production capacities and geographical footprint through acquisition strategies to leverage growth opportunities. For instance, RHI Magnesita acquired certain refractory assets ofDalmia Bharat Cement in 2019 strengthen its leadership position in the Indian market. Similarly, Vesuvius acquired larger insulating fireproofing business of Boston Refractories Inc. in North America to enhance its product portfolio.

For more insights, read- https://www.ukwebwire.com/refractories-market-trends-size-and-share-analysis/