The Refractories Global Market Report 2023 by The Business Research Company, provides refractories market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Refractories Global Market Report 2023, the global refractories market grew from $26.55 billion in 2022 to $27.91 billion in 2023 at a compound annual growth rate (CAGR) of 5.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The refractories market is expected to grow to $31.25 billion in 2027 at a CAGR of 2.9%.
Growing demand for iron and steel is driving the refractories market. The demand for iron and steel is growing due to expanded infrastructure building and the growing car and railway industries. The rising demand for energy-efficient steel-making techniques for refractories is estimated to grow. Refractories are crucial lining materials for furnace working interfaces and backup zones during iron and steel manufacturing. According to India Brand Equity Foundation (IBEF), steel consumption is predicted to rise by 17% to 110 million tonnes in FY22, owing to increased construction activity. Therefore, the increasing demand for steel and iron drives the market for refractories.
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The refractories market is segmented:
1) By Form: Shaped Refractories, Unshaped Refractories
2) By Alkalinity: Acidic And Neutral, Basic
3) By Refractory Mineral: Bauxite, Alumina, Kaolin, Magnesia, Graphite, Zircon
4) By End-Use Industry: Iron And Steel, Power Generation, Non-Ferrous Metals, Cement, Glass, Other End-Users
Technological advancement is a key trend in the refractory market. Artificial intelligence and machine learning are used to produce refractories to gain efficiency. Images and other data collected during in-situ analysis can be input into machine learning (ML) models. These models provide insights that allow companies to make accurate predictions on the product’s running time and the parameters and conditions (such as temperature) inside the reactor that is optimal for receiving the desired product, whether steel, glass, or cement while keeping the refractory layer to a minimum. RHI Magnesita, an Austria-based supplier of refractory products, systems, and services, uses AI to learn from production data. Its Automated Process Optimization (APO) system collects all available data regarding a specific manufacturing process and provides predictions about refractory material maintenance and replacement.
The refractories market report table of contents includes:
1. Executive Summary
2. Refractories Market Characteristics
3. Refractories Market Trends And Strategies
4. Refractories Market – Macro Economic Scenario
5. Refractories Market Size And Growth
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26. Africa Refractories Market
27. Refractories Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Refractories Market
29. Refractories Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- RHI Magnesita
- Morgan Advanced Materials
- Shinagawa Refractories
- Saint-Gobain
- Chosun Refractories
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