The Refractories Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Refractories Global Market Report 2024, The refractories market size has grown steadily in recent years. It will grow from $27.64 billion in 2023 to $28.83 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to industrial revolution and steel production, growth in iron and steel industries, development of cement and glass industries, expansion of non-ferrous metal production, chemical and petrochemical industries demand.
The refractories market size is expected to see steady growth in the next few years. It will grow to $33.29 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to rise in infrastructure development, innovations in refractory design and application techniques, market penetration in emerging economies, adoption of high-temperature materials, shift towards sustainable refractories. Major trends in the forecast period include demand in steel industry, growth in cement production, rise in non-ferrous metals production, technological advancements in refractory materials, market expansion in developing economies.
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 tons 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 covered in this report 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
Major companies in the refractories market are focusing on product innovation, such as refractory metal powders for additive manufacturing. Refractory metals are a group of metallic elements that have exceptionally high melting points and are resistant to wear and corrosion. For instance, in September 2021, 6K Additive, a US-based advanced material company, launched refractory metal powders for additive manufacturing, targeting high-value materials such as tungsten, rhenium, tungsten or rhenium, and niobium-based powders. Refractory metals, such as tungsten and rhenium, are excellent candidates for additive manufacturing due to their high melting points. These materials are sought after for high-temperature, high-strength applications in various industries, including aerospace, defense, and medical.
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. Global Refractories Market Size and Growth
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26. South America Refractories Market
27. Brazil Refractories Market
28. Middle East Refractories Market
29. Africa Refractories Market
30. Refractories Market Competitive Landscape And Company Profiles
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