Global Market Research Reports : Ken Research: Global Refractories Industry

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Wednesday, January 25, 2023

Global Refractories market expected to record a CAGR of ~ 5% during the forecast period (2017-2028): Ken Research

What Is The Size Of Global Refractories Industry?

Global Refractories market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.

The Refractories market is witnessing robust growth owing to the growing demand for refractories in the iron and steel industry. The refractories market is majorly driven by factors such as global urbanization, industrialization, increasing demand for automotive industries, and a rise in demand for iron and steel in the construction industry.

The growth of the construction industry was in full swing before the COVID-19 pandemic hit its development. Despite a slowdown faced for a period of nearly six to eight months, the industry has revived quite positively.

It is expected that India’s construction industry to grow at ~% CAGR from 2019-2028. Apart from India, China, the Philippines, and several other Middle Eastern countries are expected to showcase more than an ~% growth rate. For the Philippines, the construction industry accounts for nearly ~% of the country’s GDP. The use of automation, and advanced construction techniques have been contributing to its growth along with a high demand for iron and steel.

The refractory products are important for all high-temperature processes in the making of metals, cement, glass, and ceramics. The lockdown in various countries led to supply chain disruption, hindering the market’s growth rate.

$Global Refractories market Revenue$

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Global Refractories market by Product type

The Refractories Market is segmented by Product type on the basis of Non-Clay Refractories (magnesite brick, zirconia brick, silica brick, chromite brick and other products.) and Clay Refractories (high alumina, fireclay, insulating).

Clay Refractories segment held the largest market share in 2022 of the Global Refractories Market, owing to its low cost compared to the non-clay segment.

Many clay products and refractory manufacturing companies are using robotics and automation to improve plant efficiency and productivity. For, instance according to Boston Consulting Group (BCG), millions of industrial robots are expected to be deployed by 2025, thus indicating a rise in automation and robotics technology

The global Refractories market has been segmented on the basis of Form into Bricks & Shaped and Monolithic & Unshaped.

The Bricks and Shaped segment held the largest market share in 2022 of the Global Refractories Market.

Bricks are used to form an insulation layer inside ovens and kilns and are replaced periodically to meet the insulation ratings set by the customer. It is required in the metal and non-metal industries. This is one of the major factors for the brick and shaped segment to dominate the global refractories market by form.

Iron and steel manufacturing, cement manufacturing, and glass production prefer shaped refractories for thermal insulation purposes in incinerators, furnaces, and reactors. Steel is utilized more in vehicle production as compared to glass, hence an increase in brick and shaped segments.

Global Refractories market by Alkalinity

The Refractories Market is segmented by Alkalinity on the basis of Acidic, Basic & Neutral.

The basic segment held the largest market share in 2022 of the Global Refractories Market.

The basic refractory material contains magnesia, dolomite, and limestone and is stable to alkaline material but reacts to acid. The most commonly used basic refractory brick is magnesite brick. As it is resistant to alkaline slag and iron slag, therefore, is applied to the converter lining and furnace bottom.

The rising demand for magnesite in the construction industry due to its excellent adhesive, fire resistance, and high bonding strength is escalating the demand for basic refractories in recent times.

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Key Topics Covered in the Report

Snapshot of Global Refractories Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of Global Refractories Market
Historic Growth of Overall Global Refractories Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter’s 5 Forces Analysis of the Global Refractories Industry
Overview, Product Offerings, and SWOT Analysis of Key Competitors
Covid 19 Impact on the Overall Global Refractories Market
Future Market Forecast and Growth Rates of the Total Global Refractories Market and by Segments
Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
Analysis of Refractories Market
Major Production / Consumption Hubs in the Major within Each Region
Major Production/Supply and Consumption/Demand Hubs within Each Major Country
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Region

Leading Companies Mentioned in the Report

RHI Magnesita
Vesuvius PLC
Shinagawa Refractories Co., Ltd.
Krosaki Harima Corporation
Saint Gobain SA
IMERYS
Chosun Refractories
Puyang Refractories Group Co., Ltd.
IFGL Refractories Ltd.
Refratechnik
Resco Products
Morgan Advanced Materials

Notable Emerging Companies Mentioned in the Report

Haripriya Refractories Pvt. Ltd.
Universal Refractories, Inc.
Possehl Mexico, SA DE CV
Continental refractories Private Ltd.
Alsey Refractories Company
Christy Refractories Company L.L.C.
Wuxi Nanfang Refractories Co., Ltd.

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

Refractories Manufacturers
Research and Development Institutes/In-house Researchers
Mining Companies
Packaging Companies
Raw Material Production Companies
Industrial Equipment & Machinery Manufacturers
Recycling organizations
Banking and Financial Service Providers
Iron and Steel Industry Participants
Cement Industry Participants
Ceramic Industry Participants
Energy and Chemical Industry Participants
Refractories Industry Association
Government Department of Heavy Industries
Ministry of Power

Time Period Captured in the Report

Historical Period: 2017H-2021H
Forecast Period: 2022E-2028F

For More Information on the Research Report, refer to below links: –

Global Refractories Market

Monday, October 10, 2022

5 Key Insights on US$ 35 Bn Opportunity in Global Refractories Market

Driven by the Strong Mechanical Strength, and Growing Demand from the Iron and Steel Industry the Global Refractories Market is forecasted to Cross US$ 35 Bn by 2028 says Ken Research Study.

Refractory materials are non-metallic minerals possessing chemical and physical properties. It is resistant to decomposition by heat, pressure, or chemical attacks and retains its strength and form. Refractories are more heat resistant than metals and are used to line the hot surfaces inside industrial processes. “Ken Research shares 5 key insights on this high opportunity market from its latest research study”

1. The Soaring Infrastructure Development and Growing Steel Industry Augmenting the Demand Refractories

The Global Refractories Market is expected to witness positive growth during the forecast period, owing to its strong mechanical strength and its resistive property of decomposition by heat, pressure, or chemical attacks.

According to Ken Research estimates, the Global Refractories Market is estimated to be about US$ 25 Bn by 2022 and is expected to grow further to more than US$ 35 billion opportunity by 2028, witnessing growth at a CAGR of 5% during the forecast period 2022- 2028. Asia- Pacific is the most dominating region in the global refractories market. As the refractories market has no alternative and has wide applications, therefore it holds a minimum threat to be replaced by any substitute in the near future.

According to the World Refractories Association, one ton of steel requires approximately 10-15 kg of refractories to line the furnace in which it is produced. Without the protective material property of refractories, the furnace could not contain the molten steel.

2. Iron and Steel Surge in Automotive Sector Drives the Market Growth; High Demand for Refractories Observed

The demand for refractories is increasing due to an increase in demand for various industries like the automotive industry, energy and chemical industry, and others. The rise in demand for iron and steel in the automotive industry due to the surge in EVs is adding to the growth of the refractories market.

Organisation Internationale des Constructeurs d’ Automobile (OCIA), in 2021 quoted approx. 80.15 million vehicles were produced around the world, witnessing a growth rate of 3% compared to approx. 77 million vehicles in 2020, thereby enhancing the consumption of refractories for the manufacturing of vehicle body parts.

3. Overdependence on the Iron and Steel Industry, Companies Face Limited Opportunities in Market Expansion

The over-dependence of the refractories market on the iron and steel industry is a major challenge for the refractory market. The lining of a reactor, transport vessel or kiln uses a wide range of refractory products including bricks, monolithic, and high-temperature insulation wool. Refractories provide mechanical strength, protection against corrosion, and thermal insulation.

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According to World Refractories Association, 70% of the refractories are sold to the steel industry and the rest 30% of the share is covered by other end users like power generation, cement, glass, petrochemical, chemical, and paper & pulp. Thus, the downfall of the iron & steel industry would lead to a decline in the refractories market, restraining the market to grow.

4. A Significant Market Share held by the Brick and Shaped Segment, Also Likely to Showcase High Growth

The Refractories market is anticipated to be dominated by the brick and shaped segment during the forecasted period. The shaped bricks are specially made for particular kilns and furnaces and are generally machine-pressed. Furthermore, owing to its high use in metal and non-metal industries, the brick and shaped segment is likely to hold a significant market share.

For instance, according to China’s Five-Year Plan unveiled in January 2022, the construction industry is estimated to grow at a CAGR of 6% in 2022, hence indicating more production of steel leading to the growth of brick and shaped segment.

5. Asia Pacific Recognized as Largest Regional Market, Manufacturing and Industrialization Chipping in Aggressively

Asia Pacific is expected to dominate the Global Refractories Market during the forecast period. In Asia Pacific region, China is the largest economy having a large number of manufacturing and production industries in the world. As China possesses local availability of raw materials it dominates the refractories market in terms of consumption and production.

According to World Steel Association, China is the largest producer of steel in the world. The country's annual crude steel production capacity stood at 1,032.8 metric tons in 2021, registering more than 50% of global production, thus creating market opportunities for refractories in the country. Furthermore, China is experiencing massive growth in its construction sector. According to the National Bureau of Statistics of China, in 2021, the construction output in China was valued at approx. US$ 4 trillion, hence driving the demand for the refractories market.

For more information on the research report, refer to the below link:

Global Magnesite Brick Refractories Market

Related Report –

Global Natural Fiber Reinforced Composites Market

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3 Key Insights on Competitive Landscape in Global Refractories Market

Few Diverse Global Players Dominate the Market Holding Majority Revenue Share Despite Presence of about ~500 Competitors Comprising a Large Number of Country-Niche Players and Some Specialist Players, finds a recent market study on Global Refractories Market by Ken Research

Refractory is a material that, at high temperatures, is resistant to decomposition by heat, pressure, or chemical attack and retains strength and form. Refractory materials can withstand heavy thermal, mechanical abrasion, and chemical corrosion at high temperatures. It is used for various industries like iron and steel, cement, glass, paper, and pulp industry.

Ken Research shares 3 Key Insights on the Competitive Landscape of this high opportunity market from its latest research study.

Global Players Constitute ~10% of the Total Number of Competitors, While Regional Companies Hold 30% Share in 2021.

A comprehensive competitive analysis conducted during the Research Study found that the Global Refractories Market is highly competitive with ~500 players, including globally diversified players, regional players, and a large number of country-niche players with their niche in advancement in refractories manufacturing for multiple end-user industries. The country’s niche players in the refractories market mainly focus on strong R&D to identify and service small segments of the market in developing countries, especially in India, China, and South Asian countries.

RHI Magnesita, IMERYS, and Puyang Refractories Group Co. Lt. are among the leading players in the refractories market globally.

Acquisition and Mergers Drive the Major Players in formulating their key strategies

Detailed comparative analysis of key competitors available within the Research Study shows that numerous companies such as IMERYS, Vesuvius PLC, Morgan Advanced Material, and more are highly focused on providing a significant number of refractories solutions and advanced techniques that can be used across end-user industries. Furthermore, Numerous companies and organizations are strategically going for multiple acquisitions and mergers.

In Aug 2020, IMERYS, a company with a specialty in the mineral industry signed an agreement for the acquisition of the remaining 60% of Haznedar group, a Turkish-based high-grade monolithic refractories, and refractory bricks manufacturer. With this, it will expand into basic and acidic refractory bricks and extend its competitive production base in Turkey, strategically located between Europe, the Middle East, and Africa.
In December 2021, Vesuvius PLC, a global leader in molten metal flow engineering and technology serving the steel and foundry industries acquired Universal Refractories, Inc. With this acquisition Vesuvius is likely to expand its presence amongst electric furnace steel producers, further strengthening its foundry business in North America.

Covid-19 Pandemic Limited Refractories Growth, Affecting Manufacturing Plants

Refractories product manufacturing declined during the Covid-19 pandemic. The initial spread of the virus led to the shutdown of iron and steel, cement, and glass manufacturing plants. The reduction of this material led to the shortage of refractories production, as the construction in various countries stopped. The manufacturing and construction industry also witnessed a shortage of employees, thus slowing down the production of cement and glass companies resulting in the decline of refractories products.

According to the National Bureau of Statistics of China, in 2021, China’s investment in residential construction was valued at approx. US$ 1,745 million with a 6.4% increase compared to the previous year, thus indicating the rise in the construction industry post-pandemic, providing the growth opportunity for the refractories market.