Refractories Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Refractories Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global refractories market size reached US$ 25.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.

Refractories refer to various inorganic, non-metallic, porous and heterogeneous materials that are designed to withstand high industrial temperatures and pressures. Some of the most common types of refractory materials include fireclay, high alumina minerals, silica, magnesite, chromite, etc. They are manufactured using such materials as these are resistant to mechanical and thermal stress, corrosion from solids, liquids and gases, mechanical abrasion and gas diffusion. They are used in boilers and furnaces to contain heat and protect the processing equipment from intense temperatures. They are available in a wide variety of shapes and sizes that can be pressed or molded as per the required dimensions. Owing to this, they find extensive applications across various sectors, including iron and steel manufacturing, energy, chemical, non-ferrous metals, glass, cement and ceramics.

Significant growth in the steel industry across the globe is one of the key factors creating a positive outlook for the market. The market is further driven by rising infrastructural activities, especially in developing nations. In comparison to the traditionally used tools, refractories have higher-temperature resistance, are more convenient to install and can manufacture bricks in customized shapes. There is also a widespread adoption of unshaped refractories for various construction applications. Additionally, technological advancements and the emerging trend of recycling refractory materials for manufacturing steel are also creating a positive impact on the market. Other factors, including the growing demand for non-ferrous metals, along with the increasing utilization of aerospace, automotive, medical, electrical and construction castings, are projected to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global refractories market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on form, alkalinity, manufacturing process, composition, refractory mineral and application.

Breakup by Form:

Shaped Refractories
Unshaped Refractories

Breakup by Alkalinity:

Acidic and Neutral
Basic

Breakup by Manufacturing Process:

Dry Press Process
Fused Cast
Hand Molded
Formed
Unformed

Breakup by Composition:

Clay-Based
Nonclay-Based

Breakup by Refractory Mineral:

Graphite
Magnesite
Chromite
Silica
High Alumina
Zirconia
Others

Breakup by Application:

Iron and Steel
Cement
Non-Ferrous Metals
Glass
Others

Breakup by Region:

North America

United States
Canada

Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Chosun Refractories Eng Co. Ltd., Compagnie de Saint-Gobain S.A., Coorstek Inc., Imerys Usa Inc., Krosaki Harima Corporation, Morgan Advanced Materials Plc, Refratechnik Holding GmbH, RHI Magnesita GmbH, Vesuvius Plc, etc.

Key Questions Answered in This Report:

How has the global refractories market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global refractories industry?
What is the breakup of the market based on the form?
What is the breakup of the market based on the alkalinity?
What is the breakup of the market based on the manufacturing process?
What is the breakup of the market based on the composition?
What is the breakup of the market based on the refractory mineral?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global refractories market and who are the key players?
What is the degree of competition in the industry?