Refractories Market: Current Analysis and Forecast (2021-2027)

Refractories Market: Current Analysis and Forecast (2021-2027)

Refractories Market was estimated to be around 28 billion in 2020 and is anticipated to display a CAGR of around 4% over the forecast period (2021-2027). The global refractories market is experiencing significant growth due its applications in steel, iron, cement, glass industries. Increasing investments in automobile industry would lead to high demand for non-ferrous metals as they are widely used in automobile parts. Further, refractories of all types play a key role in the critical pyro-processing of all the major non-ferrous metals. Thus, with increase in production capacity of vehicles would escalate the demand for non-ferrous metals further helping the refractories market grow.

For instance, in July 2021, Maruti Suzuki India announced a USD 2.42 billion investment in a new manufacturing facility in Haryana, India with an installed capacity of 7.5-10 lakh units per annum; by increasing the production capacity.

RHI Magnesita Gmb, Harbinson Walker International Inc., Beijing Lier High Temperature Materials Co. Ltd., Imerys S.A., Intocast AG, Magnezit Group Europe GmbH, Posco Chemical Co., Puyang Refractories Group Co., Ltd., Refratechnik Holding GmbH, Compagnie de Saint-Gobain S.A. are some of the prominent players operating in the refractories market. Several M&As along with partnerships have been undertaken by these players.

Insights Presented in the Report

“Amongst Form, shaped refractories segment holds the major share.”

Based on the form, shaped refractories hold prominent market share as they meet the required conditions for the production of metal and non-metal industries. In addition, shaped refractories made of bricks form an insulation layer inside the ovens and kilns and are replaced periodically in order to meet the insulation standards set by customers. This the foremost reason why shaped refractories are used in fulfilling the heavy requirements.

“Amongst alkalinity, acidic & neutral refractories held lucrative market share in 2020.”

Based on alkalinity, the market is categorized into acidic & neutral and basic refractories. Of both, acidic & neutral refractories held a lucrative market share due to their resistance to high temperature and acidic slag conditions along with widespread applicability which help to boost its demand in the forecast year. Further, iron and steel industries are the among the major consumers of acidic refractories where acids are used for the treatment to obtain pure metallic products. In addition to this, few manufacturing processes require stable products like carbon and alumina thereby, driving the market for neutral refractories.

“Amongst Industry, iron & steel hold a prominent market share.”

Based on industry, market is sub-segmented into iron & steel, power generation, non-ferrous metal, cement, glass, and other industries. Iron & steel held lucrative market share in refractories market. Countries focuses to improve infrastructure would lead to high consumption of steel. Steel being the end use industry for refractory thus with increase in demand for steel the market of refractories would grow as well. According to The World Steel Association, the demand for steel will grow by 5.8% in 2021 to reach 1,874.0 million tons (Mt), after declining by 0.2% in 2020. Further in 2022 steel demand is likely to see further growth of 2.7% to reach 1,924.6 Mt. In addition, production of crude steel grew by 2.77% in 2020 as compared to 2018. Power generation and non-ferrous metals also hold a prominent market share due to rising power demand and growing automobile sector. For instance, global electricity generation rose by nearly 2% in 2019 as compared to 2018.

“Asia Pacific represents as the prominent region in the Refractories Market.”

For better understanding of the market penetration of refractories, the report provides a detailed analysis of major regions including North America, Europe, Asia Pacific, and the rest of the world. Rise in building & construction expenditures is driving the demand for refractories in commercial projects in emerging countries like China and India. In addition, the increasing urbanization makes way for increasing construction activities providing growth opportunity for the overall market. It increases the need of cement, iron, steel, glass and non-ferrous metals especially in the countries such as India, Japan, and China.

After COVID-19, Chinese economy benefited from the government’s implementation of various measures to stimulate the economy. Rising population and increasing purchasing power of consumers is helping the construction industry to grow at a very substantial rate. The construction sector had a fast recovery from April 2020, supported by infrastructure investment. This rise in construction activities would increase the market size of refractories which is necessary for the production of iron, steel, cement, glass, and other industries. In addition, China is heavily investing to improve its infrastructure which uses iron & steel, cement, glass, and power.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry