What Has Been the Growth Trajectory of the Refractories Market?
The refractories market has seen considerable growth due to a variety of factors.
• The size of the refractories market has seen a consistent increase in recent times. The market, which was valued at $28.41 billion in 2024, is expected to grow to $29.49 billion by 2025, recording a compound annual growth rate of 3.8%.
The historical performance of the market is attributed to a variety of factors such as the industrial revolution and the increase in steel production, the expansion of iron and steel sectors, the evolution of the cement and glass industries, the growth in non-ferrous metal production, along with the rising demand in chemical and petrochemical industries.
What is the Forecasted Market Size and CAGR for the Refractories Market?
The refractories market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the refractories market is projected to experience consistent growth, expected to reach $34.62 billion by 2029, with a compound annual growth rate (CAGR) of 4.1%.
Factors such as increased infrastructure development, advancements in refractory design and application methods, growing market penetration in emerging economies, the increased use of high-temperature materials, and a shift towards sustainable refractories contribute to this growth. The forecast period will likely witness trends including increased demand in the steel industry, rise in cement production, growth in non-ferrous metals production, innovative technological improvements in refractory materials, and further market growth in developing economies.
What Key Factors and Trends are Driving the Growth of the Refractories Market?
The refractories market is being propelled by the increasing demand for iron and steel. This surge in demand is attributed to the escalating construction of infrastructure and the expansion of the automobile and railway sectors. There's also a mounting interest in energy-efficient methods of steel production for refractories. Refractories have an essential role as lining materials for furnace working interfaces and backup zones during the process of iron and steel production. As per the India Brand Equity Foundation (IBEF) in October 2024, it's anticipated that steel usage will jump by 17%, reaching 110 million tons in FY22, primarily due to the rise in construction activities. Hence, the surging demand for steel and iron is propelling the refractories market forward.
What are the Market Segments in the Refractories Market?
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
Subsegments:
1) By Shaped Refractories: Brick Refractories, Precast Refractories, Monolithic Refractories
2) By Unshaped Refractories: Castables, Gunning Mixes, Ramming Masses, Mortars
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What Trends are Shaping the Refractories Market?
Technological progression is a notable trend in the refractories market. Artificial intelligence and machine learning are utilized in the production of refractories to enhance efficiency. The data collected during the in-situ analysis, including images, can be fed into machine learning models. These models offer insights that permit companies to make precise predictions about the lifespan of the product, as well as the optimal conditions such as temperature in the reactor for yielding the desired product like steel, glass, or cement while minimizing the refractory layer. RHI Magnesita N.V., an Austria-based firm that supplies refractory products, systems, and services, leverages AI to learn from its production data. Its Automated Process Optimization (APO) system aggregates all the data from a specific production process and provides projections about refractory material upkeep and replacement.
Who Are the Key Players in the Refractories Market?
Major companies operating in the refractories market include:
• Saint-Gobain SA
• Kyocera
• Imerys
• RHI Magnesita GmbH
• Vesuvius
• Minerals Technologies Inc.
• Shinagawa Refractories Co Ltd.
• Morgan Advanced Materials
• Calderys
• CoorsTek
• Puyang Refractories Group Co Ltd.
• Harbisonwalker International
• Dalmia-OCL
• Resco Products Inc.
• Intocast AG
• Allied Mineral Products
• Zircar Refractories Ltd.
• Chosun Refractories
• Magnezit Group
• IFGL Refractories Ltd.
• Krosaki Harima Corporation
• Orient Refractories Limited
• Refratechnik
• Refractarios Alfran
What are the Regional Insights into the Refractories Market?
Asia-Pacific was the largest region in the refractories market in 2024. The regions covered in the refractories market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
