• Stacy Lawlor

Global Refractories Market Size to grow USD 29.5 Bn in 2028


Refractories Market

The Global Refractories Market Size was valued at USD 25.7 Bn in 2021. The market is projected to grow USD 29.5 Bn in 2028, at a CAGR of 5.6%. Refractories are advanced ceramic materials that can endure high temperatures, thermal and mechanical abrasion, as well as chemical corrosion.


COVID-19 ANALYSIS

The global refractories market has been badly impacted with the outbreak of COVID-19. Due to the government measures including shutdown of manufacturing factories, lockdown, social distancing, the demand for refractories was declined during that time. The COVID-19 epidemic has imposed limitations such as lockdown and travel bans within country and within states, causing delays in logistics and deliveries in many sections of the regional market, as well as international exports and imports.

Refractories Market

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The significant rise of iron and steel production in emerging countries and increased production of non-ferrous materials are the primary factors driving the market examined. The major applications of refractories are internal lining applications in iron steel and non-ferrous manufacturing are covered by refractories. Recycling of refractories plays a significant role in lowering production costs, providing lucrative growth prospects for the market throughout the forecast period. Refractories come in a variety of shapes and sizes. Bricks are a conventional refractory material that used to account for the majority of refractory production, but monolithic refractories are now commonly employed due to their low cost, durability, and ease of installation. Refractories are used in a variety of sectors, including iron and steel, cement and ceramics, non-ferrous metals, and others. The refractories market would be boosted by the increasing prevalence of non-metallic minerals industry, developing infrastructure in emerging countries, and demand for refractories from the iron and steel industry. To extend their market for these products, some corporations are expanding their production facilities in different regions.


The Clay segment held the largest market share of the global refractories market attributing to the due to its lower cost than the non-clay category. Clay materials are used to make fireclay bricks and insulating products, which are widely used by iron and steel product manufacturers. The Bricks segment has dominated the market share in 2020 owing to the due to its hard and brittle structure which propel to boost its demand in the forecast year. Because of the high demand for such items from the metal and non-metal sectors across different applications is creating demand for the refractories market. The Iron & Steelmaking segment is dominated the market share in 2020 owing to the rising demand for infrastructure development, and in automobile industry as well.

Refractories Market

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The Asia-Pacific region is predicted to dominate the market with the greatest CAGR for global refractories market. Emerging economies such as China, Russia, Mexico, and South Africa are spending substantially in large-scale infrastructure projects that are expected to increase the iron and steel industry's growth significantly. However, North America region is anticipated to grow over the next few years owing to the increasing demand from the different industry applications, particularly the iron and steel and glass industries. In addition, the growing demand for the product for use in the aerospace industry is likely to propel the market in the region forward.


KEY INDUSTRY DEVELOPMENTS:

March 2021- Refratechnik Group made a strategic agreement with Höganäs Borgestad Group for the supply of refractory products to offer large product range, reduced lead times and increased flexibility.


June 2020- Morgan Advanced Materials acquired Carbo San Luis to strengthen and expand the network in Chile, Argentina, and Peru.


January 2020- RHI Magnesita (MORCO) has acquired Missouri Refractories Co., Inc. MORCO's manufacturing facility is located in the Midsouth region of the United States, and the company is looking to expand its business into new markets by adding over 400 high-quality monolithic mixes to its product portfolio to serve the steel, cement, and glass industries.


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https://extrapolate.com/Chemicals-and-Advanced-Materials/refractories-market/25622

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