Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Refractory Bricks Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”, forecasts that the market for refractory bricks is expected to grow at a CAGR of around 5.9%.
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Asia Pacific registers fastest growing CAGR for refractory bricks market during the analysis period of 2021 to 2028
Asia Pacific is projected to account 7.5% CAGR during the analysis period of refractory bricks market. The WorldBank report states that South Asia is home to nearly a quarter of total refractory brick production. As refractory bricks forms an integral part of the construction industry it has gained high prominence responsible for the growth of market. Additionally, the pandemic had adverse impact on the construction sector that is sensitive to economic cycles. On the other hand, construction holds much potential for stimulating recovery, GDP, creation of jobs and in turn recovery measures that support the sector's transformation towards sustainability. However, disruption witnessed in demand and supply of raw materials in the construction sector refractory bricks has faced severe ramification.
Apart from that, Indian steelmaker depends heavily on refractory bricks import from China, sourcing more than 40% of raw materials from China. The Indian Government thrust on Atma Nirbhar Bharat represents an opportunity for domestic refractory manufacturers for enhancing domestically manufactured refractory utility in integrated steel plants, both in terms of quality and quantity.
Key takeaway of refractory bricks market
As per the report released by the US Environmental Protection Agency, principle end-use markets for refractory products involve the iron and steel, cement, and non-ferrous metal industries. The steel industries consume the largest percentage of refractory, with an estimated 50-80% of the refractory bricks production. Refractory products are used in the steel industry to line coke ovens, blast furnaces, blast furnace stoves, basic oxygen vessels, electric furnaces, open-hearth furnaces, and other heat-related manufacturing equipment. Therefore, refractory bricks products manufacturing facilities are typically located near to their end-use industries.
The global refractory bricks market is segmented based on type, application, and material. Based on type, the market is bifurcated into unshaped and shaped. By application, the market is segregated as furnaces, metallurgy, kilns, incinerators, and others. By materials, the market is segregated as alumino-silicates, silicon carbides, and ceramic bricks. Based on type, shaped refractory bricks segment contributes major share of the global market by accounting revenue of US$13,442.0 Mn in 2020. Based on application, furnace segment contributes major share for the overall market growth. Furthermore, based on material segment, alumino-silicate segment records dominant share the market growth during the analysis period of 2021 to 2028. As silica bricks refer to refractory bricks with more than 29% Sio2 content it is the main type of refractory bricks. This is one of the key factors that contribute for the segmental growth of market ultimately contributing for the overall market growth.
The prominent players of the global refractory bricks market include J. R. Refractory, ArcelorMittal Refractories, Melbourne Fire Brick Company, Darley Firebrick, TRL Krosaki, Rath Group, Industrial Minerals and Refractories, Vitcas, Blue Refractories Liaoning Co., Ltd., Dalmia OCL, and among others
The market for refractory bricks market is highly competitive and fragmented due to the presence of large number of multinational as well as local players. The leading players are constantly looking to increase their share in the market.
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