Refractory Market Size Expected to Garner USD 43.6 Billion by 2030 growing at 4.4% CAGR - Exclusive Report by Acumen Research and Consulting
The Global Refractory Market Size is predicted to grow at a CAGR of 4.4% between 2022 and 2030, from USD 29.8 Billion in 2021 to USD 43.6 Billion by 2030, as per the Acumen Research and Consulting
The refractory market is undergoing significant changes in recent years, as a result of advancements in technology and increasing demand from various end-user industries such as iron and steel, ceramics, and cement. The increasing focus on energy efficiency and environmental sustainability is driving the development of new refractory materials that can withstand high temperatures and reduce energy consumption.
Refractories are materials that are capable of withstanding high temperatures without undergoing significant structural changes. They are used in high-temperature applications, such as furnace linings, kiln furniture, and crucibles, in various industries, including iron and steel, ceramics, and cement. Refractories are typically made of refractory ceramics, such as alumina, silicon carbide, and zirconia, which have high resistance to thermal shock and low thermal expansion. The properties of refractories make them ideal for use in high-temperature environments, where they provide thermal insulation and protect the underlying structure from damage. The growing need for energy efficiency and environmental sustainability has made refractories a crucial component in the steel, iron, cement, and ceramics industries. The trends toward the production of high-temperature materials and the rise of new applications have also led to a surge in the demand for refractory materials.
Refractory Market Statistics
- Global refractory market revenue collected USD 29.8 Billion in 2021, with a 4.4% CAGR between 2022 and 2030
- Asia-Pacific refractory market value gathered more than USD 8.9 Billion in 2021
- Steel production accounts for more than 30% of the global market for refractory materials
- By type, the clay segment capture over 55% of total market share in 2021
- Rising demand for steel production, fuels the refractory market size
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Refractory Market Trends
One of the major drivers of the refractory market is the increasing demand for steel production. Steel production requires the use of refractory materials to provide heat resistance and to maintain the temperature of the furnace during the manufacturing process. Additionally, the rise in the demand for iron and steel products, particularly in developing countries such as China, India, and Brazil, has also led to the market growth.
In recent years, the ceramics industry has been growing at a significant rate, driven by the increasing demand for high-performance ceramics in various applications such as electrical and electronic components, automotive, and medical devices. The production of high-performance ceramics requires the use of high-quality refractory materials, leading to the refractory market growth.
Another factor driving the growth of the refractory industry is the increasing demand for energy-efficient and environmentally sustainable solutions. The rise in environmental concerns has led to the development of low-emission and energy-efficient refractory materials, which are in high demand across various industries. Additionally, the trend towards the use of renewable energy sources has also led to the market expansion, as refractory materials play a crucial role in the production of renewable energy sources such as solar and wind power.
Refractory Market Segmentation
Acumen Research and Consulting has segmented the global refractory market by form, material, end-use industry, alkalinity, and region.
- By form, the industry is classified into bricks, monolithic and other.
- By material, the market is categorized into the non-clay, and clay.
- By end-use industry, the market is bifurcated into the nonferrous metals, teeming ladle, cement/lime, iron & steel, and glass ceramics.
- By alkalinity, the market is split into basic, acidic and neutral.
- By region, the market is segmented into Latin America, Asia-Pacific, North America, Europe, and the MEA.
Refractory Market Regional Overview
Geographically, Asia-Pacific holds the largest share of the refractory market. This growth is due to the presence of several developing countries such as China, India, and South Korea, which are experiencing rapid industrialization and economic expansion. The region is home to some of the largest steel, iron, cement, and ceramics producers, which require high-quality refractory materials for their production processes. Additionally, the rising demand for energy-efficient and environmentally sustainable solutions in these industries has led to the expansion of the regional market.
Another factor contributing to the growth of the refractory market in Asia-Pacific is the increasing demand for high-performance ceramics. The region is home to several leading ceramics manufacturers, which require high-quality refractory materials for the production of advanced ceramics used in various applications such as electrical and electronic components, automotive, and medical devices. Additionally, the growing demand for iron and steel products in the region has also led to the growth of the refractory market share, as steel production requires the use of refractory materials to maintain the temperature of the furnace during the manufacturing process.
Refractory Market Players
Some of the major refractory market companies are Saint-Gobain, Corning Incorporated, RHI AG, Shinagawa Refractories, HWI, TRL Krosaki Refractories Limited, Resco, Imerys, Sinosteel, Morgan Advanced Materials, and VESUVIUS.
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