Refractory Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030

The Global Refractory Market Size accounted for USD 29.8 Billion in 2021 and is projected to occupy a market size of USD 43.6 Billion by 2030 growing at a CAGR of 4.4% from 2022 to 2030.

Refractories are inorganic nonmetallic material which can resist high temperature without undergoing physico-chemical changes while remaining in contact with molten slag, gases and metal. Mainly to meet the range of processing conditions with different properties, it is essential to produce range of refractory materials. For various applications, the refractory range includes chemically, fired and carbon bonded materials that are made in different combinations and shapes. Refractory is required to minimize heat losses from the reaction chamber and allow thermal energy dependent conversion of chemically reactive reactants into products because metallic vessels are not suitable. The materials used for refractory should be able to resist high temperature, load at service conditions, sudden changes of temperature, and chemical and abrasive action of phases. Also the refractory material should not infect the materials with which it is in contact. The cost and quality of steel products are vitally impacted by refractory materials. Increasing demand for high quality refractory is due to diversification of steel products and their required cleanliness. In addition, steelmaking requires temperatures in the order of 1600ºC and steelmaking handles required high temperature phases like molten steel, slag and hot gases. High quality refractory at a cheaper cost is the major necessity as the cost of refractory adds into the cost of product.

Refractory Market Report Statistics

• Global refractory market revenue is estimated to reach USD 43.6 Billion by 2030 with a CAGR of 4.4% from 2022 to 2030
• As per the Global Construction Perspective, the worldwide construction industry will grow by 85% by 2030
• Asia-Pacific refractory market share generated over 30% shares in 2021
• North America refractory market growth will record substantial CAGR of over 5% from 2022 to 2030
• According to our analysis, Europe steel production accounts for 15% throughout the world
• Based on type, clay recorded around 55% of the overall market share in 2021
• Among end-use industry, iron & steel generated shares of over 59% in 2021
• Recycling of refractory materials is a popular refractory market trend that is fueling the industry demand

Global Refractory Market Dynamics

Market Drivers

• Growth in infrastructural development in emerging countries
• Surging demand from the iron & steel industry
• Increasing production of chemicals
• Mounting usage of refractories by non-metallic minerals industry

Market Restraints

• Rising environmental concerns for the use of refractories
• High dependency of raw materials from China

Market Opportunities

• Surging trend of recycling refractory materials
• Increasing technological advancements to minimize adverse environmental impact

Refractory Market Report Coverage

Refractories Market Growth Factors

Owing to the rising demand of high performance refractories along with the increasing production of steel, glass materials and cement is witnessing the steady growth in the market across the globe. The prominent end-user of the refractories include iron & steel, non metallic minerals such as glass & ceramic and nonferrous metals. The most dominating end use industry is iron and steel which accounted for more than 59% of overall consumption in 2021 and is expected to continue its dominance throughout the forecasted period. The production of steel has reduced drastically which has hindered the global refractory consumption across the globe. Furthermore, high growth in other end-use industries namely, lime, glass, and ceramic has balanced the consumption of overall market. Moreover, other factors driving the market growth include growing construction industry across the globe due to considerable growth in demand for glass and ceramic industry.

Refractories Market Segmentation

The global refractory market is segmented based on material, form, alkalinity, end-use industry, and geography.

Refractory Market By Material

• Clay
• Non-Clay

According to refractory industry analysis, the clay-based material sub-segment accounted for significant market share in 2021. Clay refractories are typically manufactured in the form of bricks. Additionally, clay-based refractories in the form of bricks are used to line parts of the interiors of blast furnaces, coke ovens, and blast-furnace stoves facilitating the growth of the refractories market.

Refractory Market By Form

• Monolithic & Other Unshaped
• Bricks & Other Shapes

According to our refractory market forecast, the bricks & other shapes sub-segment is anticipated to hold a prominent market share from 2022 to 2030. The major share of the market is credited to the high requirements of such products from the metal and non-metal industries. However, monolithic & unshaped refractory is anticipated to be the fastest-growing segment during forecast period. The continuous R&D activities taking place in this segment is attributed to the rapid growth of unshaped refractories segment. Moreover, the availability of unshaped refractories in different compositions caters to the specific requirements of different end-use industries which make it the most preferable and fastest growing segment in the market

Refractory Market By Alkalinity

• Acidic and Neutral
• Basic

Based on alkalinity, the basic sub-segment generated significant market revenue during the forecast period. Magnesite, dolomite, and magnesia-chrome are chemically resistant to bases used in the manufacturing of products such as ferrous and cement metals. Because demand for these materials is increasing significantly, demand is expected to increase significantly during the forecast period.

Refractory Market By End-Use Industry

• Iron & Steel
• Cement/Lime
• Nonferrous Metals
• Glass Ceramics
• Teeming Ladle

In terms of value, iron and steel accounted for the greatest share in 2021 and is expected to maintain this trend in the coming years. This was due to rising demand for infrastructure development as well as rising demand for consumer goods like automobiles. The growing inclination for high-cost, high-performance refractories is pushed by the need to improve quality of life, health, and the environment, as well as shift to clean, alternative manufacturing sources.

Refractories Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Refractory Market Regional Analysis

The refractory market analysis is provided for major regional markets including North America, Europe, China, Southeast Asia, Japan, India, and rest of the world followed by major countries. For each region, the market size and volume for different segments has been covered under the scope of report. Asia-Pacific region is anticipated to held largest market share, followed by Africa, Eastern Europe, and Central and South America. Increasing growth in steel industry, cement and other heavy manufacturing industries are the major factors to boost the shares of all refractory volume gains in China. Rise in volume of refractories consumed is mainly because of the economic conditions in areas such as the U.S., Western Europe, and Japan and output of ferrous metals. Owing to the efficient manufacturing techniques, it will be more difficult to reduce consumption in developing countries compared to less developed countries as there is rise in output gains and rise in demand of refractory.

Refractory Market Players

Some of the global refractory companies included in the report are RHI AG, VESUVIUS, Corning Incorporated, TRL Krosaki Refractories Limited, Imerys, HWI, Morgan Advanced Materials, Resco, Sinosteel, Shinagawa Refractories, and Saint-Gobain.