|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
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The refractories market was valued at over 50,000 kiloton in 2021, and it is expected to register a CAGR of greater than 5% during the forecast period (2022-2027).
Due to COVID-19, numerous countries were in lockdown, which significantly affected the global economy, the economic and industrial activities came to a temporary halt, and the refractories market also witnessed a repercussion in terms of both production and demand from the end-user industries, such as iron and steel, cement, energy and chemicals, ceramics, etc.
· Over the medium term, the major factors driving the market studied are the strong growth of iron and steel production in the emerging countries and the increase in the production of non-ferrous materials. The refractories are used for internal lining applications in iron steel and non-ferrous productions.
· Moreover, high demand coming from the glass industry is the major factor driving the growth.
· On the flip side, due to the increasing environmental awareness, government agencies and environmental agencies across the world are laying down the guidelines regarding the usage and disposal of refractories. This is likely to hinder market growth.
· The Asia-Pacific region is likely to dominate the market and register the highest CAGR. Emerging countries like China, Russia, Mexico, and South Africa are investing heavily in large-scale infrastructure projects, which are expected to significantly boost the growth of the iron and steel industry.
Scope of the Report
A refractory or refractory material is a material that, at high temperatures, is resistant to decomposition by heat, pressure, or chemical attack and retains strength and form. Refractories are used as a primary material for internal linings in large industrial equipment for their safe, low-maintenance, and cost-effective operations. The refractories market is segmented by product type, end-user industry, and geography. By type, the market is segmented into non-clay refractories and clay refractories. By non-clay refractories, the market is segmented into magnesite brick, zirconia brick, silica brick, chromite brick, and other non-clay refractories. By clay refractories, the market is segmented into high alumina, fireclay, and insulating refractories. By end-user industry, the market is segmented into iron and steel, energy and chemicals, non-ferrous metals, cement, ceramic, and glass. The report also covers the market size and forecasts for the refractories market in 15 countries across the major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton).
|Iron and Steel|
|Energy and Chemicals|
|Other End-user Industries (Paper and Pulp, Lime Production)|
Key Market Trends
Increasing Demand from the Iron and Steel Industry
- The iron and steel industry is the major end users of refractories, which accounts for around 60% of the market. These materials can withstand high temperatures, ranging from 260°C (500°F) to 1850°C (3400°F), without any major change in their physical properties.
- The major applications of refractories in the iron and steel industry include usage in internal linings of furnaces to make iron and steel, in furnaces for heating steel before further processing, in vessels for holding and transporting metal and slag, in the flues or stacks through which hot gases are conducted, and other applications.
- According to the World Steel Association, global steel production reached about 1950.5 metric ton in 2021, registering an increase of 3.7% compared to 1880.4 metric ton in 2020. This indicates the demand prospect prevailing in the global market, which is instrumental in driving steel production activities.
- In terms of consumption, Asia-Pacific is currently the largest consumer of refractories in the iron and steel industry, followed by Europe and North America. In North America, the United States is expected to witness the highest growth rate in the consumption of refractories in this industry during the forecast period.
- In the European Union, a mild recovery in demand for steel continues while improving the economic sentiments and investment conditions. However, uncertainties in the political landscape related to the refugee crisis and Brexit are some of the risks to the economic condition. The demand for steel in the region is anticipated to grow at a slow pace over the forecast period.
- All the aforementioned factors are expected to drive the global market during the forecast period.
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China to Dominate the Asia-Pacific Region
- In the Asia-Pacific region, China is the largest economy and has one of the largest manufacturing and production industries in the world. China dominates the refractories market in terms of consumption and production due to the local availability of raw materials, such as magnesite.
- The iron and steel industry consumes the largest portion of refractories globally and in China as well. Moreover, growing construction activities are creating demand for the production of iron and steel in the country and have been driving the growth of the refractories market in recent times.
- China is the largest producer of steel in the world. In 2021, the country's annual production capacity of crude steel stood at 1,032.8 metric ton, registering more than 50% of global production. This huge demand for steel in the country projects market opportunities for refractories.
- Furthermore, China is experiencing massive growth in its construction sector. According to the National Bureau of Statistics of China, in 2021, the construction output in China was valued at approximately CNY 29.31 trillion. Thus, it is likely to provide a huge demand in the market studied.
- Furthermore, in 2021, electric vehicle sales in China skyrocketed by 154%, with total electric vehicle sales of 3.3 million units in 2021, up from 1.3 million in 2020. This is in accordance with the Ministry of Finance of China's statement to provide financial subsidies for new electric vehicles, as they will be exempted from vehicle purchase tax between January 1, 2021, to December 31, 2022.
- Overall, the demand for refractories in China and the Asia-Pacific region is expected to grow at a significant rate during the forecast period.
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The refractories market stands to be fragmented in nature, where the top five companies cater to about 34%-35% of the global market demand. The major players (not in any particular order) include RHI Magnesita GmbH, Vesuvius, Krosaki Harima Corporation, Shinagawa Refractories Co. Ltd, and Saint-Gobain.
- In May 2021, ArcelorMittal Refractories, a part of the ArcelorMittal Group, entered a partnership agreement with Krosaki Harima Corporation. The companies will carry out tasks to optimize production capacities and expand ArcelorMittal Refractories’ portfolio of refractory products using Krosaki Harima’s manufacturing technology.
- In June 2021, Imerys started the production at its new Vizhag refractory plant. The Imerys Group invested INR 350 crores in creating the facility to cater to domestic customers. The new plant will supply the refractory as well as the construction market with calcium aluminate binders.
- In March 2021, the Refratechnik Group and Höganäs Borgestad Group entered a strategic agreement for the supply of refractory products.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growing Iron and Steel Production, Especially in Asia-Pacific and Middle East
4.1.2 Increase in the Production of Non-ferrous Materials
4.1.3 High Demand from the Glass Industry
4.2.1 Environmental Concerns and Health and Safety Issues
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Non-clay Refractory
18.104.22.168 Magnesite Brick (Dead Burned Magnesia, Fused Magnesia, and Caustic Calcined Magnesia)
22.214.171.124 Zirconia Brick
126.96.36.199 Silica Brick
188.8.131.52 Chromite Brick
184.108.40.206 Other Product Types (Carbides, Silicates)
5.1.2 Clay Refractory
220.127.116.11 High Alumina
5.2 End-user Industry
5.2.1 Iron and Steel
5.2.2 Energy and Chemicals
5.2.3 Non-ferrous Metals
5.2.7 Other End-user Industries (Paper and Pulp, Lime Production)
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle-East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Chosun Refractories
6.4.2 Harbisonwalker International
6.4.3 IFGL Refractories Ltd
6.4.5 Krosaki Harima Corporation
6.4.6 Magnezit Group
6.4.7 Minerals Technologies Inc.
6.4.8 Morgan Advanced Materials
6.4.10 Resco Products Inc.
6.4.11 RHI Magnesita GmbH
6.4.12 Shinagawa Refractories Co. Ltd
6.4.15 INTOCAST AG
6.4.16 Puyang Refractories Group Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growth Potential of the Indian Steel Industry
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Frequently Asked Questions
What is the study period of this market?
The Refractories Market market is studied from 2017 - 2027.
What is the growth rate of Refractories Market?
The Refractories Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in Refractories Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Refractories Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Refractories Market?
Krosaki Harima Corporation, RHI Magnesita GmbH, Vesuvius, SHINAGAWA REFRACTORIES CO.,LTD., Saint-Gobain are the major companies operating in Refractories Market.