Market Size of Refractories Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 55.16 Million tons |
| Market Volume (2029) | 67.12 Million tons |
| CAGR (2024 - 2029) | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Refractories Market Analysis
The Refractories Market size is estimated at 55.16 Million tons in 2024, and is expected to reach 67.12 Million tons by 2029, growing at a CAGR of 4% during the forecast period (2024-2029).
Due to COVID-19, numerous countries were in lockdown, significantly affecting the global economy, and economic and industrial activities were temporarily halted. The refractories market also witnessed a repercussion in production and demand from the end-user industries, such as iron and steel, cement, energy and chemicals, ceramics, etc. Although in the post-pandemic period, the end-user industries are growing because of the growing demand for products after economies open up.
- Over the medium term, the significant factors driving the market studied are the strong growth of iron and steel production in emerging countries and the increased output of non-ferrous materials. The refractories are used for internal lining applications in iron steel and non-ferrous productions.
- Moreover, high demand from the glass industry is the primary factor driving the growth.
- On the flip side, due to increasing environmental awareness, government agencies and environmental agencies worldwide are laying down guidelines regarding the usage and disposal of refractories. It is likely to hinder market growth.
- The growth potential of the Indian steel industry is expected to provide new opportunities for the market studied.
- The Asia-Pacific region will likely 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 boost the iron and steel industry's growth significantly.
