Global Refractories Market Analysis Report

Market Insights

The refractories market is estimated to grow from USD 26.05 billion in 2022 to reach USD 32.62 billion by 2028 at a CAGR of 3.73% during the forecast period.

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What is refractory?

Refractories are materials that are resistant to decomposition by heat, pressure, or chemical attack and have a high melting point, capable of maintaining structural properties at very high temperatures. These are inorganic, porous, non-metallic, and heterogeneous, and are available in various forms such as bricks & shapes, monolithic, and others.

Key Players

The following are the key players operating in the market-

• Chosun Refractories
• CoorsTek Incorporated
• HarbisonWalker International, Inc.
• Imerys S.A.
• Krosaki Harima Corporation
• Morgan Advanced Materials
• RHI Magnesita N.V.
• Saint-Gobain
• Shinagawa Refractories Co., Ltd.
• Vesuvius PLC.

Market Dynamics

The refractories market is driven by a host of factors, some of which are noted below:

• Growing product demand from aerospace, automotive, electrical, glass, and cement industries, growth in the iron and steel industry,
• Rising demand for more energy-efficient techniques in steel making.
• Increasing steel production: Steel is one of the primary end-users of refractories. The growth of the steel industry, especially in developing countries.
• Expansion of infrastructure and construction activities: The expansion of infrastructure and construction activities around the world.
• Advancements in technology: The development of new technologies and materials is leading to the production of high-performance refractories that can withstand higher temperatures and harsher conditions.

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Restraints:

Refractories manufacturing processes emit harmful gases like PM and VOCs. These emissions occur during processes like crushing, grinding, calcining, and drying. In the US, regulations encourage the recycling of chrome-based refractories, primarily used in the iron & steel industry. In Europe, projects like ReStaR aim to improve testing standards. However, environmental regulations and restrictions on refractory materials hinder the growth of the refractories market. These regulations and restrictions hinder the industry's growth.

Opportunities:

Refractory grogs are recycled materials used in refractory processes, with high-quality refractories being used in other processes. The need for recycling has increased due to rising costs of raw materials and freight, as well as environmental pressures. Factors such as volatile demand, increased taxes on landfill sites, and the economic recession have pushed companies to adopt sustainable alternatives. Recycling refractories helps manufacturers reduce production costs, offering lucrative opportunities for market growth.

Challenges:

The refractories market, which accounts for 60% of the global market, is heavily reliant on the iron & steel industry, with the remaining 40% covered by end-use industries. The market's growth is threatened by the industry's downfall, as demand for refractories has been volatile. Despite rising demand from other industries and the global economic recovery, the refractories market's dependence on the iron & steel industry remains unchanged, posing significant challenges to its growth.

Segmentation

The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The refractories market is segmented into the following categories:

By Form Type:

• Bricks & Shapes
• Monolithic
• Others

By Composition Type:

• Clay-based
• Nonclay-based 

By Type:

• Acidic
• Basic
• Neutral

By Manufacturing Process Type:

• Dry Press Process
• Fused Cast
• Hand Molded
• Formed
• Unformed

By End-User Type:

• Iron & Steel
• Non-metallic Materials
• Non-ferrous Metals
• Others

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Segments Analysis

By Form Type

The market is segmented as bricks & shapes, monolithic, and others. Bricks & shapes are estimated to hold the major share of the market during the forecast period. These refractories are also known as performed refractories and are utilized for forming floor tiles, aches, and walls of various extreme-temperature process equipment.

The shape and production of refractories depend primarily on the size and structure of furnaces or other services where the utilization of refractories products can be done. Apart from the iron blast furnace, other lining works are composed of standard refractories already available in the market as only iron blast furnace requires refractories of brick of varied shapes and sizes.

By Composition Type

The market is segmented as clay-based and nonclay-based. The clay-based refractories segment is estimated to account for the major share of the market during the assessment period.  This clay-based refractory includes mullite ceramics, fire clays, etc., and is generally produced as monolithic, preformed bricks, and is also helpful in developing lightweight refractories in the form of blankets, fiberboards, and vacuum cast shapes.

By Type

The market is segmented as acidic, basic, and neutral. The neutral type segment is anticipated to hold the largest share of the market during the forecast period as these refractories cannot be attacked by acid or basic slags and hence, this is the most preferred type of product. This refractory includes graphite, zirconium carbide, chromite, silicon carbides, etc.

By Manufacturing Process Type

The market is segmented as dry press process, fused cast, hand-molded, formed, and unformed. The fused cast manufacturing process type is estimated to account for the major share of the market during the assessment period. The raw materials required for refractories in each manufacturing process are oxidized before melting by treating them with heat, so as to minimize the oxygen content needed for oxidizing molten refractories.

By End-User Type

The market is segmented into iron & steel, non-metallic materials, non-ferrous metals, and others. The Iron & steel segment is projected to witness a significant growth rate in the market during the forecast period. This refractory needs refractories to be used for various applications such as blast furnaces, process gas heaters, basic oxygen-making steel vessels, troughs, electric arc furnaces, and torpedo ladles. Further, China has a well-developed iron and steel market, representing an important factor fueling the refractories production in the country which is having a positive impact on the overall market during the assessment period.

Regional Analysis

Asia-Pacific is estimated to be the largest as well as the fastest-growing region in the market owing to growing production and research and development centers with China, Japan, and India being the major countries as the leading contributors in iron & steel, non-ferrous and glass industries during the assessment period.

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Factors such as growing industries owing to increasing per capita expenditure of the population and increase in urbanization are the major factors fueling the regional market progress over the assessment period. North America and Europe are also expected to offer substantial progress opportunities during the assessment period.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current segmentation of any one of the form types by end-user type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com. 

Recent Developments

On April 21, 2023, RHI Magnesita announced the acquisition of Seven Refractories' Europe, India, and US operations. Seven Refractories is a specialist supplier of non-basic monolithic refractory mixes with broad applications across all of the Company's customer segments, including iron and steel, cement, aluminium, and non-ferrous metals. The purchase will add to RHI Magnesita's current non-basic refractory portfolio and bring up new potential in the development of low CO2 emission industrial solutions.

On November 19, 2022, RHI Magnesita, the world's biggest producer of refractory materials, will purchase Dalmia Bharat Refractories Limited's (DBRL) Indian refractory business. The acquisition would greatly boost RHI Magnesita's footprint in the fast-growing Indian refractory sector, which is expected to rise by 12% in 2022 and by 7-8% compound annual growth rate through 2030.

On January 18, 2022, HarbisonWalker International (HWI) would invest roughly $25 million to turn its shuttered property in Fairfield, AL into Alabama One (AL1), an advanced refractories production, service, and distribution center for steel clients in the southern United States. Construction on the 200,000-square-foot complex will also start.