Global Refractories Market Synopsis

The Refractories market was worth USD 25.3 Billion in 2023. As such, the forecast that the market is expected to reach USD 33.83 Billion by 2030 with a CAGR of 3.7% over the period from 2023 to 2030.

Refractories are ceramic materials designed to withstand the very high temperatures (over 1,000°F [538°C]) encountered in modern manufacturing. More heat-resistant than metals, they are used to line the hot surfaces found inside many industrial processes.

• In addition to being resistant to thermal stress and other physical phenomena induced by heat, refractories can withstand physical wear and corrosion caused by chemical agents. Thus, they are essential to the manufacture of petrochemical products and the refining of gasoline.
• Refractory products generally fall into one of two broad categories: preformed shapes or unformed compositions, often called specialty or monolithic refractories. Then, there are refractory ceramic fibers, which resemble residential insulation, but insulate at much higher temperatures. Bricks and shapes are the more traditional form of refractories and historically have accounted for the majority of refractory production.
• Refractories come in all shapes and sizes. They can be pressed or molded for use in floors and walls, produced in interlocking shapes and wedges, or curved to fit the insides of boilers and ladles. Some refractory parts are small and possess a complex and delicate geometry; others, in the form of precast or fusion-cast blocks, are massive and may weigh several tons.
• The market is influenced by several factors, including industrial growth, technological advancements, and environmental regulations. As industries expand, particularly in emerging economies, the demand for refractories rises. For instance, the construction boom in countries like China and India has propelled the demand for refractories in cement and steel production.

Global Refractories Market Trend Analysis

Booming Construction Activity

• The global refractories market is experiencing significant growth, largely propelled by booming construction activity worldwide. Refractories, essential materials used in high-temperature industrial processes, are in high demand across various sectors such as steel, cement, glass, non-ferrous metals, and petrochemicals. The surge in construction projects, particularly in emerging economies like China, India, and Brazil, has been a key driving force behind the robust growth of the refractories market.
• In the steel industry, which is one of the largest consumers of refractories, the ongoing infrastructure development and urbanization projects have led to an increased demand for steel production. As a result, refractory materials used in steelmaking processes such as blast furnaces, converters, and ladles are witnessing heightened demand.
• The construction of new infrastructure, including residential buildings, commercial complexes, and transportation networks, necessitates the use of refractories in various applications such as furnaces, kilns, and boilers. The growth of the construction sector, particularly in developing regions, is fueling the demand for refractories in industries like cement and glass manufacturing.
• The expanding petrochemical industry, driven by rising energy consumption and industrialization, is contributing to the increased demand for refractories. Refractory linings are crucial for maintaining the integrity of high-temperature reactors and furnaces used in petrochemical processes, thereby driving market growth. The growing focus on sustainability and energy efficiency is driving innovation in refractory materials, with manufacturers developing eco-friendly and high-performance products to meet the evolving needs of end-users.

Growth of the steel industry Creates an Opportunity for the Global Refractories Market

• The steel industry modernizes and expands, there's a continuous need for refractories to line the immense furnaces and vessels used in steelmaking. This demand is driven by innovations in steel production techniques, such as electric arc furnaces and ladle refining processes, which require durable refractory materials to withstand extreme temperatures and chemical reactions.
• The global infrastructure development, particularly in emerging economies, fuels the demand for steel and consequently refractories. Projects ranging from skyscrapers to transportation infrastructure rely heavily on steel, thus boosting the need for refractories in steel production.
• Environmental regulations are pushing steel manufacturers towards more energy-efficient and sustainable production methods. This transition often involves the adoption of advanced refractory materials that improve thermal efficiency and reduce emissions, creating additional opportunities for refractory suppliers. The increasing focus on recycling and circular economy practices in the steel industry creates demand for refractories that can withstand the harsh conditions of metal recycling processes.

Global Refractories Market Segment Analysis:

Global Refractories Market Segmented because of Form, Alkalinity, and End-Use Industry.

By Form, the Shaped Refractories segment is expected to dominate the market during the forecast period.

• The dominance of shaped refractories is their widespread usage across diverse industries such as iron & steel, cement, glass, and non-ferrous metals. In the iron & steel industry, shaped refractories are indispensable for lining furnaces, ladles, and other high-temperature equipment essential for metal production. Similarly, in the cement and glass industries, shaped refractories are crucial for lining kilns and furnaces, enabling efficient and continuous production processes.
• Moreover, advancements in manufacturing technologies have led to the development of high-performance shaped refractories with enhanced thermal stability, mechanical strength, and chemical resistance, further bolstering their demand across industries.

By End-Use Industry, the Iron & Steel segment held the largest share of 47.1% in 2022.

• The iron and steel industry stands as the cornerstone of the global refractories market, wielding significant influence due to its indispensable need for refractory materials. Refractories, vital for withstanding high temperatures in various industrial processes, find extensive application in iron and steel production. Blast furnaces, converters, ladles, and other equipment crucial to iron and steel manufacturing rely heavily on refractories to withstand extreme heat and chemical corrosion.
• This dominance is driven by the perpetual demand for steel, a fundamental material in the construction, automotive, and infrastructure industries worldwide. As emerging economies continue to urbanize and industrialize, the demand for steel remains robust, further fueling the need for refractories.

Global Refractories Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast Period

• With rapid industrialization and urbanization, countries in this region such as China, India, Japan, and South Korea are witnessing significant growth in industries like steel, cement, glass, and non-ferrous metals, all of which are major consumers of refractories. Additionally, ongoing infrastructure development projects further fuel the demand for refractory materials.
• Moreover, the Asia Pacific region benefits from abundant reserves of raw materials required for refractory production, ensuring a steady supply chain. Furthermore, favorable government initiatives, increasing investments in research and development, and technological advancements in manufacturing processes contribute to the region's dominance in the market.

Global Refractories Market Top Key Players:

• RHI Magnesita (Austria)
• Vesuvius (United Kingdom)
• Krosaki Harima Corporation (Japan)
• Saint-Gobain (France)
• Shinagawa Refractories Co., Ltd. (Japan)
• Calderys (France)
• Morgan Advanced Materials (United Kingdom)
• HarbisonWalker International (United States)
• Refratechnik Holding GmbH (Germany)
• Puyang Refractories Group Co., Ltd. (China)
• IFGL Refractories Ltd. (India)
• Orient Refractories Ltd. (India)
• Chosun Refractories Co., Ltd. (South Korea)
• Vitcas (United Kingdom)
• Kelsen Refractories Sdn. Bhd. (Malaysia)
• Calderys India Refractories Limited (India)
• ANH Refractories (United States)
• Refratechnik Steel GmbH (Germany)
• Didier (France)
• Rath Group (Austria), Other Active players

 Key Industry Developments in the Global Refractories Market:

• In March 2024:  RHI Magnesita announced to acquire of Resco Group, a US-based producer of alumina monolithics and a wide range of basic and non-basic refractories, for an enterprise value of up to $430 million.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. REFRACTORIES MARKET BY FORM (2017-2030)
   1. REFRACTORIES MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. SHAPED REFRACTORIES
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. UNSHAPED REFRACTORIES
7. REFRACTORIES MARKET BY ALKALINITY (2017-2030)
   1. REFRACTORIES MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. ACIDIC & NEUTRAL
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. BASIC
8. REFRACTORIES MARKET BY END USER INDUSTRY (2017-2030)
   1. REFRACTORIES MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. IRON & STEEL
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. POWER GENERATION
   5. NON-FERROUS METALS
   6. CEMENT
   7. GLASS
9. COMPANY PROFILES AND COMPETITIVE ANALYSIS
   1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. REFRACTORIES Market Share By Manufacturer (2022)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
   2. RHI MAGNESITA (AUSTRIA)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
   3. VESUVIUS (UNITED KINGDOM)
   4. KROSAKI HARIMA CORPORATION (JAPAN)
   5. SAINT-GOBAIN (FRANCE)
   6. SHINAGAWA REFRACTORIES CO., LTD. (JAPAN)
   7. CALDERYS (FRANCE)
   8. MORGAN ADVANCED MATERIALS (UNITED KINGDOM)
   9. HARBISONWALKER INTERNATIONAL (UNITED STATES)
   10. REFRATECHNIK HOLDING GMBH (GERMANY)
   11. PUYANG REFRACTORIES GROUP CO., LTD. (CHINA)
   12. IFGL REFRACTORIES LTD. (INDIA)
   13. ORIENT REFRACTORIES LTD. (INDIA)
   14. CHOSUN REFRACTORIES CO., LTD. (SOUTH KOREA)
   15. VITCAS (UNITED KINGDOM)
   16. KELSEN REFRACTORIES SDN. BHD. (MALAYSIA)
   17. CALDERYS INDIA REFRACTORIES LIMITED (INDIA)
   18. ANH REFRACTORIES (UNITED STATES)
   19. REFRATECHNIK STEEL GMBH (GERMANY)
   20. DIDIER (FRANCE)
   21. RATH GROUP (AUSTRIA), OTHER ACTIVE PLAYERS
10. GLOBAL REFRACTORIES MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Form
       4. Historic And Forecasted Market Size By Alkalinity
       5. Historic And Forecasted Market Size By End User Industry
       6. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
11. INVESTMENT ANALYSIS
12. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies