Refractory Materials Market Size to grow by USD 6.55 billion between 2023-2027
According to a research report “ Refractory Materials Market” by Application (Iron and steel, Non-metallic materials, Non-ferrous metals, Others) Type (Shaped, Monolithic) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 6.55 billion, at a CAGR of 4.84% during the forecast period. The global steel industry has experienced significant expansion over the past decade, with steel-making capacity increasing steadily in spite of various challenges. This trend is anticipated to continue throughout the forecast period due to new investment plans being implemented in various regions. Approximately 55 million tons of new capacity additions are currently in the planning stages and are projected to come online during this period. The surge in crude steel production capacities worldwide has led to a corresponding increase in steel production volumes. This growth dynamic is a testament to the industry's resilience and its ability to adapt to market demands..
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By Application, the Iron and steel segment is projected to dominate the market size in 2024
The refractories materials market is significantly influenced by the iron and steel industry, which accounts for over 70% of the market's consumption. Refractories are essential components in various steel production processes, including blast furnaces, air and process gas heaters, basic oxygen steelmaking (BOS) vessels, steel and torpedo ladles, troughs, reformers, and electric arc furnaces. The iron and steel industry is a critical supplier to numerous sectors such as construction, automotive, aerospace, and industrial machinery. Demand for iron and steel products from these industries will significantly impact the demand for refractories materials. The Asia Pacific region is the largest consumer of refractories materials in the iron and steel industry.
By Type, Shaped segment is expected to hold the largest market size for the year 2024
In the realm of refractory materials, shaped refractories play a pivotal role, particularly in the steel industry, where they are employed extensively for furnace lining applications. These refractories, which include hydraulically pressed bricks, fused cast bricks, and isostatically pressed products, are manufactured with precise shapes and dimensions to ensure optimal performance. For specific applications, such as kilns and furnaces, hand-molded bricks with unique shapes are utilized. Shaped refractories are engineered with numerous air spaces, rendering them effective insulators. The heat transfer occurs only through the solid particles constituting the bricks, making them an indispensable component in high-temperature processes.
APAC is forecasted to hold the largest market size by region in 2024
The Asia Pacific (APAC) region holds the largest market share in the global refractories materials market and is projected to continue leading the industry growth throughout the forecast period. This dominance is primarily driven by the increased production of crude steel in the region, particularly in countries like China, Indonesia, South Korea, and India. These nations are witnessing a surge in industrial, commercial, and residential development, leading to heightened demand for iron and steel products such as slabs, plates, rebars, and sheet pilings. The presence of both emerging and developed economies in APAC significantly contributes to the region's market expansion.
The Refractory Materials Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Refractory Materials Market is witnessing competitive dynamics due to the increasing demand from various industries, particularly the automotive sector and rapid infrastructure development. According to industry reports and government websites, the market is expected to grow significantly in the coming years. Refractory materials are essential in industries that require high temperatures for their processes, such as manufacturing units for steel, cement, glass, and chemicals. These materials undergo both chemical and physical changes when exposed to elevated temperatures, making durability a crucial factor. Heat-resistant materials, including insulation for surfaces, floors, walls, reactors, furnaces, kilns, and building parts like doors and windowpanes, are in high demand. Industry journals report that the automotive sector is a significant consumer of refractory materials due to the increasing production of electric vehicles and the need for high-temperature components. Thermal insulation is another essential application of refractory materials, which is critical in various industries. The demand for refractory materials is expected to increase due to the growing need for energy efficiency and cost savings in industrial processes. In conclusion, the refractory materials market is poised for growth due to the increasing demand from various industries, particularly the automotive sector and infrastructure development. The market's competitive dynamics are driven by factors such as durability, insulation, and the need for heat-resistant materials in various applications, including reactors, furnaces, kilns, and building parts.
Market Research Overview
The Refractory Materials Market encompasses a wide range of industries, including the Iron & Steel sector, Chemical manufacturing industry, Transport sector, Mining, Metal fabrication, Oil & gas sector, and Cement production. The Basic segment of refractory materials is extensively used in the production of cement, iron & steel, and in the manufacturing of glass. The Fireclay segment finds applications in cement manufacturing, particularly in the production of clinker and in the lining of kilns and furnaces. The Building & Construction sector utilizes refractory materials for roads and bridges, smart cities, and construction infrastructure. The Shaped segment is used in various industries, including the automotive sector, for manufacturing parts such as doors, windowpanes, and glass. Secondary raw materials and recycled refractory materials are gaining popularity due to their cost-effectiveness and sustainability. However, the use of refractory materials can pose health risks, including silicosis, upper respiratory irritation, and skin irritation. Maximum concentration limits for alumina and silica have been set to mitigate these risks. Key players in the refractory materials market include Calderys, Durability, Insulation, Surfaces, Floors, Walls, Reactors, Elevated temperatures, Industrial processes, and Chemical changes. The market is driven by rapid infrastructure development, mobility restrictions due to the pandemic, accommodative policies, and government spending in developing and developed economies. Industry journals and government websites provide insights into the competitive dynamics, key strategic developments, and geographical presence of major players in the refractory materials market. The market is segmented based on business segments, such as iron & steel production, oil & gas sector, cement manufacturing, and glass manufacturing. Heat-resistant materials are used in manufacturing units, thermal insulation, furnaces, kilns, and building parts.
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