Latest News- Refractory Materials Market: Clay is expected to lead the Product Type segment during 2024-2028

The Refractory Materials Market is being driven by Increasing production capacity developments in steel industry

The Refractory Materials Market is expected to grow at a CAGR of 5.38% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7.7 billion. Monolithic refractories, characterized by their indefinite form and ability to be shaped upon application, are poised for significant growth in the refractories market. These refractories, composed of dry granular or cohesive plastic materials, are particularly popular in the steel industry due to their joint-free linings. Monolithic refractories are produced as suspensions that harden upon application, consisting of large refractories particulates, fine filler constituents, and a binder phase. Forms of monolithic refractories include castables, plastics, gunning mixes, mortar, and ramming mixes, which are expected to witness increased demand during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product Type
  • Clay
  • Non-clay
• Type
  • Shaped
  • Monolithic
• Application
  • Iron and steel
  • Non-metallic materials
  • Non-ferrous metals
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Russia
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing production capacity developments in steel industry
• Increase in demand for steel from end-user industries
• Increase in research and development activities by vendors

However, the market also witnesses some limitations, which are as follows:

• Fluctuation in cost of refractories raw materials and high energy consumption
• Static market conditions
• Environmental and recyclability concerns

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Market Scope in Refractory Materials Market Research Report

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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

According to Technavio, the global refractories materials market is a significant segment of the larger diversified metals and mining market, which encompasses businesses involved in the production or extraction of a range of metals and minerals, including non-ferrous metals such as lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium, as well as salt, borate, phosphate rock, and diversified mining operations. The global diversified metals and mining market's total size is determined by the consolidated revenue generated by these entities. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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