Companies covered in refractories market are Beijing Lier High Temperature Materials Co., Ltd. (China), HarbinsonWalker International (U.S.), Intocast Group (Germany), Alsey Refractories Co. (U.S.), Magnezit Group (Russia), Imerys (France), Posco Chemical (South Korea), RHI Magnesita (Austria), Saint-Gobain (France), Vesuvius (U.K.), Puyang Refractories Group Co., Ltd. (China), Refratechnik (Germany), Ruitai Materials Technology Co., Ltd. (China), Kaefer (Norway), Plibrico Company, LLC (U.S.), Krosaki Harima Corporation (Japan) and others.
Pune, India, April 25, 2022 (GLOBE NEWSWIRE) -- The global refractories market size reached $32.25 billion in 2021. The market valuation is predicted to rise from $33.01 billion in 2022 to $44.82 billion by 2029, registering a CAGR of 4.5% during 2022-2029. The growth of this market is driven by increasing demand across major industrial sectors including iron, steel, and other metals, glass, cement, paper & pulp, and petrochemicals.
Refractory customization to meet the global demand will further drive the market growth, says Fortune Business Insights™, in its report titled “Refractories Market, 2022-2029."
Weakened Demand Across Key End-Use Sectors Affected Market Dynamics
The COVID-19 pandemic impacted refractories market growth significantly. Despite refractory production being an essential service, supply chain uncertainty and subsequent lack of raw materials such as binders and non-clay sands dented the growth prospects for this market. The slowdown of automotive, construction and other key sectors impacted the market trends. However, the recovery of these sectors post-pandemic will strengthen the market outlook over the forthcoming years.
List of Key Players Profiled in the Refractories Market Report:
Beijing Lier High Temperature Materials Co., Ltd. (China)
HarbinsonWalker International (U.S.)
Intocast Group (Germany)
Alsey Refractories Co. (U.S.)
Magnezit Group (Russia)
Imerys (France)
Posco Chemical (South Korea)
RHI Magnesita (Austria)
Saint-Gobain (France)
Vesuvius (U.K.)
Puyang Refractories Group Co., Ltd. (China)
Refratechnik (Germany)
Ruitai Materials Technology Co., Ltd. (China)
Kaefer (Norway)
Plibrico Company, LLC (U.S.)
Krosaki Harima Corporation (Japan)
Segments:
According to form, the market is bifurcated into monolithic & unshaped and bricks & shaped.
By product, the market share is broken down into clay and non-clay.
Based on alkalinity, the market is bifurcated into basic and acidic & neutral.
In terms of end-use industry, the market is split into iron & steel, cement, glass, non-ferrous metals, and others.
Geographically, the market share is segmented into North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific.
Drivers & Restraints:
Proliferating Trend of Refractory Customization to Transform Market Outlook
In recent years, development of refractories from combination of various materials has gained traction. For example, magnesia materials and chromium oxide are combined together to form magnesia-chrome refractory. Customization results in numerous performance benefits such as higher refractoriness and exceptional resistance to chemical corrosion. Additional benefits include resistance to high temperatures and wear & tear.
Asia Pacific Refractories Market Value Stood at USD 20.76 Billion in 2021
Asia Pacific is slated to dominate the global refractories market share during 2022-2029. In 2021, the regional market reached a valuation of USD 20.76 billion. Growth is attributable to increasing steel production in Asia Pacific countries. The World Steel Association reports that the region constitutes more than 70% of the world’s steel production, with China alone accounting for nearly 50%.
The market in North America is driven by the expanding iron, steel, and glass sectors. Meanwhile in Europe, growth will be influenced by rising demand across automotive sector.
Report Coverage:
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Competitive Landscape:
Major Market Players Adopt New Strategies to Accelerate Growth & Expansion
With the presence of major international companies as well as local emerging players, the global refractories market share is fairly fragmented. Several players are adopting new strategies such as collaborations, new product launches, acquisitions, mergers, and R&D investments as part of their growth and expansion goals. Many companies are also expanding their production capacities to meet the global market demand.
Browse Detailed Summary of Research Report with TOC:
Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
Latest Technological Advancement
Insights on Regulatory Scenario
Porters Five Forces Analysis
Qualitative Insights on Impact of COVID-19 on Global Refractories Industry
Supply Chain Analysis & Challenges due to Covid-19
Steps taken by Government / Companies to Overcome this Impact
Potential Challenges and Opportunities due to COVID-19 Outbreak
Global Refractories Market Analysis, Insights and Forecast, 2018-2029
Key Findings / Summary
Market Size Estimates and Forecast - By Form (Value and Volume)
Bricks & Shaped
Monolithics & Unshaped
Market Size Estimates and Forecast - By Product (Value and Volume)
Clay
Non Clay
Market Size Estimates and Forecast - By Alkalinity (Value and Volume)
Acidic & Neutral
Basic
Market Size Estimates and Forecast - By End-Use Industry (Value and Volume)
Iron & Steel
Non-Ferrous Metals
Glass
Cement
Others
Market Size Estimates and Forecast - By Region (Value and Volume)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Notable Industry Development:
October 2021 - Intocast acquired Pyrol, a manufacturer and trader of refractory products and casting auxiliaries in Mexico. With this acquisition, Intocast bought the majority stake in Pyrol. This development would help the company to expand the business in South America and North America, which will help to offer better faster service, customer proximity, and shorter delivery routes.
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
