The Global Refractories Market is estimated to reach USD 37.3 Billion by 2024 at a CAGR of 4.3 %.
Refractories are the material that possess ability to withstand extremely high temperature i.e. around 3000°C without degrading. The refractory materials encompass of ceramics, minerals, and some super alloys which are used in modern manufacturing. These materials have higher capacity to resist heat than that of metals and thus can be used in various industrial application. Apart from high resistance to thermal stress, these materials have high capability to withstand the physical wear and corrosion caused by chemical agents. Owing to high ability to withstand high temperature condition, it is widely used in furnaces, ovens, kilns, and jet and rocket engines.
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Refractories Market: Drivers & Restraints
- Growing Demand from the Manufacturing Sector
The refractories play vital role in manufacturing sector, especially for production of glass, cement, and mineral processing, lime, etc. which can be further used for multiple application. The market growth is fueled by rising demand for temperature resistant, stiff, durable, cost effective materials to cater the booming manufacturing sector. The growing demand for various automotive vehicle, industrial equipment, cement, metals to carry out different purpose in anticipated to boost the market in the following years.
- Soaring Demand for Metals and Cement
Cement industry and metal especially steel industry operates in close proximity in order to minimize the production cost and imports of the respective country. The growth of the refractories market is projected to grow at a substantial pace owing to soaring demand for metals and cement. According to World Steel Association, demand for steel worldwide is anticipated to grow by 1.7% in 2020. The rising construction spending, increasing demand for residential apartments owing to ongoing urbanization is projected to gain promising market growth in the years to follow.
- Strict Environmental Regulation
Stringent environmental regulation imposed on emission of Hazardous Air Pollution (HAP) is projected to hinder the growth of this market. For instance, U.S Environment Protection Agency (EPA) has imposed regulation to meet the HAP emission standards on the refractory products manufacturing in order to minimize the air pollution and promote public health. Some of hazardous air pollutant emitted through refractories includes ethylene glycol, formaldehyde, hydrogen fluoride, methanol, phenol, and polycyclic organic matter among others.
Refractories Market: Key Segments
- Key Segments by Material: Alumina, Fireclays, Bauxite, Chromite, Dolomite, Magnesite, Silicon Carbide and Zirconia
- Key Segments by Chemical Composition: Acid Refractories, Basic Refractories and Neutral Refractories
- Key Segments by Application: Boilers, Furnaces, Kilns, Ovens and Others
- Key Segments by End Use: Steel and Metal Industry, Energy Industry, Chemical Industry, Glass Industry, Cement Industry, Petrochemical Industry, Waste Management and Others
- Key Regions Covered: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
Refractories Market: Report Scope
The report on the Refractories market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered
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List of the leading companies operating in the Refractories Market include:
- RHI Magnesita N.V. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- HarbisonWalker International
- Morgan Advanced Materials PLC
- Magnesita Refratários S.A
- Compagnie de Saint-Gobain S.A.
- Vesuvius plc
- Shinagawa Refractories Co., Ltd.
- Imerys S.A
- Corning Incorporated
- Coorstek Incorporated
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Refractories Market: Report Segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Refractories Market, by Material
- Silicon Carbide
Refractories Market, by Chemical Composition
- Acid Refractories
- Basic Refractories
- Neutral Refractories
Refractories Market, by Application
Refractories Market, by End-Use
- Steel and Metal Industry
- Energy Industry
- Chemical Industry
- Glass Industry
- Cement Industry
- Petrochemical Industry
- Waste Management
Refractories Market by Region
· Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
· North America (US, Canada, Mexico)
· Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
· Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
· South America (Brazil, Argentina, Rest of South America)
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