Refractories Market – High Growth Rate Witnessed By Non-Metallic Minerals Industry

The report Refractories Market by Form (Shaped, Unshaped), Alkalinity (Acidic & Neutral, Basic), End-Use Industry (Iron & Steel, Glass, Cement, Non Ferrous Metal), and Region (Asia-Pacific, North America, Western Europe) – Global Forecast to 2022″, The global refractories market is projected to reach USD 36.17 Billion by 2022, at a CAGR of 3.89% between 2017 and 2022. By volume, it is projected to reach 56.83 Million tons by 2022, at a CAGR of 3.45%.

Infrastructural developments in developing countries and high growth rate witnessed by non-metallic minerals industry fuel the growth of the refractories market globally.

Refractories are non-metallic materials that are resistant to thermal stress and have high temperature sustainability. These materials are also resistant to thermal shock, are chemically inert, and have specific range of thermal conductivity and coefficient of thermal expansion. Refractories have applications in various end-use industries because of their unique properties. Contrary to conventional refractory materials, modern refractories are manufactured using specialized materials, which are durable, have better thermal shock resistance, slag & corrosion resistance, and low thermal expansion properties. These materials also have high mechanical strength under high pressure and high temperature, which can vary from very low to very high temperature (approximately 900° F to 2900° F). The market for refractories is growing rapidly in emerging countries, namely, China, Italy, France, Brazil, South Africa, India, and many others. The use of custom-made refractory materials for specific applications is also in demand, wherein manufacturers also develop superior materials by modifying properties of the used materials as per the end-use application requirements.

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By end-use industry, the refractories market is segmented into iron & steel, cement, non-ferrous metals, glass, and others, which includes automotive, chemicals, and petrochemicals.

The market is witnessing growth due to the increase in infrastructural developments in developing countries such as China, India, and Brazil and high growth rate witnessed by the non-metallic minerals industry. Growing demand for high-grade refractories from iron and steel industries is also an important factor driving the refractories market.

The refractories market size was USD 28.72 billion in 2016 and is projected to reach USD 36.17 billion by 2022, at a CAGR of 3.89% between 2017 and 2022.

The Asia-Pacific region is projected to be the fastest-growing market, in terms of both value and volume, during the forecast period. India is projected to be the fastest-growing refractories market in Asia-Pacific, accounting for a significant share of the demand for refractories in the region. It is a potential market owing to the extensive use of refractories in variety of end-use industries, such as iron & steel, glass, cement, non-ferrous, and others, which includes petrochemicals, automotive, and chemicals.

Refractories Market, Refractories, Refractory Market, Refractory
Refractories Market, by Region, 2022

 

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Unshaped refractories segment is the fastest-growing segment of the refractories market, by form. The demand for unshaped refractories is driven because unshaped refractories can be used in a variety of forms, such as plastic refractories, patching refractories, ramming mixes, castables, gunning mixes, fettling mixes, mortars, and others. These are used in many industries for improved resistivity from thermal stress, thermal shock, and mechanical properties with cost-effectiveness. Due to the aforementioned reasons, unshaped refractories is projected to be the fastest-growing segment of the global refractories market, by form.

Acidic & neutral is the fastest-growing segment of the refractories market, by alkalinity. Acidic & neutral refractories are the most commonly used refractories, having excellent load bearing & mechanical properties, better resistance to slag and spalling, fusion point >3362° F, high refractoriness, thermal insulation properties, and are inexpensive.

Glass is the fastest growing end-use industry segment for refractories. Refractories are extensively used in lining of furnaces in glass industry. The rapid growth in the glass industries due to its increasing requirement in building & construction activities and automotive sector drives its market globally, which further augments the growth of refractories market which are used in glass industry on a large scale.

Major players in the global refractories market undertook various development strategies during the past five years. New product launches/developments, expansions, and mergers & acquisitions are some of the key strategies undertaken by major manufacturers such as RHI AG (Austria), Saint-Gobain S.A. (France), Vesuvius Plc. (U.K.), Morgan Advanced Materials Plc. (U.K.), and Shinagawa Refractories Co., Ltd. (Japan). These strategies have helped enhance product portfolio and increase the market share of the aforementioned key players in the global refractories market.

 

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