Refractories Market Research Report: By Alkalinity (Acidic & Neutral and Basic), By Form (Shaped, Unshaped) and By Application (Glass, Cement, Iron & Steel, Non-ferrous Metals) - Forecast till 2030

Refractories Market Overview

Refractories Market is projected to be worth USD 32.81 billion by 2030, registering a CAGR of 4.79% during the forecast period (2021 - 2030), The market was valued at USD 24.46 billion in 2020.The report discusses the rising market trends and the ability of the end-use industries to expand the market scope. 

COVID 19 Analysis

The refractories market size was focusing on its global expansion at a good rate before the outbreak of the novel coronavirus in the last quarter to 2019 followed by 2020. The WHO declared the coronavirus outbreak as a pandemic that not only proved to be a major game-changer but also introduced new market patterns and demand but also brought major changes in the preferences and demand of the global market audience. The COVID-19 pandemic has brought along restrictions like lockdown and bans on inter and intra-state travel which has been resulting in delays in logistics and deliveries in various parts of the regional market and the international exports and imports, as well.

The global public authorities are collaborating with the private sector entities for raising a dependable amount of funds that will help add innovation and creation for the production of market products and services. The global market players are investing in research and developmental activities that will have opportunities for growth and expansion for the market during the ongoing forecast period of 2021-2028. 

Market Dynamics

Drivers

The refractions market share is likely to undergo the largest market momentum during the forecast period that will be ending in 2028 owing to its heavy demand in the iron and steel industry. Higher growth in urbanization and industrialization is growing in the emerging and developing countries in India and China has resulted in a significant rise in investment in the construction of residential and commercial buildings. Based on the Global Construction Perspective and Oxford Economics, the construction market will grow by 85% to a market value of USD 15.55 trillion by the end of 2030. China, India, and the US are the major contributors to this growth. The US accounts for 57% of the global growth for the ongoing forecast period ending in 2028.

Restraints

On the negative aspect side for the market, is that there has been a huge increase in the degree of environmental awareness followed by the role of government agencies and environmental agencies that are rolling strong regulations regarding the use and disposal of refractories. Also, there is an urgent need for qualitative market inputs and investments that simplify and qualify the disposal management systems. The unavailability of the same in the present scenario is likely to hinder the market growth during the period.

Technology Analysis

Technology has an important role to play in using the refractory materials that help in recycling to form secondary raw materials that are known as refractory grogs. The global market manufacturers are striving hard to reduce the prices that will help them retain their market share. Recycling of refractories has a major role to play in helping to reduce the production cost incurred and hence, give rise to lucrative opportunities for the market to grow during the forecast period that will be ending in 2028.

Study Objectives

• The refractories market report has been developed to help the global market investors and potential product investors to get their hands on qualitative market insights followed by the enhanced degree to understand the trends that prevail in the global market premises especially during the ongoing forecast period that will be ending in 2028. The market functions have been at a halt that is acting as an astringent measure that will restrict the market from growing during the forecast period.


• The market report aims to highlight the factors that lead to the expansion of the market operations in the global premises followed by the basis on which the global market has been segmented. The report discusses the potential held by the market to produce, develop, and make the demanded products available for the global target audience.


• The market report highlights the efforts of the market players and their rising interest to dominate the regional market and compete well in the international market. The market report covers the recent developments of the market players like the raised investments, mergers, acquisitions, and collaborations that will improve the market chances of a massive expansion of the refractories market size.

Segment Overview

The refractories market share has been increasing because of the splendid performance of the global market segments. The market has been segmented based on the following:

Based on the form

The form segment of the market includes shaped refractories and unshaped ones.

Based on Alkalinity

The alkalinity segment of the market includes acidic and neutral, along with basic degrees.

Based on end-use Industry

The end-use industry of the market includes glass, cement, iron and steel, non-ferrous metals, amongst others.

Based on the global regions

The market has been functional in 5 major regions namely North America, South America, the APAC region, the European nations, and the Middle East and Africa.

Regional Analysis

During the ongoing forecast period that followed the pandemic year of 2020, the APAC region is likely to attain the largest market share during the period ending in 2028. There has been a huge rise in the rapid and increased consumption of refractories in the iron and steel industry followed by the elaborated use of power generation cement and glass industries, as well. The major markets that are witnessing the propelling of the market include China, India, South Korea, Australia, and Japan. There has been an increased demand for refractories in the region that have positive attributes in store. Also, the North American market that is inclusive of the US and Canadian market is witnessing the emergence of opportunities that will benefit the market on its way of expansion during the forecast period that will be ending in 2028.

Competitive Landscape

The refractories market report helps in understanding the factors that will help in drawing the global competitive market graph. The global market has been witnessing a huge rise in competition because of the performance of the following market players and companies:

• RHI Magnesita (Austria)


• Shinagawa Refractories (Japan)


• Saint-Gobain (France)


• Corning Incorporated (US)


• Morgan Advanced Materials (UK)

Recent Developments

• October 2021: According to the Indian Refractory Makers Association(IRMA), high raw material and freight costs are affecting the overall cost of refractories production in India. The sharp increase in freight and raw material costs has resulted in an almost 40% increase in refractory selling prices over the last two quarters. Due to the nature of its operation, the Indian sector operates on razor-thin margins and requires a high level of working capital. It has also faced major financial sustainability challenges over the last few years as a result of consistently rising prices on all fronts, eroding margins as a result of constant price pressure from customers. The COVID-19 scenario has exacerbated the industry's vulnerability.


• Vesuvius under its parent brand - Foseco took to the international market for the launch of its new product - KALPUR. This is a direct pouring application that functions on an automatic high-pressure green sand moduling line that has various advantages to offer like an improved yield followed by directional solidification that can be realized on moduling lines.


• Another market player - Morgan Advanced Materials acquired Carbo San Luis in June 2020. The main idea behind this acquisition was to support and grow the network in Chile, Argentina, and Peru.

Intended Audience

• Market investors and product buyers


• Public authority, sector, and governments


• Importers and exporters


• Environmental agencies


• Producers, traders, manufacturers, and retailers

Report Overview

The refractories market report has been a crucial market insight that covers the market dynamics and helps the market investors to judge the market potential and understanding the global market functioning through a series of heads. The market report includes the following:

• Market Overview


• COVID 19 Analysis


• Market Dynamics


• Technology Analysis


• Segment Overview


• Regional Analysis


• Competitive Landscape


• Recent Developments

The arrival of the coronavirus pandemic has lead to a decline in the refractories market size during the ongoing forecast period. But, the market report suggests the market factors that will prove to be fruitful for the expansion of the refractories market size during the period. The report discusses the market segmentation and the recent developments that have been undertaken by the market players during the revenue period. The growth quantum is estimated and mentioned.

Report Scope:

Report Attribute/Metric	Details
Market Size	2020: USD 24.46 Billion 2028: USD 32.81 Billion
CAGR	4.79% (2021–2030)
Base Year	2019
Forecast Period	2020-2030
Historical Data	2018
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Alkalinity, By Form and By Application
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Krosaki Harima Corporation (Japan), RHI Magnesita GmbH (Austria), Morgan Advanced Materials (UK), CoorsTek Inc. (US), Calderys (France), Vesuvius (England), Shinagawa Refractories Co. Ltd. (Japan), Saint-Gobain (France), HarbisonWalker International (US) Chosun Refractories Eng. Co. Ltd. (South Korea)
Key Market Opportunities	Rising escalating price of raw materials. Environmental concerns have put immense pressure on leading companies to seek sustainable options for refractories.\r\n
Key Market Drivers	Substantial spending on construction of commercial and residential buildings

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