Refractories Market is projected to be worth USD 57,387.40 million by 2030, registering a CAGR of 5.11% during the forecast period (2022 - 2030)
The global refractories market is projected to witness healthy growth during the forecast period, 2022–2030. The market was valued at USD 37,020.24 million in 2021 and is projected to register a CAGR of 5.11% to reach USD 57,387.40 million by the end of 2030. In terms of volume, the market was sized at 44,569.24 kilotons in 2021 and is likely to exhibit a CAGR of 3.92% to reach 61,703.35 kilotons by the end of 2030.
The key driver for the global refractories market growth is the high demand for refractories in cement production. The rising infrastructural development in developed and developing countries across the globe has increased the number of construction activities, which is projected to drive the demand for cement, and thereby the growth of the global refractories market. The extensive use of refractories during the production of non-ferrous metals such as aluminum, titanium, zinc, lead, and nickel is another factor positively influencing the market growth. These metals are specifically used for structural applications in end-use industries such as automotive, aerospace, medical, construction, and electronics, which require reduced weight, higher strength, nonmagnetic properties, higher melting points, and resistance to chemical and atmospheric corrosion.
COVID-19 Impact on the Refractories Market:
The outbreak has significantly impacted the chemicals & materials supply chains, international trade, and manufacturing operations across the world. Refractory production declined amidst the COVID-19 pandemic as market players had to shut production facilities or operate the facilities below the optimal production capacities to avoid the spread of the novel coronavirus. Additionally, the lack of availability of raw materials due to supply disruptions due to border and trade restrictions has impacted refractory production. However, some large market players have continued operations at their production facilities. Furthermore, the declining prices of raw materials and low demand from the end-use industries have resulted in surplus stocks and, thus, reduced production. The primary raw material used to manufacture refractory is silicon, aluminum, magnesium, calcium and zirconium. The outbreak caused a huge impact on the supply of raw materials. The trade between China and the US was also negatively affected, drastically influencing the refractories market. The chemical industry was badly hit by the global COVID crisis, which affected the price margins of raw materials as well as end products. Thus, the outbreak has resulted in the disruption of the supply-demand of raw materials, which affected the production of chemicals to a huge extent.
Since the advent of the COVID-19 pandemic, there has been massive pressure on the supply chain. Ports across several countries suffer from intense congestion, causing cargo ships to encounter substantial delays in unloading cargo and, finally, supplying products within a certain period. Extensive areas of China have ground to a halt due to quarantine protocols, which have forced worker shortages, market shutdowns, and even raw material shortages. The logistics of managing the bottlenecks of regional border checkpoints has also become an aspect concerning the global supply of refractory. From the point of view of petrochemicals, a reduction in demand due to closures or reduced productivity of factories using petrochemical feedstocks downstream. Therefore, the refractories market is allegedly hit by COVID-19-related logistical concerns, including reduced supply and demand.
Geographically, the global refractories market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In North America region market is driven by Increasing prevalence for non-metallic minerals industry, growing infrastructure in emerging countries and demand of refractories from iron & steel industry are the factors which will boost the refractories market. Also some companies are expanding their production capacities in different regions to grow their market for these products.
The steel industry is a backbone of the European economy and a key supplier to Europe’s automotive, machinery, and other flagship industries. Steel industry in Europe can be a prominent industry to drive the market in Europe.
Asia pacific is expected to hold largest share in the global market due to various end use industries strong presence in the region. According to world steel Association, Asia pacific accounts more than 70% of global steel production, with China alone accounting for about 50% of the global steel production.
The Latin America Refractory material market spread over the countrie Brazil, Chile, Mexico, Argentina and the rest of Latin America. Whereas, Mexico and Brazil are leading contributors to the revenue of the refractory materials market in the Latin America region. Moreover, countries such as Brazil, Argentina and the rest of Latin America are likely to witness substantial growth in the market demand during the coming years. Additionally, growing urbanization and industrialization in countries such as Brazil, Argentina and many more countries have led to made significant investment in construction projects such as roadways, railways, residential & commercial buildings.
Middle East Refractories Market is driving by increase in the infrastructure and development in the major countries. Growth rate of infrastructure in UAE and Saudi Arabia played a major driving force for refractories market. As the market is highly competitive such restrictions restraint the growth of the market. Outbreak of Covid-19 has resulted in imposition of nation-wide lockdown to contain spread of virus. Furthermore, resumption of production activity and halted infrastructure projects will result in rapid increase for demand for refractories.
The Refractory Market competitive landscape provides details and data information by players. The report offers a comprehensive analysis and accurate statistics on revenue by the player for the period 2016-2021. It also offers detailed analysis supported by reliable statistics on revenue (global and regional level) by players for the period 2016-2021. Details included are company description, major business, company total revenue and the sales, revenue generated in Refractory business, the date to enter into the Refractory market, Refractory product introduction, recent developments, etc.
RHI Magnesita GmbH (Austria), Saint-Gobain (France), Vesuvius (England), Morgan Advanced Materials (UK), Shinagawa Refractories Co., Ltd. (Japan), CoorsTek Inc. (US), Krosaki Harima Corporation (Japan), HarbisonWalker International (US), Calderys (France), and Chosun Refractories Eng. Co. Ltd. (South Korea) are the prominent players operating in the global refractories market. The global refractories market is highly fragmented, and the prominent players are expanding their presence to other developing economies such as India, China, and other countries.
The refractories market is segmented by type, application and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global refractories emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2030: 57,387.40 million|
|CAGR||5.11% CAGR (2022-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Alkalinity, Form and Application|
|Geographies Covered||North America ,Europe, Asia-Pacific,South America, Middle East ,Africa|
|Key Vendors||RHI Magnesita GmbH (Austria), Saint-Gobain (France), Vesuvius (England), Morgan Advanced Materials (UK), Shinagawa Refractories Co., Ltd. (Japan), CoorsTek Inc. (US), Krosaki Harima Corporation (Japan), HarbisonWalker International (US), Calderys (France), and Chosun Refractories Eng. Co. Ltd. (South Korea)|
|Key Market Opportunities||Recycling of refractories|
|Key Market Drivers||Increasing Use of Refractories During Cement Production|
The global refractories market would register a growth of 5.11%.
Cement industry, will play a crucial role in taking the refractories market ahead
Adverse effects associated with exposure to haps