Global Refractories Market Size, Share, and COVID-19 Impact Analysis, By Form (Bricks, Monolithics & Others), By Product Type (Clay & Non-clay), By Application (Iron & Steelmaking, Power & Energy, Chemical, Non-Ferrous Industry, Cement, Glass & Others), and by Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) Analysis and Forecast 2022-2028

KEY MARKET INSIGHTS

The Global Refractories Market was valued at USD 25.7 Bn in 2021. The market is projected to grow USD 29.5 Bn in 2028, at a CAGR of 5.6%. Refractories are advanced ceramic materials that can endure high temperatures, thermal and mechanical abrasion, as well as chemical corrosion. By providing mechanical strength, thermal insulation, and corrosion resistance, refractory goods play a crucial but sometimes neglected role in practically every industry's daily operations. For the development of major production and support processes, refractory goods are critical in various industries, including metals, cement, glass, paper & pulp, and petrochemicals. As a result, market makers provide these businesses with refractory materials with customized shapes and specifications to fulfill their needs.

Refractories are becoming more popular as a result of increased use, technical advancements, and rising demand is leading to the growth of global refractories market. The refractories market is being driven by rising construction activity and increased use of refractories. Few industries such as steel and other metals, they are classified as consumables since they must be changed on a regular basis to maintain their performance. According to the World Refractory Association, the cost of refractory materials is less than 3%, and typically less than 1%, of the cost of manufactured products, but the use and design of refractory products can save end-user industries up to 20% in operational costs. Furthermore, refractory manufacturing techniques are non-toxic, and over 90% of refractory materials are recycled or reused, making them essential for technological breakthroughs.

COVID-19 ANALYSIS

The global refractories market has been badly impacted with the outbreak of COVID-19. Due to the government measures including shutdown of manufacturing factories, lockdown, social distancing, the demand for refractories was declined during that time. The COVID-19 epidemic has imposed limitations such as lockdown and travel bans within country and within states, causing delays in logistics and deliveries in many sections of the regional market, as well as international exports and imports.

LATEST TREND

Rising Demand for Customization of Products

Industries require customized products for their individual purposes to in different shapes for the vendors. While refractories have been used for a long time, a significant change in the market is the creation of refractory products made from a variety of materials. Unshaped variations, such as monolithic made of aggregates, additives, and binders, are also in high demand from the steel and cement industries. As they create a lining behind molds and templates, giving uniform temperature insulation over the kiln surface, they are used in a variety of industries. Unshaped items are made to meet the needs of end-use industries and are predicted to drive market expansion. For instance, Saint-Gobain offers extensive range of customized oxide refractory shapes offer high-temperature stability and excellent thermal shock and corrosion resistance.

DRIVING FACTORS

Surge in Infrastructure Development Across Emerging Countries

Growing urbanization and industrialization, particularly in emerging economies like India and China, has resulted in enormous investment in residential and commercial construction. According to Oxford Economics and the Global Construction Perspective, the global construction market would increase by 85 percent to USD 15.55 trillion by 2030, with China, India, and the United States accounting for 57 percent of global growth.

RESTRAINTS

Concerns Pertaining to Strict Environmental and Government Regulations

Strong regulations for using and disposal of refractories is obstructing the growth of global refractories market. During the production process, large amounts of CO2, as well as contaminants including carbon monoxide and volatile organic compounds, are produced. These gases are commonly referred to as greenhouse gases, and their release into the atmosphere is strictly controlled by environmental agencies. Furthermore, the production of refractories necessitates a large quantity of energy, which contributes to its carbon intensity. Refractory manufacturers are required to reduce their carbon intensity, resulting in lower margins, as environmental health and safety concerns become more prominent. Because the market is already quite competitive, such constraints limit market expansion.

SEGMENTATION

The global refractories market is segmented by Form (Bricks, Monolithics & Others), by Product Type (Clay & Non-clay), By Application (Iron & Steelmaking, Power & Energy, Chemical, Non-Ferrous Industry, Cement, Glass & Others) and Region. Based on the type, the market is categorized into Bricks, Monolithics & Others. Based on application, the market is categorized into Clay & Non-clay. Based on application, the market is categorized into Iron & Steelmaking, Power & Energy, Chemical, Non-Ferrous Industry, Cement, Glass & Others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.

Form Insights

Based on the form segment, the global refractories market is categorized into Bricks, Monolithics & Others. The Bricks segment has dominated the market share in 2020 owing to the due to its hard and brittle structure which propel to boost its demand in the forecast year. Because of the high demand for such items from the metal and non-metal sectors across different applications is creating demand for the refractories market. Bricks are used to create the insulation layer inside the ovens and kilns, and they must be replaced on a regular basis to suit the customer's insulation requirements. However, monolithics segment is likely to anticipate during the forecast years due to increased need for forming linings inside reactors when space constraints prevent the placement of shaped refractories.

Product Type Insights

Based on the product type segment, the global refractories market is categorized into Clay & Non-clay. The Clay segment held the largest market share of the global refractories market attributing to the due to its lower cost than the non-clay category. Clay materials are used to make fireclay bricks and insulating products, which are widely used by iron and steel product manufacturers. Furthermore, raw resources for the production of clay variations are more readily available, thereby enhancing its market dominance.

Application Insights

Based on the application segment, the global refractories market is categorized into Iron & Steelmaking, Power & Energy, Chemical, Non-Ferrous Industry, Cement, Glass and others. The Iron & Steelmaking segment is dominated the market share in 2020 owing to the rising demand for infrastructure development, and in automobile industry as well. The need to improve quality of life, health, and the environment, as well as transition to clean, alternative sources of production, is driving the growing preference for high-cost, high-performance refractories.

REGIONAL INSIGHTS

The global refractories market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

Asia Pacific region is dominating the market share of global refractories market owing to the strong presence of numerous end-use industries. According to the World Steel Association, Asia Pacific produces more than 70% of global steel, with China accounting for over half of that. This is the most important component in ensuring Asia Pacific's supremacy in the global marketplace. The existence of significant cement and non-ferrous metal industries in the region also contributes to the region's dominance. However, North America region is anticipated to grow over the next few years owing to the increasing demand from the different industry applications, particularly the iron and steel and glass industries. In addition, the growing demand for the product for use in the aerospace industry is likely to propel the market in the region forward.

KEY INDUSTRY PLAYERS

• Harbisonwalker International
• IFGL Refractories Ltd
• Krosaki Harima Corporation
• Magnezit Group
• Imerys Refractory Minerals
• Minerals Technologies Inc.
• Morgan Advanced Materials
• Refratechnik
• Resco Products Inc.
• KAEFER SE & Co. KG
• Plibrico Company, LLC
• RHI Magnesita GmbH
• Shinagawa Refractories Co. Ltd
• Vesuvius
• Saint-Gobain
• INTOCAST AG
• Puyang Refractories Group Co.,Ltd.
• Others

KEY INDUSTRY DEVELOPMENTS:

 March 2021- Refratechnik Group made a strategic agreement with Höganäs Borgestad Group for the supply of refractory products to offer a large product range, reduced lead times, and increased flexibility.

June 2020- Morgan Advanced Materials acquired Carbo San Luis to strengthen and expand the network in Chile, Argentina, and Peru.

January 2020- RHI Magnesita (MORCO) has acquired Missouri Refractories Co., Inc. MORCO's manufacturing facility is located in the Midsouth region of the United States, and the company is looking to expand its business into new markets by adding over 400 high-quality monolithic mixes to its product portfolio to serve the steel, cement, and glass industries. 

SEGMENTATION

By Form

• Bricks
• Monolithics
• Others

By Product Type

• Clay
• Non-clay

By Application

• Iron & Steelmaking
• Power & Energy
• Chemical
• Non-Ferrous Industry
• Cement
• Glass
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy
• Asia-Pacific- China, Japan, India
• Latin America- Brazil, Argentina, Colombia
• The Middle East and Africa- United Arab Emirates, Saudi Arabia