Refractory Material Market is Expected to Reach USD 45.23 Billion by 2030, at a CAGR 3.12% – Report by Market Research Future (MRFR)
Refractory materials are heat-resistant substances used in high-temperature industrial processes like metallurgy, ceramics, and glassmaking.
New York, May 30, 2023 (GLOBE NEWSWIRE) — Refractory Material Market Overview
Market Research Future (MRFR) ‘s report highlights “Refractory Material Market Information By Type, End-Use Industries, Application, And Region – Forecast till 2030″.
Market Synopsis
Materials classified as refractory can withstand pressure, heat, and chemical attack without decomposing. They are capable of withstanding high temperatures, making them suitable for thermal insulation and temperature stabilization applications in various end-use industries, including producing iron and steel, cement, glass, and petrochemicals, among others. In contrast, the ability to recycle used refractories lowers the overall cost of raw materials by 10% to 15%, encouraging customers to buy recycled refractories for thermal insulation in various end-use industries. It is a crucial element that will likely create fresh opportunities worldwide in the market for refractory materials. These advanced ceramic materials resist thermal and mechanical damage and serious chemical corrosion at high temperatures.
They play a crucial but frequently underappreciated role in the day-to-day operations of virtually every sector by providing durability, resistance to corrosion, and thermal insulation. These products have proven essential for various industries to develop significant manufacturing procedures, including iron and steel, glass, metals, paper and pulp, asphalt, and petrochemicals. These products are considered consumables in some industries, such as steel and other metals, and they must be replaced regularly to maintain their functionality. On the other hand, industries like glass and concrete take the cost of capital into account because they may complete their task for up to 10 years. They can produce the inner workings of incinerators, furnaces, kilns, reactors, and other devices because they are polycrystalline, non-metallic, inorganic, and heterogeneous.
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Market Competitive Landscape:
The well-known companies in the refractory material market are:
- Vesuvius,
- Saint-Gobain,
- Harbison Walker International,
- Morgan Advanced Materials,
- Unifrax Corporation,
- RHI Magnesita,
- HWI Refractory Materials,
- Refraline,
- Calderys,
- D Orca Refractory
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 45.23 Billion |
| CAGR | 3.12% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-Use Industries, Application, And Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
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Market U.S.P. Covered:
Market Drivers:
In economies that are both developed and developing, such as the United States, China, as well as India, where refractory materials have become commonplace for thermal insulation purposes, there has been an increase in the production of iron and steel as a result of rapid infrastructure development and growing demand from the motor vehicle sector. Furthermore, the steel and cement industries have a high demand for unshaped products like monolithic made of aggregates, additives, and binders. They create a layer beneath molds and templates that insulates the kiln’s surface with a consistent temperature. Such irregularly shaped products are being produced more frequently to meet the needs of end-use industries. Additionally, the demand for glass used to make windowpanes, entrances, and other building components has increased due to the expanding modern theme-based building and construction sector. Demand for refractory materials, frequently used in ovens and furnaces for thermal insulation in glass manufacturing facilities, could increase. These are the main drivers of market growth for refractory materials.
Market Restraints:
However, humans are at risk if exposed to refractory materials like silica, ceramic fibers, and alumina above the maximum concentration limits. For instance, prolonged exposure to refractory material made of ceramic fibers may irritate the upper respiratory system and the skin. Additionally, respiration of very small (crystalline) silica particles can result in several health risks, including silicosis, or even result in death. This obstacle to market expansion exists.
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COVID 19 Analysis
The market for refractory materials has suffered due to the COVID-19 pandemic because it relied on the production of cement, glass, steel, and metals, as well as mining, heavy industry, oil and gas, and other industries. The steel industry accounts for three-fourths of global refractory demand, and it seems likely that this supremacy will continue throughout the entire projection period. Even though global overproduction has also hurt the steel industries, there has been a slow recovery over the past year. Additionally, since most areas emphasize independence and lowering imports, it is anticipated that expenditures in the steel industry will increase in emerging and less developed nations. The production and demand for refractories in end-user industries like steel and iron, cement, chemical and energy products, and ceramics also changed. Despite being in the post-pandemic phase, industries serving consumers are expanding due to the rising product demand after opening economies.
Market Segmentation-
The market is further segmented by application into kilns & furnaces, boilers, and heat-exchanging equipment. End-use industries segment the market into automotive, construction, oil & gas, steel, glass and ceramic, and others. By type, the market is segmented into silica, alumina, magnesia, fire clay, high alumina, and silicon carbide.
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Regional Insights
Due to numerous end-use industries in the region, Asia-Pacific is anticipated to hold the biggest chunk of the global market. The region’s lead is further strengthened by the region’s significant non-ferrous metal and cement industries. In the meantime, the marketplace in North America will expand due to rising demand from the region’s end-use industries, particularly the glass, iron & steel sectors. The European market will grow very slowly but is anticipated to be revived by the region’s automotive manufacturers’ increasing need for steel and glass. The Middle East and Africa market is anticipated to be influenced by the region’s petrochemical and petroleum industries’ consumption of refractory products. Because of these chemicals’ high reactivity, manufacturers in the area have access to high-value opportunities for specialized refractory variants. Presently, cement and steel manufacturing is dominated by Brazil and Mexico, respectively.
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