The global refractories market (耐火物市場) has been witnessing steady growth over the past decade, driven by the increasing demand from various end-use industries such as steel, cement, glass, non-ferrous metals, and petrochemicals. Refractories play a crucial role in these industries by providing high-temperature resistance, chemical inertness, and thermal insulation properties. As we look forward from 2022 to 2030, several factors are poised to shape the trajectory of the refractories market.
Market Overview
As of 2022, the refractories market is estimated to be
valued at around $25 billion, with a compound annual growth rate (CAGR) of
approximately 3-4% over the past five years. Looking ahead, the market is
expected to continue its upward trajectory, reaching a value of over $35
billion by 2030.
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Refractories Market
Key Players:
·
Vesuvius plc
·
RHI Magnesita N.V
·
Krosaki Harima Corporation
·
Shinagawa Refractories Co., Ltd.
·
Magnezit Group Ltd.
·
Morgan Advanced Materials plc
·
Refratechnik Holding GmbH.
·
Others
Refractories Market
Segmentation:
·
By
Material:
o
Clay
o
Non-Clay
·
By Form:
o
Bricks
o
Monolithic
o
Others
·
By
End-Use:
o
Steel
o
Energy & Chemicals
o
Non-Ferrous Metals
o
Cement
o
Glass
Drivers of Growth:
- Infrastructure
Development: The ongoing infrastructure development projects
worldwide, particularly in emerging economies like India, China, and
Brazil, are expected to fuel the demand for refractories. These materials
are essential for constructing high-temperature industrial facilities such
as blast furnaces, cement kilns, and glass melting furnaces.
- Steel
Industry Expansion: The steel industry remains the largest consumer of
refractories, accounting for over 60% of the total demand. With the global
economy recovering from the COVID-19 pandemic and the resurgence of
construction activities, the demand for steel is expected to rise, thereby
driving the demand for refractories.
- Technological
Advancements: Continuous innovations in refractory materials to
enhance their performance and durability are expected to stimulate market
growth. Manufacturers are investing in research and development to develop
advanced refractories with improved resistance to thermal shocks,
corrosion, and abrasion.
- Environmental
Regulations: Increasing environmental regulations aimed at reducing
carbon emissions are driving the adoption of cleaner and more
energy-efficient technologies in industries such as cement and steel.
Refractories play a crucial role in these processes by enabling higher
efficiency and reducing energy consumption, thereby aligning with
sustainability goals.
Challenges and Restraints:
Despite the promising growth prospects, the refractories
market faces several challenges that could hinder its expansion:
- Raw
Material Availability: The production of refractories relies heavily
on raw materials such as magnesite, bauxite, and graphite. Fluctuations in
the availability and prices of these raw materials, coupled with
geopolitical tensions, pose challenges for manufacturers.
- Competition
from Alternative Materials: The emergence of alternative materials
such as carbon composites and ceramics poses a competitive threat to
traditional refractories. These materials offer superior performance in
certain applications and may capture market share in the coming years.
- Impact
of COVID-19: The lingering effects of the COVID-19 pandemic, including
supply chain disruptions and economic uncertainties, continue to pose
challenges for the refractories market. However, as economies recover and
industrial activities resume, the market is expected to regain momentum.
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Regional Outlook:
- Asia-Pacific:
The Asia-Pacific region dominates the global refractories market, driven
by the rapid industrialization and infrastructure development in countries
like China and India. The region is expected to maintain its leading
position, supported by robust growth in end-use industries.
- North
America and Europe: Mature markets such as North America and Europe
are witnessing moderate growth, primarily driven by technological
advancements and the replacement of aging refractory infrastructure in
industries like steel and glass.
- Latin
America and Middle East: These regions are poised to offer lucrative
opportunities for market players due to growing investments in
infrastructure and industrial projects.
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