Yahoo Finance Refractories Market to Expand at 4.5% CAGR During 2022-2029 | Refractories Industry Size, Share, Research Report, Opportunities and Challenges
Companies covered in refractories market are Alsey Refractories Co. (U.S.), Magnezit Group (Russia), Imerys (France), Posco Chemical (South Korea), RHI Magnesita (Austria), Saint-Gobain (France), Vesuvius (U.K.), Puyang Refractories Group Co., Ltd. (China), Refratechnik (Germany), Beijing Lier High Temperature Materials Co., Ltd. (China), HarbinsonWalker International (U.S.), Intocast Group (Germany), and others.
Pune, India, Aug. 11, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, The global refractories market size reached USD 32.25 billion in 2021. The market valuation is predicted to rise from USD 33.01 billion in 2022 to USD 44.82 billion by 2029, registering a CAGR of 4.5% during 2022-2029. The growth of this market is driven by increasing demand across major industrial sectors including iron, steel, and other metals, glass, cement, paper & pulp, and petrochemicals.
In recent years, development of refractories from combination of various materials has gained traction. Refractory customization to meet the global demand will further drive the market growth, says Fortune Business Insights™, in its report titled “Refractories Market, 2022-2029."
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List of Key Players Profiled in the Refractories Report:
Beijing Lier High Temperature Materials Co., Ltd. (China)
HarbinsonWalker International (U.S.)
Intocast Group (Germany)
Alsey Refractories Co. (U.S.)
Magnezit Group (Russia)
Imerys (France)
Posco Chemical (South Korea)
RHI Magnesita (Austria)
Saint-Gobain (France)
Vesuvius (U.K.)
Puyang Refractories Group Co., Ltd. (China)
Refratechnik (Germany)
Ruitai Materials Technology Co., Ltd. (China)
Kaefer (Norway)
Plibrico Company, LLC (U.S.)
Krosaki Harima Corporation (Japan)
Weakened Demand Across Key End-Use Sectors Affected Market Dynamics
The COVID-19 pandemic impacted refractories market growth significantly. Despite refractory production being an essential service, supply chain uncertainty and subsequent lack of raw materials such as binders and non-clay sands dented the growth prospects for this market. Slowdown of automotive, construction, and other key sectors impacted the market trends. However, the recovery of these sectors post-pandemic will strengthen the market outlook over the forthcoming years.
Report Scope & Segmentation:
Report Coverage | Details |
Forecast Period | 2022-2029 |
Forecast CAGR | 4.5% |
2029 Value Projection | USD 44.82 Billion |
Base Year | 2021 |
Refractories Market Size in 2022 | USD 33.01 Billion |
Historical Data | 2018-2020 |
No. of Pages | 280 |
Segments Covered | By Type, End-user and Regional Insights |
Refractories Market Growth Drivers | Highly Carbon Intensive Manufacturing Process to Attract Environmental Concerns and Regulations |
Proliferating Trend of Refractory Customization to Transform Market Outlook |
Segments:
According to form, the market is bifurcated into monolithic & unshaped and bricks & shaped.
By product, the market share is broken down into clay and non-clay.
Based on alkalinity, the market is bifurcated into basic and acidic & neutral.
In terms of end-use industry, the market is split into iron & steel, cement, glass, non-ferrous metals, and others.
Geographically, the market share is segmented into North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific.
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Drivers & Restraints:
Proliferating Trend of Refractory Customization to Transform Market Outlook
Development of refractories from combination of various materials has gained traction. For example, magnesia materials and chromium oxide are combined together to form magnesia-chrome refractory. Customization results in numerous performance benefits such as higher refractoriness and exceptional resistance to chemical corrosion. Additional benefits include resistance to high temperatures and wear & tear.
Regional Insights:
Asia Pacific Refractories Market Value Stood at USD 20.76 Billion in 2021
Asia Pacific is slated to dominate the global refractories market share during 2022-2029. In 2021, the regional market reached a valuation of USD 20.76 billion. Growth is attributable to increasing steel production in Asia Pacific countries. The World Steel Association reports that the region constitutes more than 70% of the world’s steel production, with China alone accounting for nearly 50%.
The market in North America is driven by the expanding iron, steel, and glass sectors. Meanwhile in Europe, growth will be influenced by rising demand across automotive sector.
Competitive Landscape:
Major Market Players Adopt New Strategies to Accelerate Growth & Expansion
With the presence of major international companies as well as local emerging players, the global refractories market share is fairly fragmented. Several players are adopting new strategies such as collaborations, new product launches, acquisitions, mergers, and R&D investments as part of their growth and expansion goals. Many companies are also expanding their production capacities to meet the global market demand.
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Table of Content
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Refractories Market Size and Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
Latest Technological Advancement
Insights on Regulatory Scenario
Porters Five Forces Analysis
Qualitative Insights on Impact of COVID-19 on Global Refractories Industry
Supply Chain Analysis & Challenges due to Covid-19
Steps taken by Government / Companies to Overcome this Impact
Potential Challenges and Opportunities due to COVID-19 Outbreak
Global Refractories Industry Analysis, Insights and Forecast, 2018-2029
Key Findings / Summary
Market Size Estimates and Forecast - By Form
Bricks & Shaped
Monolithics & Unshaped
Market Size Estimates and Forecast - By Product
Clay
Non Clay
Market Size Estimates and Forecast - By Alkalinity
Acidic & Neutral
Basic
Market Size Estimates and Forecast - By End-Use Industry
Iron & Steel
Non-Ferrous Metals
Glass
Cement
Others
Market Size Estimates and Forecast - By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Latest Industry Development:
October 2021 - Intocast acquired Pyrol, a manufacturer and trader of refractory products and casting auxiliaries in Mexico. With this acquisition, Intocast bought the majority stake in Pyrol. This development would help the company to expand the business in South America and North America, which will help to offer better faster service, customer proximity, and shorter delivery routes.
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