Refractory Materials Market for Steel Industry to Grow by USD 2.37 Billion from 2024-2028, Driven by Steel Demand in Construction, Infrastructure, and Automotive, with AI Impact on Market Trends - Technavio

Nov 05, 2024, 13:33 ET

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NEW YORK, Nov. 5, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global refractory materials market for steel industry size is estimated to grow by USD 2.37 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.5% during the forecast period. Increasing demand for steel from construction, infrastructure, automotive, and other sectors is driving market growth, with a trend towards rising popularity of monolithic refractories over shaped refractories. However, fluctuation in cost of refractory raw materials and high energy consumption poses a challenge.Key market players include Allied Mineral Products LLC, Chosun Refractories ENG Co. Ltd., Compagnie de Saint-Gobain S.A., HarbisonWalker International Inc., Imerys S.A., Krosaki Harima Corp., Magnezit Group, Minerals Technologies Inc., Morgan Advanced Materials Plc, Puyang Refractories Group Co. Ltd., Refractarios Alfran S.A, Refractory Minerals Co. Inc., Refratechnik Holding GmbH, RHI Magnesita GmbH, Saudi Refractory Industries, Shinagawa Refractories Co. Ltd., Unifrax I LLC, and Vesuvius Plc.

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Refractory Materials Market For Steel Industry Scope

Report Coverage

Details

Base year

2023

Historic period

2018 - 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 4.5%

Market growth 2024-2028

USD 2369.4 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.2

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 74%

Key countries

China, India, Japan, Russia, and US

Key companies profiled

Allied Mineral Products LLC, Chosun Refractories ENG Co. Ltd., Compagnie de Saint-Gobain S.A., HarbisonWalker International Inc., Imerys S.A., Krosaki Harima Corp., Magnezit Group, Minerals Technologies Inc., Morgan Advanced Materials Plc, Puyang Refractories Group Co. Ltd., Refractarios Alfran S.A, Refractory Minerals Co. Inc., Refratechnik Holding GmbH, RHI Magnesita GmbH, Saudi Refractory Industries, Shinagawa Refractories Co. Ltd., Unifrax I LLC, and Vesuvius Plc

Market Driver

Monolithic refractories, composed of unique mixtures of dry granular or plastic materials with an indefinite form, are set to witness significant popularity over shaped refractories in the forecast period. These refractories, which are provided shape only upon application, offer advantages such as quick installation and elimination of joints, reducing production interruptions. Monolithic refractories come in various forms, including castables, plastics, gunning mixes, mortar, and ramming mixes. Monolithic refractories provide benefits over refractory bricks in various furnaces. They facilitate faster installation, eliminate the need for special brick forms, and reduce strenuous bricklaying tasks. Monolithic refractories consist of diverse mineral ingredients and exhibit varying physical and chemical properties. Some possess low refractoriness, while others offer high-purity brick arrangements for resisting adverse environments. Monolithic coatings, similar to refractory bricks, provide benefits such as improved insulation, lower permeability, and enhanced resistance to thermal pressure's spalling effects. They also offer better mechanical resistance to vibration and impact, as well as compatible contraction and expansion. Monolithic refractories offer advantages in new construction and refurbishment projects. They can be used to create monolithic or joint-free furnace linings and decrease inventory by eliminating the need for special shapes. Monolithic refractories can be installed at high temperatures in standby mode, making them essential for furnace maintenance. Their use minimizes downtime and allows for maintenance activities to be completed even during operations. Monolithic refractories are increasingly replacing conventionally shaped refractories in various applications, driving the growth of the global refractory materials market in the steel industry.

The Refractory Materials Market in the Steel Industry is witnessing notable trends in the use of various types of refractories to meet the demands of high temperatures and harsh conditions. Formed materials like silica systems, silica-alumina, and aluminous materials are popular for their thermal shock resistance. Dense materials such as magnesia-based, carbon, zirconia, and silicon carbide are preferred for their excellent chemical resistance. Refractory linings made from oxides like fireclay, magnesite, bauxite, and metal oxides are classified based on their chemical nature into acidic, basic, and neutral. Acidic refractories are suitable for acidic environments, while basic refractories are ideal for basic environments. Neutral refractories offer versatility for various applications. High alumina materials like silica brick are in demand due to their high thermal demand, while fireclay classifications are preferred for their insulation properties. Mechanical and thermal demands are met with trained personnel's installation of refractory linings. The chemical character of refractories plays a crucial role in their selection, with acid, neutral, and basic being the primary categories. The refractory market continues to evolve, offering innovative solutions to meet the steel industry's demands.

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Market Challenges

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Segment Overview

This refractory materials market for steel industry report extensively covers market segmentation by

1.1 Brick- Refractory bricks are a crucial component in the steel industry, particularly for furnace lining applications. The most common shape is the rectangular brick, which comes in standard dimensions and is machine-pressed for uniformity. For specific applications like kilns and furnaces, bricks with unique shapes and dimensions are hand-molded. Air spaces within the brick prevent heat conduction, ensuring insulation. Balancing solid particles and air spaces creates uniformly small pores in refractory bricks. Standard refractory bricks, such as rectangular ones, are simple in design and marketed in bulk for cost-effectiveness. They are preferred based on furnace construction and operating conditions. Varieties include magnesite bricks, magnesite chrome and chrome magnesite bricks, fused magnesite-chrome grain bricks, co-burned magnesite-chrome grain bricks, magnesite-spinel bricks, carbon-containing bricks, dolomite bricks, alumina bricks, alumina-chrome bricks, phosphate-bonded bricks, mullite bricks, alumina-carbon bricks, and silica bricks. These bricks' properties vary, making them suitable for specific applications.

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Research Analysis

Refractory materials play a crucial role in the steel industry, providing insulation and high-temperature resistance in furnaces and kilns. These materials, including fireclay, magnesite, bauxite, and metal oxides, have unique chemical compositions that enable them to withstand extreme temperatures. Refractories are classified into three types: acidic, basic, and neutral, based on their reactivity with molten metals. High alumina materials, such as silica brick, offer high thermal shock resistance, making them ideal for use in steel production processes. Fireclay classifications include ball clay, fireclay, and fireclay shale, each with distinct properties. Monolithic refractories, ramming mixes, plastic refractories, gunning mixes, castables, and insulating materials are various forms of refractories used in the steel industry. Thermal conductivity, nanotechnology, and advanced materials like SiC (Silicon Carbide) are areas of ongoing research in refractory materials for steel production. Continuous casting processes require refractories with excellent oxidation resistance and chemical corrosion resistance. Insulating materials with low thermal conductivity are essential for energy efficiency and maintaining optimal furnace temperatures.

Market Research Overview

Refractory materials are essential in the steel industry for withstanding high temperatures during various production processes. These materials include insulation, such as fireclay, magnesite, bauxite, and metal oxides, which have specific chemical compositions and classifications. Refractories are classified into acidic, basic, and neutral types based on their chemical nature and resistance to oxidation and chemical corrosion. High alumina materials, like silica brick, offer high thermal shock resistance and are used in applications with significant thermal demand. Fireclay classifications include monolithic refractories, ramming mixes, plastic refractories, gunning mixes, and castables. Insulating materials, such as SiC (Silicon Carbide), have low thermal conductivity and are used to reduce heat transfer. Advancements in refractory materials include nanotechnology, composite powders, and refractory alloys, which offer improved thermal management and mechanical demand. Refractory materials are used in various industries, including steel, nonferrous metals, aluminum, tungsten, molybdenum, and in industrial processes like continuous casting, electricity generation, waste treatment, petrochemicals, and production processes. Installation of refractory linings requires trained personnel and consideration of mechanical, thermal, and chemical demands. The physical and chemical properties of refractory materials play a crucial role in their performance and selection for specific applications.

Table of Contents:

1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation

7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix

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SOURCE Technavio