Refractory materials market size to grow by USD 6.55 billion between 2022 and 2027; APAC to account for 62% of the market growth

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08 May, 2023, 19:15 ET

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NEW YORK, May 8, 2023 /PRNewswire/ -- The refractory materials market size is expected to grow by USD 6.55 billion during 2022 and 2027, progressing at a CAGR of 4.84% during the forecast period. APAC will account for 62% of the market growth during the forecast period. The growth of the regional market is driven by factors such as the increasing demand for refractory materials in the region. This is mainly due to the presence of several emerging and developed countries in the region. Several industrial, commercial, and residential projects are under development in countries such as China, Indonesia, South Korea, and India, complementing the demand for steel products such as slabs, plates, rebars, and sheet piles in the region. Such factors will increase the market growth in this region during the forecast period. For more key insights on market size - Request the Sample Report

Refractory materials market: Segmentation Analysis

Technavio has segmented the refractory materials market by product type (clay and others, and non-clay), application (iron and steel, non-metallic materials, non-ferrous metals, and others), type (shaped and monolithic), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The report provides actionable insights and estimates the contribution of all segments to the growth of the global refractory materials market.

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Key factor driving market growth

The increasing production capacity developments in the steel industry is notably driving market growth. Factors such as the new investment plans that are taking place in several parts of the world will increase the production capacity of steel industry. Moreover, with the rising crude steel production capacities globally, the production of steel has also surged in the past few years. Many regions around the world will be exposed to the increased production capacity of steel. In addition, numerous capacity-addition projects are planned in APAC as well. Meanwhile, the economies that constitute the Commonwealth of Independent States (CIS) and the African market are also susceptible to a slight increase in capacity additions. The increasing crude steel production capacities in several regions across the world would certainly result in the growth of the global refractories market.

Leading trends influencing the market

The shift of refractory type from shaped to monolithic is the key trend in the refractory materials market. The monolithic refractories are distinct mixes or blends of dry granular or cohesive plastic materials with an indefinite form. They have benefits over refractory bricks in different kinds of furnaces. Monolithic refractories are vital in the maintenance of furnaces since considerable maintenance can be completed with the least loss of time and, even during operations. They are rapidly replacing conventionally shaped refractories in several applications. These refractories are likely to witness increased demand for almost every application, including in the steel industry, and therefore expected to observe high popularity over shaped refractories during the forecast period, with a high growth rate.

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Competitive Analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, growth in market share, among others, Buy the Report

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

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Refractory Materials Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.84%

Market growth 2023-2027

USD 6.55 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.6

Regional analysis

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

Performing market contribution

APAC at 62%

Key countries

US, China, India, Russia, and Japan

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Alsey Refractories Co., Carborundum Universal Ltd., Chosun Refractories ENG Co. Ltd., Compagnie de Saint Gobain SA, Corning Inc., HarbisonWalker International Inc., IFGL Refractories Ltd., Imerys S.A., INTOCAST AG, KAEFER SE and Co. KG, Krosaki Harima Corp., Magnezit Group, Minerals Technologies Inc., Morgan Advanced Materials Plc, POSCO, Refratechnik Holding GmbH, RHI Magnesita GmbH, SCR Sibelco NV, Shinagawa Refractories Co. Ltd., and Vesuvius Plc

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse through Technavio's Material Market Reports

Table of contents:

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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