Report Details:
15 Companies Covered
111 Pages
Press release/- Market Research Future Published a Half-Cooked Research Report on Refractories Market Research Report.
Market Insights
Market Research Future has recently made public its report on the global Rrefractories Market was valued at USD 52.79 Billion in 2023 and is projected to reach USD 73.20 Billion by 2032, expanding at a CAGR of 3.69% from 2023 to 2030.
Used extensively for linings in furnaces, reactors and other processing units due to its heat-resistant composition, the market is expected to move forward with steady and moderate growth.
The demand for refractories material is consistent due to its ability to resist extremely high temperatures without resulting in physical or chemical changes. Refractories have been witnessing rising applications in emerging markets due to its extensive use in manufacturing and in the construction industry. These emerging markets are key in the progress of the market and are also among the largest produces of refractories. Additionally, the growing demand for infrastructure has resulted in high demand for glass, metals, and cement in the construction sector.
Market Segmentation
MRFR's analysis of the market divides it into various segments in an effort to magnify every relevant market factor. Segmentation has been performed on the basis of type, form, application, and region. By type, the market is segmented into high alumina, magnesite, silica brick, fireclay, and others. Based on form, the market is divided into unshaped and shaped.
By application, the market is categorized into steel, cement, glass, non-ferrous, and others. The steel sector is the largest consumer of refractories. Globally used due to its lightweight, and heat resistant nature, refractories are highly suitable for use in the steel industry.
The global refractories market is segmented into North America, Europe, Asia Pacific and the Rest of the World.
Regional Analysis
The Asia Pacific region accounts for the most significant market share and is followed by Europe and North America. The presence of a massive, ever-growing population in the region has driven the construction sector considerably with an increased demand for housing, and infrastructure in rapidly urbanizing countries. The region is one of the largest producers of refractories which is likely to assist in the APAC remaining in its leading position beyond the forecast period.
Led by the US, North America is another significant region in the global refractories market. The U.S is the largest consumer of refractories and the demand for steel and cement in construction activities drive the market in the region.
Key Players
The competitive landscape of the global market is covered expensively in MRFRs report, and includes key market players such as Shinagawa Refractories Co. Ltd, Saint-Gobain S.A, RHI AG, Magnesita Refratarios S.A., Harbisonwalker International (HWI) Inc, Coorstek Incorporated, Krosaki Harima Corporation, Corning Incorporated, Vesuvius PLC, and Morgan Advanced Materials PLC
Latest Industry News
- RHI Magnesita has announced its decision to merge its Indian operations under Orient Refractories The move comes in recognition of the potential the region represents.
- HarbisonWalker International has opened its refractories plant in Ohio, U.S.A after its announcement of the project in 2017. The UD 30 Mn investment has resulted in a technologically advanced refractories plant which will provide the latest in refractories.
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