Refractories Market Analysis

Global Refractories Market Overview

Refractories Market Size was valued at USD 52.79 Billion in 2023. The Refractories industry is projected to grow from USD 54.80 Billion in 2024 to USD 73.20 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.69% during the forecast period (2023 - 2030). The rising infrastructural development in developed and developing countries across the globe has increased the number of construction activities, which is projected to drive the demand for cement, and thereby the growth are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Refractories Market Trends

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  Increase in the number of construction activities to boost market growth

  
  

An increase in the number of construction activities can drive the refractories market. Refractories are materials that can withstand high temperatures and are used in a wide range of applications, including construction, manufacturing, and energy production. In the construction industry, refractories are commonly used in the construction of high-temperature furnaces, boilers, and kilns. As the demand for construction materials and infrastructure increases, so does the demand for refractories. For example, in the manufacturing of cement, which is a key building material, refractories are used in the kiln to withstand the high temperatures required for the production process.

In addition to construction, refractories are also used in a range of other industries, including steel, glass, and ceramics manufacturing. As these industries grow and expand, the demand for refractories is likely to increase as well. Overall, the refractories market is closely tied to the level of construction and manufacturing activity, and an increase in these activities can drive demand for refractories. Therefore, such factors related to Refractories have enhanced the Refractories market CAGR across the globe in recent years.

IFGL, a worldwide refractories firm, inaugurated its cutting-edge Research Centre in Kalunga, Odisha, on November 24, 2023. This cutting-edge facility provides IFGL with world-class research capabilities, including metal melting equipment to validate material reactions. The Centre is critical to producing proprietary intellectual property, which drives future growth. With a focus on fundamental research, it seeks to pioneer indigenous raw resources, recycling processes, and innovative product development to provide superior solutions.

In 2024, Acquisition will help RHI Magnesita maintain its strategic growth trajectory in alumina-based refractories by improving its product range for US clients. RHI Magnesita has announced its intention to buy Resco Group, a US-based producer of alumina monolithics and a diverse range of basic and non-basic refractories, for up to $430 million.

Refractories Market Segment Insights

Refractories Alkalinity Insights

The  Refractories Market segmentation, based on alkalinity, includes Acidic & Neutral, and Basic. The basic segment held the majority share in 2022 of the Refractories Market revenue. The basic segment generally refers to refractory materials with a high level of alkalinity, while the acidic and neutral segment includes refractories with low to moderate alkalinity. This is because basic refractories have a higher resistance to basic environments and are more durable and long-lasting compared to acidic and neutral refractories. Basic refractories are typically made from magnesia, dolomite, and chrome ore, and are used in a range of high-temperature applications, including steel production, cement manufacturing, and glass making.

Refractories Form Insights

The  Refractories Market segmentation, based on form, includes Shaped, Unshaped. The shaped segment held the majority share in 2022 of the  Refractories Market revenue. Shaped refractories are pre-formed into specific shapes, such as bricks, tiles, and blocks, before being used in high-temperature applications. Shaped refractories are typically used in areas that require high resistance to heat and wear, such as the linings of furnaces, kilns, and other high-temperature processing equipment. The shaped segment has historically held the majority share in the refractories market, as these products offer greater precision, consistency, and durability compared to unshaped refractories.

Refractories Application Insights

Based on application, the Refractories Market segmentation includes Iron & Steel, Cement, Non-Ferrous metals, Glass, and Others. The Iron & Steel segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. The iron and steel segment historically dominates the refractories market in terms of demand and market share. Refractories are widely used in the iron and steel industry to line high-temperature furnaces and other equipment used in the manufacturing process. Refractories are essential to maintain high-temperature environments necessary for melting, alloying, and forming metals. These all factors for Refractories positively impact market growth.

Figure 2:  Refractories Market, by Alkalinity, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Refractories Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific is expected to hold the largest share in the  Refractories Market. The region's dominance can be attributed to the significant growth of the iron and steel industry in countries such as China, India, and Japan. These countries are major producers of steel and have a large number of steel manufacturing plants that require refractories. In addition, the cement industry is also growing in the Asia Pacific region due to the increasing infrastructure development and urbanization in countries such as China and India, which also contributes to the demand for refractories. The non-ferrous metals industry is also expanding in the region, particularly in China, which is a significant producer of aluminum.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil

Figure 3:  REFRACTORIES MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Refractories market accounts for the third-largest market share. The growth of the market in Europe is attributed to the presence of a significant number of iron and steel manufacturers in the region. In addition, the region has a well-established automotive industry, which is a significant consumer of steel and refractories. Europe has a well-established and technologically advanced industry that produces a wide range of refractory products. These products are used in various industries, including steel, cement, and glass, among others. The region's focus on innovation and technological advancements is expected to further drive the growth of the refractories market in Europe. Further, the Germany Refractories market held the largest market share, and the UK Refractories market was the fastest-growing market in the European region.

North America, Refractories market, is expected to grow at the fastest CAGR from 2023 to 2030. The growth of the refractories market in North America is attributed to the increasing demand for refractories in the iron and steel industry. The region has a significant presence of iron and steel manufacturers, which are driving the demand for refractories. Additionally, the increasing construction activities and infrastructure development in the region are also contributing to the growth of the refractories market. Furthermore, the increasing use of non-ferrous metals, such as aluminum and copper, is also driving the demand for refractories in the region. The automotive industry in North America is also expanding, which is further contributing to the growth of the refractories market. Moreover, the U.S. Refractories market held the largest market share, and the Canada Refractories market was the fastest-growing market in the North American region.

Refractories Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Refractories market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Refractories industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Refractories. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Refractories industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Refractories industry to benefit customers and expand the market sector. Major Refractories market players, including RHI Magnesita GmbH, Saint-Gobain, Imerys , Morgan Advanced Materials, Shinagawa Refractories Co., Ltd., CoorsTek Inc., Krosaki Harima Corporation, HarbisonWalker International, INTOCAST , and Chosun Refractories Eng. Co. Ltd, and others, are attempting to increase market demand by funding R&D initiatives.

RHI Magnesita is a global leading supplier of refractory products, systems and services. The company was formed in 2017 after the merger of two leading refractory companies - RHI AG and Magnesita Refratários S.A. RHI Magnesita offers a comprehensive range of refractory products, systems and services for various industries, including iron and steel, cement, non-ferrous metals, glass, and energy. The company's product portfolio includes refractory bricks, monolithic refractories, precast shapes, and other special products.

Saint-Gobain is a global leader in the production, processing, and distribution of construction materials, high-performance materials, and glass products. Saint-Gobain operates through four main business segments: Innovative Materials, Construction Products, Building Distribution, and Packaging. Its product portfolio includes a wide range of materials, such as insulation, ceramics, plastics, abrasives, and flat glass.

Key Companies in the Refractories market includes

• RHI Magnesita GmbH


• Saint-Gobain


• Imerys


• Morgan Advanced Materials


• Shinagawa Refractories Co., Ltd.


• CoorsTek Inc.


• Krosaki Harima Corporation


• HarbisonWalker International


• INTOCAST


• Chosun Refractories Eng. Co. Ltd among others

Refractories Industry Developments

June 2021: Imerys announced that it has opened a new manufacturing plant in India to expand its refractory and building & infrastructure markets.

January 2021: INTOCAST announced that it has signed a long-term service contract for tundish operations with Hüttenwerke Mannesmann (HKM).

Refractories Market Segmentation

Refractories Alkalinity Outlook

• Acidic & Neutral


• Basic

Refractories Form Outlook

• Shaped


• Unshaped

Refractories Application Outlook

• Iron & Steel


• Cement


• Non-Ferrous metals


• Glass


• Others

Refractories Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America