Refractory Material Market Analysis

Global Refractory Material Market Overview

Refractory Material Market Size was valued at USD 19.9 Billion in 2022. The Refractory Material industry is projected to grow from USD 20.93 Billion in 2023 to USD 31.40 Billion by 2032, exhibiting a compound yearly growth rate (CAGR) of 5.20% during the forecast period (2023 - 2032). Increased demand from the iron and steel industry and increasing need for refractories in the production of non-ferrous metals are the key market drivers enhancing the market growth.

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

Refractory Material Market Trends

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  Growing demand from iron and steel industry is driving the market growth

  
  

Market CAGR for refractory material is being driven by the rising demand from the iron and steel industry, which serves as a powerful and fundamental driver propelling the refractory material market to new heights. Refractory materials, designed to withstand extreme temperatures and harsh conditions, play a critical role in various processes within the iron and steel sector, contributing to the industry's efficiency, productivity, and overall growth.

One of the primary applications of refractory materials in the iron and steel industry is in blast furnaces. Blast furnaces are vital components in the production of iron, where raw materials such as iron ore, coke, and limestone are melted and transformed into molten iron. Refractory linings in blast furnaces withstand extremely high temperatures and harsh chemical reactions, ensuring the durability and longevity of these crucial structures. The robust and heat-resistant nature of refractories enables the continuous operation of blast furnaces, supporting the  demand for iron and steel. In addition to blast furnaces, refractory materials play a key role in the lining of various equipment used in steelmaking processes. Steel ladles, converters, and electric arc furnaces all require refractory linings to endure the intense heat and chemical reactions involved in melting and refining steel. Refractories contribute to the thermal insulation, erosion resistance, and longevity of these vessels, directly impacting the efficiency and reliability of steel production. Moreover, refractory materials find application in the shaping and forming of steel products. In steel casting processes, ladle linings, tundishes, and moulds utilize refractories to maintain their structural integrity and withstand the extreme conditions associated with molten steel. The use of refractories in these applications ensures the quality and integrity of the final steel products, supporting the stringent standards required by various industries.

The increasing demand for steel across diverse sectors such as construction, automotive, and infrastructure development directly influences the need for refractory materials. As urbanization and industrialization continue worldwide, the construction and manufacturing sectors drive a continuous and robust demand for steel. This, in turn, fuels the demand for refractory materials that enable the sustained and efficient production of high-quality steel.

Furthermore,  economic development, particularly in emerging markets, plays a crucial role in boosting the demand for steel and, consequently, refractory materials. Rapid industrialization, urban development, and infrastructure projects in countries with growing economies contribute significantly to the sustained growth of the iron and steel industry. Refractory materials become indispensable in supporting the expansion of steel production capacities to meet the increasing demands of these dynamic markets. Thus driving the Refractory Material market revenue.

Refractory Material Market Segment Insights

Refractory Material Chemistry Insights

The  Refractory Material market segmentation, based on chemistry, includes Acidic, Basic and Neutral. The basic segment dominated the market, accounting for the largest market revenue as it underpins the formulation and properties of these essential products. The composition of refractories relies on fundamental chemical principles, utilizing oxides, silicates, and other compounds that exhibit high-temperature stability and resistance to thermal and chemical stress. The understanding of chemical reactions, phase transformations, and the behaviour of materials at elevated temperatures is paramount in designing refractory materials that can withstand the harsh conditions present in industrial processes such as metal smelting and ceramics manufacturing. Further, acidic is the fastest-growing segment in the market of refractory material.

Figure 1:  Refractory Material Market, by Chemistry, 2022 & 2032 (USD Billion)

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

Refractory Material Form Insights

The  Refractory Material market segmentation, based on form, includes Shaped and Unshaped. The shaped category dominates the market due to its tailored designs that fit specific applications in various industries. Shaped refractories are custom-made to conform to the intricate shapes and configurations required in furnaces, ladles, and other equipment used in high-temperature processes. The ability of shaped forms to provide precise linings in complex structures enhances the efficiency and performance of industrial equipment, contributing to their widespread adoption. Industries such as iron and steel, cement, and glass manufacturing heavily rely on shaped refractories to optimize their production processes and ensure the durability of critical components.

Refractory Material End-Use Insights

The  Refractory Material market segmentation, based on end use, includes Metal and metallurgy, Cement, Glass and ceramics, Power Generation and Others. The metal and metallurgy category dominates the market due to the indispensable role of refractories in various critical processes within this industry. Refractory materials are essential for maintaining the structural integrity and thermal insulation of furnaces, converters, and other equipment used in metal smelting and refining. In applications such as blast furnaces and crucibles, refractories withstand extreme temperatures and harsh chemical reactions, ensuring the continuous and efficient production of metals. The growing demand for metals across diverse sectors, including automotive, aerospace, and construction, further cements the dominance of the metal and metallurgy segment in driving the market for refractory materials.

Refractory Material Regional Insights

By region, the study gives market insights of North America, Europe, Asia-Pacific and the Rest of the World. The North American Refractory Material market area dominates this market due to its robust metal and steel industry, which relies heavily on refractories for various critical applications such as blast furnaces and steel ladles. The region's industrial infrastructure, technological advancements, and high demand for refractory materials in metal production processes contribute to North America's leadership in driving the market.

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

Figure 2:  REFRACTORY MATERIAL MARKET SHARE BY REGION 2022 (USD Billion)

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

Europe's Refractory Material market accounts for the second-largest market share due to the thriving manufacturing sector, particularly in industries such as steel, automotive, and aerospace. Further, the German Refractory Material market held the largest market share, and the UK Refractory Material market was the fastest-growing market in European region.

The Asia-Pacific Refractory Material Market is expected to rise at the fastest CAGR from 2023 to 2032. This is due to the rapid industrialization, flourishing metal and steel industries, and extensive infrastructure development. Moreover, China’s Refractory Material market held the largest market share, and the Indian Refractory Material market was the fastest-growing market in Asia-Pacific region.

Refractory Material Key Market Players & Competitive Insights

Leading market players are investing heavily in the research and development in order to expand their product lines, which will help the Refractory Material market grow even more. Market players are also undertaking different strategic activities in order to expand their  footprint, with important market developments inclusive of mergers and acquisitions, new product launches, contractual agreements, higher investments, and collaboration with other organizations. To expand and survive in the more competitive and rising market climate, the Refractory Material industry must offer cost-effective items.

Manufacturing locally to minimize the operational costs is one of the key business tactics used by the manufacturers in the  Refractory Material industry to benefit the clients and grow the market sector. In recent years, the Refractory Material industry has offered some of the most significant advantages to different industries. Major players in the Refractory Material market, including Calderys, Dalmia Bharat Refractory, IFGL Refractories Ltd., Kurosaki Harima Corporation, Lanexis, Morgan Advanced Materials, RHI Magnesita GmbH, Saint Gobain, SHINAGAWA REFRACTORIES CO., LTD., Vitcas, and others, are attempting to raise the market requirement by investing in the research and development operations.

RHI Magnesita is  leader in the production and supply of high-grade refractory products, boasting a significant presence in the refractory industry. Headquartered in London, the company operates in over 35 countries and holds a prominent position in the  market, offering a comprehensive range of refractory solutions for various industries. With a history dating back to the 19th century, RHI Magnesita has continually evolved, combining tradition with innovation to deliver cutting-edge products and services.

In October 2023, RHI Magnesita and Techint Engineering & Construction (TEC) formed a strategic alliance to develop and implement innovative refractory solutions for the steel industry, focusing on energy efficiency and sustainability.

Saint-Gobain, a French multinational corporation, stands as a  leader in production and distribution of construction and high-performance materials. Founded in 1665 and headquartered in Paris, the company has a rich history of innovation and sustainability. Saint-Gobain operates in various segments, including building materials, glass, ceramics, and high-performance plastics, providing solutions for a wide range of industries. The company's diverse product portfolio encompasses everything from construction materials such as insulation and gypsum to innovative materials like abrasives and advanced ceramics.

In August 2023, Saint-Gobain and HarbisonWalker International announced a collaboration to explore the potential of combining their refractory materials technologies for advanced applications in the energy and aerospace sectors.

Key Companies in the Refractory Material market include

• Calderys


• Dalmia Bharat Refractory 


• IFGL Refractories Ltd.


• Krosaki Harima Corporation


• Lanexis


• Morgan Advanced Materials 


• RHI Magnesita GmbH


• Saint Gobain


• SHINAGAWA REFRACTORIES CO., LTD.


• Vitcas

Refractory Material Industry Developments

June 2023: Refractory Solutions Group partnered with Siemens AG to leverage digital technologies and AI-powered solutions to optimize the performance and lifespan of refractory linings in industrial furnaces.

September 2023: Morgan Advanced Materials acquired the Ceramics Division of A.P. Green Industries, Inc., a major US producer of refractory materials, for $350 million. This acquisition expands Morgan's presence in the North American market and strengthens its offerings in the steel and glass industries.

July 2023: Saint-Gobain acquired the Refractory Materials Division of Corning Incorporated, a manufacturer of high-performance refractory materials for the electronics and semiconductor industries, for $275 million. This acquisition expands Saint-Gobain's presence in the high-tech materials market.

Refractory Material Market Segmentation

Refractory Material Chemical Outlook

• Acidic


• Basic


• Neutral

Refractory Material Form Outlook

• Shaped


• Unshaped

Refractory Material End-Use Outlook

• Metal & Metallurgy


• Cement


• Glass & Ceramics


• Power Generation


• Others

Refractory Material 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