Pune, India, Nov. 09, 2022 (GLOBE NEWSWIRE) -- According to a report by Fortune Business Insights™, titled "Refractories Market, 2022-2029", Refractory customization to meet the global demand will further drive the market growth. The growth of this market is driven by increasing demand across major industrial sectors including iron, steel, and other metals, glass, cement, paper & pulp, and petrochemicals.
The global refractories market size reached USD 32.25 billion in 2021. The market valuation is predicted to rise from USD 33.01 billion in 2022 to USD 44.82 billion by 2029, registering a CAGR of 4.5% during 2022-2029.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.5 % |
| 2029 Value Projection | USD 44.82 Billion |
| Base Year | 2021 |
| Refractories Market Size in 2021 | USD 32.25 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 280 |
| Segments Covered | By Form, By Product and Regional |
| Refractories Market Growth Drivers | Rising Demand for Iron, Steel, Cement, and Glass to Propel Market Forward |
| Asia Pacific Refractories Market Value Stood at USD 20.76 Billion in 2021 |
Drivers & Restraints:
Proliferating Trend of Refractory Customization to Transform Market Outlook
In recent years, development of refractories from combination of various materials has gained traction. For example, magnesia materials and chromium oxide are combined together to form magnesia-chrome refractory. Customization results in numerous performance benefits such as higher refractoriness and exceptional resistance to chemical corrosion. Additional benefits include resistance to high temperatures and wear & tear.
List of Key Players Profiled in the Refractories Report:
- Beijing Lier High Temperature Materials Co., Ltd. (China)
- HarbinsonWalker International (U.S.)
- Intocast Group (Germany)
- Alsey Refractories Co. (U.S.)
- Magnezit Group (Russia)
- Imerys (France)
- Posco Chemical (South Korea)
- RHI Magnesita (Austria)
- Saint-Gobain (France)
- Vesuvius (U.K.)
- Puyang Refractories Group Co., Ltd. (China)
- Refratechnik (Germany)
- Ruitai Materials Technology Co., Ltd. (China)
- Kaefer (Norway)
- Plibrico Company, LLC (U.S.)
- Krosaki Harima Corporation (Japan)
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Regional Insights:
Asia Pacific Refractories Market Value Stood at USD 20.76 Billion in 2021
Asia Pacific is slated to dominate the global refractories market share during 2022-2029. In 2021, the regional market reached a valuation of USD 20.76 billion. Growth is attributable to increasing steel production in Asia Pacific countries. The World Steel Association reports that the region constitutes more than 70% of the world's steel production, with China alone accounting for nearly 50%.
The market in North America is driven by the expanding iron, steel, and glass sectors. Meanwhile in Europe, growth will be influenced by rising demand across automotive sector.
Segments:
According to form, the market is bifurcated into monolithic & unshaped and bricks & shaped. By product, the market share is broken down into clay and non-clay. Based on alkalinity, the market is bifurcated into basic and acidic & neutral.
In terms of end-use industry, the market is split into iron & steel, cement, glass, non-ferrous metals, and others.
Geographically, the market share is segmented into North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific.
Competitive Landscape:
Major Market Players Adopt New Strategies to Accelerate Growth & Expansion
With the presence of major international companies as well as local emerging players, the global refractories market share is fairly fragmented. Several players are adopting new strategies such as collaborations, new product launches, acquisitions, mergers, and R&D investments as part of their growth and expansion goals. Many companies are also expanding their production capacities to meet the global market demand.
Weakened Demand Across Key End-Use Sectors Affected Market Dynamics
Despite refractory production being an essential service, supply chain uncertainty and subsequent lack of raw materials such as binders and non-clay sands dented the growth prospects for this market. Slowdown of automotive, construction, and other key sectors impacted the market trends. However, the recovery of these sectors post-pandemic will strengthen the market outlook over the forthcoming years.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/refractories-market-103287
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Refractories Industry Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Refractories Industry Size
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Refractories Industry Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast - By Form (Value and Volume)
- Bricks & Shaped
- Monolithics & Unshaped
- Market Size Estimates and Forecast - By Product (Value and Volume)
- Clay
- Non Clay
- Market Size Estimates and Forecast - By Alkalinity (Value and Volume)
- Acidic & Neutral
- Basic
- Market Size Estimates and Forecast - By End-Use Industry (Value and Volume)
- Iron & Steel
- Non-Ferrous Metals
- Glass
- Cement
- Others
- Market Size Estimates and Forecast - By Region (Value and Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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