Increasing demand for steel products and focus of key players towards continuous capacity expansions is paving way for numerous opportunities within the refractory market. Refractories are a mixture of different minerals, such as bauxite, kaolin, graphite and magnesium.
Even though, all these minerals are produced globally, all grades of these minerals are not suitable for refractories applications. As a result, there is often a necessity to import these minerals. China is the leading producer of refractories minerals owing to favorable mineral resources.
Due to disputed trade practices, the US and Europe have imposed anti-dumping duties on Chinese trades. Thus, high cost of raw materials associated with heavy import duties has stymied the growth of the global refractories market.
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The refractories market is an integral part of many industrial processes, as these materials are essential for maintaining the structural integrity of high-temperature equipment. The market has experienced steady growth, driven by factors such as increasing industrialization, growth in construction activities, and demand for durable refractory materials in emerging economies. The market encompasses a wide range of refractory products, including bricks, monolithics, ceramics, and precast shapes, each tailored to specific applications and industries.
Recent Industry Trends:
- Focus on Sustainability: Sustainability is a growing concern in the refractories industry. Manufacturers are developing eco-friendly refractory materials that reduce environmental impact and energy consumption during production and use.
- Advanced Monolithics: Monolithic refractories, which are cast or sprayed in place, are gaining popularity due to their versatility and ease of installation. They are increasingly used in high-temperature applications.
- Customized Refractory Solutions: Manufacturers are offering customized refractory solutions to meet the specific needs of industries and applications, enhancing the efficiency and lifespan of refractory linings.
- Digitalization and IoT: Digital technologies and the Internet of Things (IoT) are being integrated into refractory management systems, enabling real-time monitoring, predictive maintenance, and improved performance.
- Recycling and Circular Economy: Efforts to recycle refractory materials and create a circular economy within the industry are growing, reducing waste and conserving resources.
Market Players: –
- Vesuvius plc
- RHI Magnesita N.V
- Krosaki Harima Corporation
- Shinagawa Refractories Co., Ltd.
- Magnezit Group Ltd.
- Morgan Advanced Materials plc
- Refratechnik Holding GmbH.
As the impact of local and regional developments have become more pronounced, refractories companies from around the world have realized the importance of strategic collaborations and acquisitions. In September 2019, RHI Magnesita N.V. (Austria) made an acquisition in which they bought the refractories plant from Manishri Refractories & Ceramics Pvt. Ltd for US$ 6.3 Mn, which will produce magnesium carbon brick. This acquisition will help the company to penetrate into the Indian market.
Steady Growth in Steel Industries to Facilitate Global Refractories Demand
Refractories materials cost around 2-3% of steel production costs. Growing infrastructure, oil and gas, and automotive industries would drive the growth of the steel industry. Although refractory companies continue to find opportunities in cement, glass, and non-ferrous industries, it is the steel industry that massively influences the fortunes of refractories manufacturers.
Steel industries account for around three-fourth of global refractories demand and are forecast to continue their reign throughout the forecast period. Although global overproduction has also impacted the steel industries, there has been a steady recovery in the last year. Furthermore, investments in steel industries are likely to increase in developing and underdeveloped regions, as majority of the regions are focusing on self-reliance and cutting down on imports.
Factors Driving Market Growth:
- Industrial Expansion: The growth of industries such as steel, cement, and glass, especially in emerging economies, has led to increased demand for refractory materials to support manufacturing processes.
- Rising Construction Activities: The construction industry, which relies on refractories for infrastructure projects like roads and bridges, contributes to market growth as construction activities increase globally.
- Stringent Regulations: Regulatory requirements for cleaner and more energy-efficient industrial processes have prompted industries to invest in high-performance refractory materials.
- Technological Advancements: Ongoing research and development efforts have led to the creation of advanced refractory materials with improved durability, thermal resistance, and corrosion resistance.
- Infrastructure Development: Investments in infrastructure development, particularly in developing regions, are driving the demand for refractory products used in constructing and maintaining critical infrastructure.
Global Refractories Market Segmentation
Fact.MR has studied the Global Refractories market with detailed segmentation on the basis of material, form, end-use, and key regions.
- By Material :
- Clay
- Non-Clay
- By Form :
- Bricks
- Monolithic
- Others
- By End-Use :
- Steel
- Energy & Chemicals
- Non-Ferrous Metals
- Cement
- Glass
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.”
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
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The refractories market plays a critical role in supporting various high-temperature industrial processes. The industry’s response to emerging trends, such as sustainability, digitalization, and customized solutions, reflects its adaptability and commitment to meeting the evolving needs of industries worldwide. As industrialization and construction activities continue to grow, the refractories market is expected to witness sustained expansion, offering innovative solutions for high-temperature applications across diverse sectors.
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