Refractories Market Overview
The refractories market was valued at 50,000 kilotons in 2020 and is expected to grow at a CAGR of over 5% during the forecast period 2021-2026. The major factors driving the market are the strong growth of iron and steel production in emerging countries and the increase in the production of non-ferrous materials. The refractories are used for internal lining applications in iron steel and non-ferrous productions. Moreover, high demand coming from the glass industry is the major factor driving the growth. The Asia-Pacific region is likely to dominate the market and is expected to have the highest CAGR. Emerging countries, like China, Russia, Mexico, and South Africa, are investing heavily in large-scale infrastructure projects, which are expected to significantly boost the growth of the iron and steel industry.
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Refractories Market - Geographical Overview
China is likely to dominate the Asia-Pacific refractories market
China dominates the refractories market in terms of consumption and production due to the local availability of raw materials, such as magnesite. Additionally, they are available at cheaper costs as compared to other producers. The iron and steel industry consumes the largest portion of refractories, globally and in China as well. Industrial restructuring and the decreased consumption rate of refractories per ton of steel have impacted the demand for refractories in China between 2013-16. However, growing construction activity is creating demand for the production of iron and steel in the country and has been driving the growth of the refractories market in recent times.
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Key Highlights of the Refractories Market
- The global refractories market stands to be fragmented in nature, where the top five companies cater to about 34%-35% of the global market demand. The major players include RHI Magnesita GmbH, Vesuvius, Krosaki Harima Corporation, Shinagawa Refractories Co. Ltd, and Saint-Gobain, among others.
- The major applications of refractories in the iron and steel industry include usage in internal linings of furnaces to make iron and steel, in furnaces for heating steel before further processing, in vessels for holding and transporting metal and slag, in the flues or stacks through which hot gases are conducted and other applications. According to the World Steel Association, the global steel demand reached about 1.76 million metric tons in 2019, and it was projected to reach 1.81 million tons by 2021, registering a growth of about 1.7%.
Recent Developments in the Refractories Market
- In May 2021, ArcelorMittal Refractories, a part of the ArcelorMittal Group, entered into a partnership agreement with Krosaki Harima Corporation. The companies will carry out tasks to optimize production capacities and expand ArcelorMittal Refractories’ portfolio of refractory products, using Krosaki Harima’s manufacturing technology.
- In March 2021, the Refratechnik Group and Höganäs Borgestad Group entered into a strategic agreement for the supply of refractory products.
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List of Key Players in the Refractories Market
- Chosun Refractories
- Harbisonwalker International
- IFGL Refractories Ltd
- Krosaki Harima Corporation
- Magnezit Group
- Minerals Technologies Inc.
- Morgan Advanced Materials
- Resco Products Inc.
- RHI Magnesita GmbH
- Shinagawa Refractories Co. Ltd
- INTOCAST AG
- Puyang Refractories Group Co. Ltd
*List Not Exhaustive
Mordor Intelligence has segmented the global refractories market on the basis of product, end-user industry, and geography:
- Product (Market Size & Forecast based on Volume (kiloton), 2016-2026)
- Non-clay Refractory
- Magnesite Brick
- Dead Burned Magnesia
- Fused Magnesia
- Caustic Calcined Magnesia
- Zirconia Brick
- Silica Brick
- Chromite Brick
- Other Product Types
- Clay Refractory
- High Alumina
- End-user Industry (Market Size & Forecast based on Volume (kiloton), 2016-2026)
- Iron and Steel
- Energy and Chemicals
- Non-ferrous Metals
- Other End-user Industries
- Geography (Market Size & Forecast based on Volume (kiloton), 2016-2026)
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- United Kingdom
- Rest of Europe
- South America
- Rest of South America
- Middle-East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle-East and Africa
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