Refractory Material Market
Refractory Material Market Forecasts to 2030 - Global Analysis By Form (Unshaped and Shaped), Chemical Composition (Alumina, Magnesia and Silica), End User (Metals and Metallurgy, Power Generation and Other End Users) and By Geography
According to Stratistics MRC, the Global Refractory Material Market is accounted for $23.6 billion in 2024 and is expected to reach $34.1 billion by 2030 growing at a CAGR of 6.3% during the forecast period. Refractory materials are high-temperature-resistant substances used to line furnaces, kilns, reactors, and other high-heat equipment. They are designed to withstand extreme temperatures and harsh conditions without deteriorating or losing structural integrity. Commonly composed of ceramics, minerals, and metals, these materials have a melting point significantly higher than the operating temperatures of the equipment they protect.
According to a report published by the National Investment Promotion and Facilitation Agency, the construction output in India is expected to grow by 7.1% year-on-year by 2025.
Market Dynamics:
Driver:
Infrastructure development
Infrastructure development is significantly advancing the field of refractory materials by driving innovations and improvements in their production and application. As industries evolve and demand for high-performance materials increases, modern infrastructure projects require refractories with superior durability, thermal resistance, and cost-effectiveness. Enhanced manufacturing techniques, such as advanced ceramic processing and improved raw material quality, are being employed to meet these demands. Additionally, infrastructure development fosters better testing and quality control facilities, ensuring that refractory materials can withstand extreme conditions, such as high temperatures and corrosive environments, with greater reliability.
Restraint:
Fluctuations in the prices of raw materials
Fluctuations in the prices of raw materials significantly impact the refractory material industry, causing instability and financial strain. Refractory materials, essential for withstanding high temperatures in industrial processes like metal smelting and glass manufacturing, rely on key raw materials such as alumina, silica, and magnesia. When the prices of these inputs fluctuate due to factors like supply chain disruptions, geopolitical tensions, or changes in mining regulations, the cost of producing refractories becomes unpredictable. This unpredictability complicates budgeting and financial planning for manufacturers, potentially leading to increased costs for consumers and reduced profitability for producers.
Opportunity:
Growth in emerging economies
As countries like India, China, and Brazil advance economically, they are investing heavily in sectors such as steel production, cement manufacturing, and power generation, which are all major consumers of refractory materials. These materials, crucial for withstanding high temperatures and corrosive environments, are essential for maintaining efficiency and longevity in industrial processes. The surge in construction and industrial projects in these emerging markets drives demand for advanced refractory solutions to ensure operational stability and performance.
Threat:
Maintenance and durability issues
Refractory materials, designed to withstand extreme temperatures and corrosive environments, often face significant maintenance and durability challenges. These materials are critical in industries such as metallurgy and ceramics, where they line furnaces, kilns, and reactors. Over time, exposure to high temperatures, thermal cycling, and chemical attack can lead to wear and degradation. However, common issues include cracking, spalling, and erosion, which compromise the material's integrity and performance. Maintenance becomes crucial as these failures can lead to operational inefficiencies, increased downtime, and costly repairs.
Covid-19 Impact:
The COVID-19 pandemic had a significant impact on the refractory material industry, affecting both supply and demand. The global disruption led to widespread shutdowns and restrictions that interrupted manufacturing processes and logistics, causing delays in the production and delivery of refractory materials essential for high-temperature industrial applications. The economic uncertainty reduced capital investments in construction and infrastructure projects, leading to decreased demand for these materials. Supply chain challenges also arose from raw material shortages and transportation bottlenecks, further exacerbating the industry's difficulties.
The Shaped segment is expected to be the largest during the forecast period
Shaped segment is expected to be the largest during the forecast period. Shaped segment play a crucial role in enhancing the performance of refractory materials by providing targeted structural support and improved thermal efficiency. These segments are custom-designed components that fit into specific parts of high-temperature equipment, such as furnaces, kilns, and reactors. By using shaped segments, manufacturers can optimize the distribution of heat and reduce thermal stress on refractory linings. This tailored approach helps to prevent premature wear and damage, extending the lifespan of the refractory material.
The Power Generation segment is expected to have the highest CAGR during the forecast period
Power Generation segment is expected to have the highest CAGR during the forecast period. In the Power Generation sector, enhancing refractory materials is crucial for improving the efficiency and longevity of energy production systems. Refractory materials are high-temperature resistant substances used to line furnaces, reactors, and other high-heat environments. The focus on enhancing these materials involves developing advanced compositions that can withstand extreme temperatures and corrosive environments, thereby reducing maintenance costs and extending equipment life. Innovations in refractory technology include incorporating advanced ceramics, composites, and nanomaterials to improve thermal stability, mechanical strength and resistance to thermal shock.
Region with largest share:
Asia Pacific region commanded the largest share of the market over the extrapolated period. Innovations such as automation, precision engineering and the integration of artificial intelligence have revolutionized the production processes, enhancing efficiency, quality and scalability across the region. These advanced techniques enable the creation of highly durable and heat-resistant refractory materials, which are essential for industries like steelmaking, glass production, and non-ferrous metals throughout the region. Additionally, the shift towards more sophisticated manufacturing methods supports the development of customized solutions tailored to specific industrial needs, driving competitiveness and fostering regional advancements.
Region with highest CAGR:
Europe region is poised to hold profitable growth during the projected period. In Europe, government regulations are substantially enhancing the refractory material industry by driving advancements in environmental sustainability, safety and innovation. Stringent environmental regulations mandate the reduction of emissions and waste associated with refractory production, prompting manufacturers to develop more eco-friendly materials and processes across the region. Compliance with these regulations often leads to improved energy efficiency and reduced environmental impact, aligning with the European Union’s broader climate goals.
Key players in the market
Some of the key players in Refractory Material market include IFGL Refractories Limited, Dalmia Bharat Group, JSW Steel Ltd, Krosaki Harima Corporation, Lanexis Enterprises (P) Ltd, Luyang Energy-Saving Materials Co., Ltd, Puyang Refractories Group Co., Ltd, RHI Magnesita GmbH, SGL Carbon SE and Shinagawa Refractories Co., Ltd.
Key Developments:
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.
In 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.
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.
In 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.
In 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.
Forms Covered:
• Unshaped
• Shaped
Chemical Compositions Covered:
• Alumina
• Magnesia
• Silica
End Users Covered:
• Metals and Metallurgy
• Power Generation
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Refractory Material Market, By Form
5.1 Introduction
5.2 Unshaped
5.3 Shaped
6 Global Refractory Material Market, By Chemical Composition
6.1 Introduction
6.2 Alumina
6.3 Magnesia
6.4 Silica
7 Global Refractory Material Market, By End User
7.1 Introduction
7.2 Metals and Metallurgy
7.3 Power Generation
7.4 Other End Users
8 Global Refractory Material Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 IFGL Refractories Limited
10.2 Dalmia Bharat Group
10.3 JSW Steel Ltd
10.4 Krosaki Harima Corporation
10.5 Lanexis Enterprises (P) Ltd
10.6 Luyang Energy-Saving Materials Co., Ltd
10.7 Puyang Refractories Group Co., Ltd
10.8 RHI Magnesita GmbH
10.9 SGL Carbon SE
10.10 Shinagawa Refractories Co., Ltd
List of Tables
1 Global Refractory Material Market Outlook, By Region (2022-2030) ($MN)
2 Global Refractory Material Market Outlook, By Form (2022-2030) ($MN)
3 Global Refractory Material Market Outlook, By Unshaped (2022-2030) ($MN)
4 Global Refractory Material Market Outlook, By Shaped (2022-2030) ($MN)
5 Global Refractory Material Market Outlook, By Chemical Composition (2022-2030) ($MN)
6 Global Refractory Material Market Outlook, By Alumina (2022-2030) ($MN)
7 Global Refractory Material Market Outlook, By Magnesia (2022-2030) ($MN)
8 Global Refractory Material Market Outlook, By Silica (2022-2030) ($MN)
9 Global Refractory Material Market Outlook, By End User (2022-2030) ($MN)
10 Global Refractory Material Market Outlook, By Metals and Metallurgy (2022-2030) ($MN)
11 Global Refractory Material Market Outlook, By Power Generation (2022-2030) ($MN)
12 Global Refractory Material Market Outlook, By Other End Users (2022-2030) ($MN)
13 North America Refractory Material Market Outlook, By Country (2022-2030) ($MN)
14 North America Refractory Material Market Outlook, By Form (2022-2030) ($MN)
15 North America Refractory Material Market Outlook, By Unshaped (2022-2030) ($MN)
16 North America Refractory Material Market Outlook, By Shaped (2022-2030) ($MN)
17 North America Refractory Material Market Outlook, By Chemical Composition (2022-2030) ($MN)
18 North America Refractory Material Market Outlook, By Alumina (2022-2030) ($MN)
19 North America Refractory Material Market Outlook, By Magnesia (2022-2030) ($MN)
20 North America Refractory Material Market Outlook, By Silica (2022-2030) ($MN)
21 North America Refractory Material Market Outlook, By End User (2022-2030) ($MN)
22 North America Refractory Material Market Outlook, By Metals and Metallurgy (2022-2030) ($MN)
23 North America Refractory Material Market Outlook, By Power Generation (2022-2030) ($MN)
24 North America Refractory Material Market Outlook, By Other End Users (2022-2030) ($MN)
25 Europe Refractory Material Market Outlook, By Country (2022-2030) ($MN)
26 Europe Refractory Material Market Outlook, By Form (2022-2030) ($MN)
27 Europe Refractory Material Market Outlook, By Unshaped (2022-2030) ($MN)
28 Europe Refractory Material Market Outlook, By Shaped (2022-2030) ($MN)
29 Europe Refractory Material Market Outlook, By Chemical Composition (2022-2030) ($MN)
30 Europe Refractory Material Market Outlook, By Alumina (2022-2030) ($MN)
31 Europe Refractory Material Market Outlook, By Magnesia (2022-2030) ($MN)
32 Europe Refractory Material Market Outlook, By Silica (2022-2030) ($MN)
33 Europe Refractory Material Market Outlook, By End User (2022-2030) ($MN)
34 Europe Refractory Material Market Outlook, By Metals and Metallurgy (2022-2030) ($MN)
35 Europe Refractory Material Market Outlook, By Power Generation (2022-2030) ($MN)
36 Europe Refractory Material Market Outlook, By Other End Users (2022-2030) ($MN)
37 Asia Pacific Refractory Material Market Outlook, By Country (2022-2030) ($MN)
38 Asia Pacific Refractory Material Market Outlook, By Form (2022-2030) ($MN)
39 Asia Pacific Refractory Material Market Outlook, By Unshaped (2022-2030) ($MN)
40 Asia Pacific Refractory Material Market Outlook, By Shaped (2022-2030) ($MN)
41 Asia Pacific Refractory Material Market Outlook, By Chemical Composition (2022-2030) ($MN)
42 Asia Pacific Refractory Material Market Outlook, By Alumina (2022-2030) ($MN)
43 Asia Pacific Refractory Material Market Outlook, By Magnesia (2022-2030) ($MN)
44 Asia Pacific Refractory Material Market Outlook, By Silica (2022-2030) ($MN)
45 Asia Pacific Refractory Material Market Outlook, By End User (2022-2030) ($MN)
46 Asia Pacific Refractory Material Market Outlook, By Metals and Metallurgy (2022-2030) ($MN)
47 Asia Pacific Refractory Material Market Outlook, By Power Generation (2022-2030) ($MN)
48 Asia Pacific Refractory Material Market Outlook, By Other End Users (2022-2030) ($MN)
49 South America Refractory Material Market Outlook, By Country (2022-2030) ($MN)
50 South America Refractory Material Market Outlook, By Form (2022-2030) ($MN)
51 South America Refractory Material Market Outlook, By Unshaped (2022-2030) ($MN)
52 South America Refractory Material Market Outlook, By Shaped (2022-2030) ($MN)
53 South America Refractory Material Market Outlook, By Chemical Composition (2022-2030) ($MN)
54 South America Refractory Material Market Outlook, By Alumina (2022-2030) ($MN)
55 South America Refractory Material Market Outlook, By Magnesia (2022-2030) ($MN)
56 South America Refractory Material Market Outlook, By Silica (2022-2030) ($MN)
57 South America Refractory Material Market Outlook, By End User (2022-2030) ($MN)
58 South America Refractory Material Market Outlook, By Metals and Metallurgy (2022-2030) ($MN)
59 South America Refractory Material Market Outlook, By Power Generation (2022-2030) ($MN)
60 South America Refractory Material Market Outlook, By Other End Users (2022-2030) ($MN)
61 Middle East & Africa Refractory Material Market Outlook, By Country (2022-2030) ($MN)
62 Middle East & Africa Refractory Material Market Outlook, By Form (2022-2030) ($MN)
63 Middle East & Africa Refractory Material Market Outlook, By Unshaped (2022-2030) ($MN)
64 Middle East & Africa Refractory Material Market Outlook, By Shaped (2022-2030) ($MN)
65 Middle East & Africa Refractory Material Market Outlook, By Chemical Composition (2022-2030) ($MN)
66 Middle East & Africa Refractory Material Market Outlook, By Alumina (2022-2030) ($MN)
67 Middle East & Africa Refractory Material Market Outlook, By Magnesia (2022-2030) ($MN)
68 Middle East & Africa Refractory Material Market Outlook, By Silica (2022-2030) ($MN)
69 Middle East & Africa Refractory Material Market Outlook, By End User (2022-2030) ($MN)
70 Middle East & Africa Refractory Material Market Outlook, By Metals and Metallurgy (2022-2030) ($MN)
71 Middle East & Africa Refractory Material Market Outlook, By Power Generation (2022-2030) ($MN)
72 Middle East & Africa Refractory Material Market Outlook, By Other End Users (2022-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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