Refractory Material Market Size To Rake USD 42.41 Bn By 2032

The global refractory material market size exceeded USD 27.26 billion in 2022 and is projected to rake USD 42.41 billion by 2032, poised to grow at a CAGR of 4.5% from 2023 to 2032.

Refractory Material Market Size And Growth Rate From 2022 To 2030

Refractory materials are those that can tolerate pressure, heat, and chemical attack without breaking down. They are good for applications in insulation and heat stabilization in a number of end-use industries, including the production of iron and steel, glass, petrochemicals and cement, among others, since they can withstand high temperatures. Due to their polycrystalline, inorganic, nonmetallic, and heterogeneous properties, these materials can be employed to build the inner structures of furnaces, incinerators, reactors, kilns and other high temperature machinery.

In both developed and emerging countries, like the U.S., China, and India, where refractory materials are widely utilized for thermal insulation reasons, iron and steel output has increased due to rapid infrastructure construction and rising demand from the automobile industry. Additionally, the demand for glass used to make windowpanes, doorways, and other building components has increased because to the expanding modern theme-based architecture and construction business. Demand for refractory materials, which are frequently used in kilns and furnaces for the purpose of thermal insulation in glass manufacturing facilities, might increase. These are the main drivers of market growth for refractory materials.

However, if exposed to refractory materials like ceramic fibers, silica, and alumina over the maximum concentration limits, humans are at risk. For instance, prolonged exposure to refractory material made of ceramic fibers may irritate the upper respiratory system and the skin. Additionally, inhaling very minute (crystalline) silica particles may result in a number of health risks, including silicosis, or possibly result in death. This obstacle to market expansion exists.

In contrast, the capacity to recycle used refractory lowers the overall cost of raw materials by 10% to 15%, which encourages consumers to buy recovered refractory for thermal insulation in a variety of end-use industries. It is a crucial element that is projected to present fresh opportunities in the market for refractory materials worldwide.

Report Highlights:

  • Due to a significant increase in the rapid as well as increased usage of refractories in the iron and steel industry, followed by the elaborated use of refractories in the cement and glass industries, APAC will account for the highest share of the market in the refractories material market during the projection period.
  • The iron and steel sector, which accounts for a portion of 60.0% of the entire market in terms of value, will continue to dominate the refractories market.
  • The market for refractory materials is expected to see a rise in demand due to the metals and metallurgy industry.
  • Iron and steel production has increased in both developed and developing economies, including the U.S., China, and India, as a result of rapid infrastructure development and increased demand from the automotive industry. Refractory materials are frequently used for thermal insulation in incinerators, kilns, furnaces, and other high temperature equipment used in steel manufacturing units.
  • Refractory materials are extensively utilized in the iron and steel sector. The market for refractories is being driven by increased building activity and expanding refractory use.

Refractory Material Market Report Scope:

Report Coverage Details
Market Revenue in 2023 USD 28.45 Billion
Projected Forecast Revenue in 2032 USD 42.41 Billion
Growth Rate from 2023 to 2032 CAGR of 4.5%
Largest Market Asia Pacific
Asia Pacific Region Revenue Share In 2022 78.40%
Base Year 2022
Forecast Period 2023 To 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Regional Snapshots:

The APAC region is anticipated to achieve the biggest market share throughout the period ending in 2032 during the continuing projection period that follows the pandemic year 2022. Refractories are now being used much more frequently and extensively in the iron and steel sector, as well as in the cement and glass industries, where they are also being used more intricately for power generation. China, India, South Korea, Australia, and Japan are some of the key areas where the industry is expanding. There has been an upsurge in demand in the area for refractories with advantageous properties. Additionally, there are chances that will help the market growth throughout the forecast period, which ends in 2032, in the North American market, which includes the US and Canadian markets.

Market Dynamics:

Drivers:

One of the key factors propelling the growth of the refractories material market is the increase in infrastructure development in emerging nations.

Significant investment has been made in the construction of residential and commercial structures as a result of the growing urbanization and industrialization, particularly in developing nations like China and India. By 2030, the global construction industry would increase by 84.9% to USD 15.55 trillion, according to the Global Construction Perspective and Oxford Economics, with United States, China and India for 57% of the increase globally.

As one of the world's economies with the greatest rate of expansion, China requires ongoing road and rail infrastructure construction. The development of the Chinese car sector has also been aided by this. The construction of homes and businesses has expanded as a result of the accelerated infrastructure development in these developing nations, which is anticipated to raise demand for refractories in the cement and iron & steel sectors. The need for refractories will be driven by rising building activity in emerging nations, which is also anticipated to stimulate the glass sector.

Restraints:

Refractories' use is restricted as a result of developing environmental issues

Organic particulate matter (PM) and hazardous gases including carbon dioxide (CO2), nitrogen oxides (NOx), sulfur dioxide (SO2), carbon monoxide (CO), fluorides, and volatile organic compounds are released during the manufacture of refractories (VOCs). PM is released as a result of processes including grinding, calcining, crushing, and drying, whereas gases and VOCs are released during burning and tar and pitch activities, respectively.

Recycle of chrome-based refractories, that are predominantly utilized in the iron and steel industry, is encouraged by refractory waste disposal laws and usage regulations in the US. The adoption of programs like ReStaR throughout Europe has also assured the validity and accuracy of the current refractory testing standards in the region. Such environmental regulations and usage restrictions on refractory materials limit the market for refractories.

Opportunities:

Refractory grogs are the discarded refractory materials that are further recycled to create secondary raw resources. Refractories come in two different quality ranges: high grade and poor quality. The number of recycled refractories that can be used in other processes depends on the quality of the original refractory; only 0–30% of the recycled refractories made from low-quality refractories may be utilized in other processes. Due to rising freight and raw material costs as well as environmental concerns forcing businesses to search for more environmentally friendly options for refractory applications, the necessity for recycling refractory goods has grown.

Challenges:

One of the issues facing the market for refractories materials is its excessive reliance on the iron and steel sector.

The iron and steel sector, which accounts for over 60% of the worldwide market, has a significant impact on the refractories market. End-use industries such as non-ferrous metal, power generation, chemical, cement, glass, petrochemical, and pulp and paper make up the remaining 40% of the market. Therefore, the market for refractories would see a reduction as a result of the collapse of the iron and steel sector.

The market has been considerably impacted over the past several years by the erratic demand for refractories from the iron and steel sector. The dependency of the refractories market on the iron & steel sector is likely to stay unaltered despite the increased demand for refractories from other industries and the improvement of the global economic situation, offering a significant obstacle for the growth of the refractories market.

Recent Developments:

  •  In May 2021, Krosaki Harima Corporation and ArcelorMittal Refractories, a unit of the ArcelorMittal Group, signed a collaboration agreement. Using the manufacturing technology of Krosaki Harima, the firms will carry out activities to increase the range of refractory products offered by ArcelorMittal Refractories and optimize production capabilities.
  • Imerys began producing refractories at their new Vizhag facility in June 2021. The plant was built with 350 crores of Indian rupees by the Imerys Group to serve local clients. The new facility will provide calcium aluminate binders to the refractory and construction industries.
  • A strategic agreement for the provision of refractory goods was entered into in March 2021 by the Höganäs Borgestad Group and the Refratechnik Group.

Major Key Players:

  • Calderys
  • Dalmia Bharat Refractory 
  • IFGL Refractories Ltd.
  • Krosaki Harima Corporation
  • Lanexis
  • Morgan Advanced Materials 
  • RHI Magnesita GmbH
  • Saint Gobain
  • SHINAGAWA REFRACTORIES CO., LTD.
  • Vitcas

Market Segmentation:

By Chemistry

  • Acidic
  • Basic
  • Neutral

By Chemical Composition

  • Alumina
  • Silica
  • Magnesia
  • Fireclay
  • Others

By Form

  • Shaped
  • Unshaped

By End Use

  • Metals & Metallurgy
  • Cement
  • Glass & Ceramics
  • Power Generation
  • Others

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