Global refractories market is forecast to reflect moderate growth of under 4% during the forecast period. Steel sector for refractories, among all end use industries is well positioned to continue dominating the demand pie with close to three fourth of the overall refractories consumption by 2030. The years ahead are forecast to experience new trends of clay-based refractories, which will put more pressure on steel, cement and other allied industries to satisfy the ever increasing consumer demand.
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Key Takeaways of Global Refractories Market
- Global refractories market is projected to create a value opportunity of around US$ 10.2 Mn during the forecast period, adding 1.4X more value in 2030 as compared to 2020.
- Clay-based refractories will continue to dominate demand for refractories market accounting for more than two-third of the global share.
- The global market for refractories is expected to witness high growth in emerging countries such as India, China and Brazil owing to the increasing infrastructure projects and mounting demand for steel products.
- Asia Pacific is estimated to be the most lucrative market in terms of revenue generation, currently valued at US$ 26 Mn and is expected to show prolific expansion over the forecast period.
- Refractories used in steel production are set to continue their dominance in the market accounting for more than three-fourth of global market share by 2030, with a growth rate of 4% over the forecast period.
“The threat of new entrants will continue to urge stakeholders to explore market potential through acquisitions & collaborations, in order to boost growth of refractories market”, says a Fact.MR analyst.
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 :
By Form :
By End-Use :
- Energy & Chemicals
- Non-Ferrous Metals
By Region :
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Companies Eyeing Inorganic Growth in Global Refractories Market
Global refractories market is fragmented in nature, leaving limited space for established players to expand. The global refractories market is projected to grow by a low single digit. Refractories producers are trying to reinforce their position in the market and are likely to adopt inorganic growth strategies, since this move will bolster their position in the regional markets. A series of joint ventures, mergers & acquisitions and overseas capacity expansions are other anticipated strategies in global refractories market.
Key Companies profield
- Vesuvius plc
- RHI Magnesita N.V
- Krosaki Harima Corporation
- Shinagawa Refractories Co., Ltd.
- Magnezit Group Ltd.
- Morgan Advanced Materials plc
- Refratechnik Holding GmbH.