Industrial Refractory Grade Bauxite Market Size, Share, Growth, and Industry Analysis, By Type (＞85% and ≤85%), By Application (Steel Industry, Foundry, Cement Industry, Glass Industry and Others), Regional Insights, and Forecast To 2031

Industrial Refractory Grade Bauxite Market REPORT OVERVIEW

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global industrial refractory grade bauxite market size was USD 1568.9 million in 2022 and market is projected to touch 2377.4 Million by 2031, exhibiting a CAGR of 4.7% during the forecast period.

The need for industrial refractory materials is rising across a number of industries, including the glass, ceramics, nonferrous metals, cement, and iron and steel sectors. Due to their high demand from numerous end-use industries, including the iron and steel, cement/lime, nonferrous metals, glass & ceramics, and industries, the shaped industrial refractory materials segment held the largest share of the global market and is anticipated to maintain its dominance throughout the forecast period. Due to their low cost, which makes them more accessible to end users with limited budgets, the unshaped industrial refractory materials segment accounted for a minor percentage of the global market but is anticipated to rise at a faster CAGR than the shaped industrial refractory materials segment during the forecast period.

The building industry's rising need for industrial refractory materials, the steel industry's rising need for industrial refractory materials, the cement industry's rising need for industrial refractory materials, increasing need for new equipment to replace outdated and ineffective equipment and increasing understanding of environmental issues are the factors driving the market growth.

COVID-19 Impact: Decline in Economy due to Lockdowns to Hinder Market Growth

Following the COVID-19 pandemic's outbreak in 2020, supply chain disruptions in the steel industry in GCC nations were caused by border closures. Additionally, a few steel industry businesses temporarily stopped operations. The demand for refractory bricks in the GCC steel sector was thus adversely impacted by a number of variables over the projection period. The leaders of this industry can work with policymakers and other stakeholders to develop solutions that not only satisfy the growing consumer demand for sustainable products, but also actively contribute to the 'building back better' of value chains, advancing the industry's transition to a more renewable, circular, and resilient future.

LATEST TRENDS

"Expanding Demand from The Construction and Infrastructure Sectors to Augment Market Growth"

The growth of the refractory materials market for the GCC steel industry is primarily being driven by the expanding demand from the construction and infrastructure sectors, while elements such changing refractory material costs and excessive energy usage may restrain market growth. Another element boosting the global refractory materials market for GCC steel industry market share growth is the growing preference for monolithic refractories over curved refractories. In the approaching years, monolithic refractories—distinctive mixtures or blends of dry granular or cohesive plastic materials with undefined form—are projected to see more demand than shaped refractories at a quick growth rate.

The need for these refractories is expected to increase across the board, particularly in the steel sector. They are applied to create linings that are almost entirely devoid of joints and take on the desired shape. They are used in the form of a suspension that subsequently solidifies into a solid mass. The majority of monolithic preparations are made up of a binder phase, large refractory particles, and fine filler components.

Industrial Refractory Grade Bauxite Market SEGMENTATION

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• By Type

Based on type market is classified as＞85% and ≤85%.

• By Application

Based on application market is classified as steel industry, foundry, cement industry, glass industry and others.

DRIVING FACTORS

"Development Activities Occurring in Infrastructure to Boost Market Growth"

One of the main factors driving the worldwide refractory materials market for the GCC steel industry market share growth is the rising demand from the construction and infrastructure sector. The development activities occurring in the construction and infrastructure sectors are the key drivers of this increasing demand for steel. The growth of the construction industry, driven by petrodollars, and the diversification of oil-based businesses, have made the GCC a popular business location for many foreign investors. The demand from these industries has greatly boosted the consumption of steel.

"Boom In Construction and Rising Real Estate Investment to Propel Market Growth"

Due to a boom in construction, rising real estate investment, and quick infrastructure development projects, Saudi Arabia's steel consumption has significantly expanded during the past few years. The GCC's infrastructure and construction industries are becoming more stable, and the massive infrastructure development projects that are fuelling this growth are driving up demand for steel. The demand for refractory materials would rise significantly as a result of rising domestic steel demand in this region and supportive government interventions on steel import regulations.            

RESTRAINING FACTORS

"The Price of Refractory Materials to Impede Market Growth"

For the GCC steel industry market share expansion throughout the projection period, the global refractory materials market will face significant challenges from the variable cost of refractory materials and high energy usage. The price of refractory materials has been very volatile during the past few years. The price of refractory materials affects the applications for which they are used. The economy's slowing is the main cause of this.  To get the desired outcomes, the majority of refractory raw materials require more than one energy-intensive fire technique. For burned bricks, a final sintering firing process is typically necessary in addition to the usual sorting, grinding, and milling steps.

Industrial Refractory Grade Bauxite Market REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Rising Demand from The Region's End-Use Industries"

In the meantime, the industrial refractory grade bauxite market in North America will expand as a result of rising demand from the region's end-use industries, particularly the glass and iron & steel sectors. The relatively slow growth of the European market is anticipated to be revived by the region's car manufacturers' rising need for steel and glass. Since 15% of the world's steel production is produced in Europe, the expansion of this market in that continent will be mirrored by the expansion of the steel industry there.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP INDUSTRIAL REFRACTORY GRADE BAUXITE COMPANIES

• Bosai Minerals (China)
• China Mineral Processing (China)
• Terra Goyana Mineradora (U.S.)
• Shan Refractories Group (China)
• Yiyuande (China)
• Beijing Jinyu (China)

REPORT COVERAGE

The report anticipates a detailed analysis of the global industrial refractory grade bauxite market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.