Industrial Refractory Materials Market Report Overview
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The global industrial refractory materials market size is USD 42860 million in 2022.As per our research and analysis, the market is projected to touch USD 51,678.45 million in 2031, exhibiting a CAGR of 2.1% during the forecasting period.
The global COVID-19 pandemic has been unprecedented, staggering, as the industrial refractory materials are experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The linings of high-temperature furnaces, reactors, and other processing machinery are made of refractories, which are heat-resistant materials. Refractories must be able to survive physical wear and chemical agent corrosion in addition to being resistant to thermal stress and other physical phenomena brought on by heat. Refractories are "non-metallic materials with those chemical and physical qualities that make them appropriate for constructions, or as components of systems, that are subjected to conditions above 1,000 °F (811 K; 538 °C)," according to ASTM C71. Alumina, fireclays, bauxite, chromite, dolomite, magnesite, silicon carbide, zirconia, and other minerals and combinations of compounds are used to make refractories. These materials are typically nonmetallic.
COVID-19 Impact: Lockdown and Manufacturing Restrictions Worsened Market Growth
The Covid-19 has had an effect on the entire steel production business, which has decreased demand for industrial refractory materials. The pandemic's effects are anticipated to extend at least three quarters in a row in 2020. Industrial refractories will also see a rise in demand when industrial activity picks back up and infrastructure projects come to a halt. Numerous nations were placed on lockdown as a result of COVID-19, which had a significant impact on the world economy. Economic and industrial activity temporarily ceased, and the refractories market also experienced an impact on both production and demand from end-user industries like iron and steel, cement, energy and chemicals, ceramics, etc.
LATEST TRENDS
"Increasing Demand for Power Generation to Upsurge Market Growth"
The need for refractories is booming for uses in the power generating industry, including boilers, interior lining, and others. Due to the huge need for electricity globally, the rapid expansion of renewable energy, and other factors for a sustainable future, the power generation industry has experienced significant growth. The Energy Information Administration (EIA) estimates that geothermal energy generated 15.89 billion kilowatt hours of power in 2020 as opposed to 16.22 billion kilowatt hours in 2020.
Industrial Refractory Materials Market Segmentation
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- By Type Analysis
Based on type, the market is subdivided into Shaped Industrial Refractory Materials and Unshaped Industrial Refractory Materials.
- By Application Analysis
Based on the applications, the market is subdivided into Iron & Steel, Cement/Lime, Nonferrous Metals, Glass, Ceramics, and Others.
DRIVING FACTORS
"Recycling Process to Boost Market Share"
One of the key market prospects is the recycling of refractory materials. Refractory waste can be recycled to produce more raw materials. The shift toward refractory recycling has been impacted by a variety of causes, including the growing costs and dwindling availability of high-quality raw materials. Additionally, businesses have come under growing pressure to reduce their carbon footprint in order to be more ecologically conscientious. Additionally, tax reduction plans are being proposed by the government to entice companies to recycle more waste. Such factors are anticipated to drive the industrial refractory materials market growth in the coming years.
"Rising Adoption from Steel Sector Will Boost Market Share"
Infrastructure growth, the oil and gas industry, and the automotive sector will all contribute to the growth of the steel industry. Refractory enterprises continue to have opportunities in the cement, glass, and non-ferrous industries, but the steel industry has a big influence on how well those businesses do. The steel sector accounts for three-fourths of global refractories demand, and it is projected that this dominance would continue during the forecast period. Despite the fact that the worldwide overproduction of steel has also impacted that industry, there has been a steady recovery over the past year. In addition, investments in the steel sector are expected to increase in developing and underdeveloped countries as the majority of the areas focus on self-reliance and lowering imports.
RESTRAINING FACTORS
"Release of Toxic Emission to Hamper Market Growth"
Refractory raw resources like carbon, ceramic fibres, silica, carbides, and others have a large negative influence on the environment. Ceramic fibre can harm your health over time, causing things like skin rashes, breathing issues, and even death. In addition, hazardous emissions from the production of refractories, such as nitrogen oxides and carbon monoxide, have a detrimental effect on the environment.
Industrial Refractory Materials Market Regional Insights
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"Thriving Steel Sector to Foster Growth in Asia Pacific"
Asia Pacific is expected to have the largest industrial refractory materials market share. Refractories have one of the most profitable consumer markets in the region's thriving steel sector drives much of the demand. The market is expected to increase during the assessment period due to steady demand from the steel sector and substantially higher refractories consumption per ton of steel.
KEY INDUSTRY PLAYERS
"Notable Players to Contribute in the Market Globally"
The report analyzes different market players in the industry. The information is published after proper research, analysis of trends, key developments, the introduction of new initiatives, and technological developments and innovations. Other aspects of the report include a study on the companies, regions, automation, technological developments, and the impact of newly emerging industries along with their risks. The facts in the report may be subject to change, given the situation of market players from time to time.
List of Market Players Profiled
- RHI Magnesite (Austria)
- VESUVIUS (U.K.)
- KROSAKI (Japan)
- SHINAGAWA (Japan)
- Imerys (France)
- HWI (U.S.)
- MORGAN CRUCIBLE (U.K.)
- SAINT-GOBAIN (France)
- Minteq (U.S.)
- Resco (U.S.)
- Qinghua (China)
- Puyang Refractory (China)
- Sinosteel (China)
- Lier (China)
- Jinlong (China)
- Sujia (U.S.)
REPORT COVERAGE
The report examines elements affecting the demand and supply sides and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, and future trends. After evaluating governmental, financial, and technical market factors, the report provides exhaustive PEST and SWOT analysis for regions. The research is subject to alteration if the key players and probable analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 42860 Million in 2022 |
Market Size Value By |
US$ 51 Million by 2031 |
Growth Rate |
CAGR of 2.1% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the industrial refractory materials market expected to touch by 2031?
The global industrial refractory materials market is expected to touch USD 51,678.45 million in 2031.
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What CAGR is the industrial refractory materials market expected to exhibit by 2031?
The industrial refractory materials market is expected to exhibit a CAGR of 2.1% by 2031.
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What are the driving factors of the industrial refractory materials market?
The recycling process and rising adoption from the steel sector are the driving factors of the industrial refractory materials market.
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Which are the top companies operating in the industrial refractory materials market?
RHI magnesite, VESUVIUS, KROSAKI, SHINAGAWA, Imerys, HWI, MORGAN CRUCIBLE, SAINT-GOBAIN, Minteq, Resco, Qinghua, Puyang Refractory, Sinosteel, Lier, Jinlong, Sujia are the companies operating in the industrial refractory materials market.