NEW YORK, May 23, 2022 /PRNewswire/ -- The worldwide refractories market revenue was $27.8 billion in 2021, from where it will reach $42.2 billion by 2030, growing at a CAGR of 4.7% during 2021–2030, according to the market research report published by P&S Intelligence. The large scale of infrastructure expansion, budding glass industry, and increasing use of non-ferrous resources are the biggest drivers for the market. Refractories are indispensable materials for the inner lining of furnaces in large units because of their resistance to heat, chemical assault, and pressure.
The iron and steel industry held the largest value share in the refractories market in 2021, as it is responsible for nearly 65% of the entire consumption. A variety of equipment is used in various stages of the overall processes of making steel in large factories. Hence, as the requirement for steel increases, so will the consumption of refractories.
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Key Findings of Refractories Market Report
- The larger market share was with the bricks and shapes type, based on type, because the non-metal and metal industries generate a huge demand for refractories of this type.
- The demand for monolithic and unshaped variants is predicted to grow at a good pace, because of the rising requirement for form linings within ovens, where the lack of space makes laying molded refractories tough.
- The reprocessing of refractory resources to produce secondary raw materials is one of the key prospects in the refractories market. This can help the players reduce their product prices and gain an ever-wider consumer base.
- There is a lot of pressure on the companies to become friendlier to the environment, by reducing their carbon emissions. Additionally, tax reductions are being offered to inspire industries to reutilize more waste.
- Due to the existence of many end users, for example, the cement, iron and steel, and glass sectors, APAC is the largest refractory consumer, a trend that is expected to remain unchanged in the near future.
- Steel product and crude steel production in China in 2020 stood at 1,325 million tons and 1,053 million tons, increasing by approximately 8% and 5%, respectively, from last year. The trade is largely driven by the domestic obtainability of raw materials, majorly iron ore, and inexpensive labor.
There is a rapid growth in the construction industry particularly in developing nations, such as China and India, despite a brief lull during the pandemic. For example, according to a report by the National Bureau of Statistics of China, the construction value in the nation was CNY 9.6 trillion in 2010, which rose to CNY 26.39 trillion in 2020. With the increasing infrastructure development, the need for iron and steel is surging in the roadways, railways, and house construction sectors.
The stalwarts of the refractories market are engaging in acquisitions and partnerships to maintain a competitive edge. For example, ArcelorMittal Refractories entered into a partnership with Krosaki Harima Corporation in May 2021 to enhance the production and widen ArcelorMittal Refractories' refractory portfolio. Under the agreement, Krosaki Harima will supply the technology for manufacturing and provide consumer services for associated products to steel mills located in Europe.
Refractories Market Segmentation Analysis
- Clay Refractory
- Non-clay Refractory
- Acidic & Neutral
- Bricks & shapes
- Iron and Steel
- Energy and Chemicals
- Nonferrous Metals
- North America
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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SOURCE P&S Intelligence