Refractories Market by Form (Shaped Refractories, Unshaped Refractories), Alkalinity (Acidic & Neutral. Basic), End-Use Industry (Iron & Steel, Non-Ferrous Metals, Cement, Power Generation, Glass), and Region - Global Forecast to 2029

Refractories Market by Form (Shaped Refractories, Unshaped Refractories), Alkalinity (Acidic & Neutral. Basic), End-Use Industry (Iron & Steel, Non-Ferrous Metals, Cement, Power Generation, Glass), and Region - Global Forecast to 2029

The global refractories market size is projected to grow from USD 34.3 billion in 2024 to USD 42.4 billion by 2029, at a CAGR of 4.4% during the forecast period.

The refractories market is experiencing steady growth driven by increasing industrialization, particularly in emerging economies, and rising demand from key sectors such as steel, cement, and glass production. As infrastructure development projects surge globally, there is a growing need for refractory materials to withstand high temperatures and harsh conditions in industrial processes. Moreover, advancements in technology and manufacturing processes are enabling the development of innovative refractory solutions that offer enhanced performance and durability. Additionally, the growing focus on sustainability and environmental regulations is driving demand for eco-friendly refractories and recycling initiatives.

“By Alkalinity, Acidic & Neutral to account for major market share.”

The dominance of the Acidic & Neutral refractories segment in the market is underpinned by several key factors. Comprising materials like silica (SiO2) and alumina (Al2O3), Acidic & Neutral refractories exhibit exceptional resistance to both acidic and basic slags, rendering them highly versatile for a range of industrial applications. Industries such as glassmaking, ceramics, and cement manufacturing rely heavily on these refractories due to their ability to withstand harsh chemical environments while maintaining reliable performance under high temperatures. Acidic & Neutral refractories offer broader applicability and versatility, thereby solidifying their dominance in the market across both unshaped and shaped refractories segments.

“By Form, Shaped refractories segment to account for major market share.”

Shaped refractories hold a dominant market position owing to their adaptability and suitability across various industrial settings. These prefabricated refractory products, encompassing bricks, tiles, and specialized shapes, offer robust structural integrity and precise fitting, making them an ideal choice for lining furnaces, kilns, and equipment with standardized configurations. Renowned for their ease of installation, consistent performance, and resilience in high-temperature conditions, shaped refractories impeccably meet the stringent demands of industries such as steelmaking, glass production, and cement manufacturing. Despite the flexibility and convenience offered by unshaped refractories in irregularly shaped areas, shaped refractories remain favoured for their reliability, mechanical robustness, and superior thermal insulation attributes, thereby sustaining their dominance within the refractories market.

“By End Use Industry, Iron & Steel segment to account for the highest market share during the forecast period.”

The dominance of the Iron & Steel segment in the refractories market, comprising around 60-70% of total demand, is attributed to several key factors. Firstly, the iron and steel industry's extensive reliance on refractory materials across various critical processes, such as blast furnaces, converters, and ladles, drives substantial demand. These refractories play a fundamental role in withstanding extreme temperatures and corrosive environments inherent to steel production, ensuring operational efficiency and product quality. Additionally, the sheer scale of operations within the iron and steel sector, coupled with its continuous pursuit of technological advancements and process optimization, further amplifies the demand for high-performance refractory solutions.

“By region, Asia Pacific refractories market to dominate the market during the forecast period.”

In 2023, Asia Pacific asserted dominance in the refractories market due to robust industrial activities, particularly in steel, cement, and glass production, coupled with extensive infrastructure development initiatives across the region. Additionally, favourable government policies, investments in advanced manufacturing technologies, and a skilled workforce further propelled the growth of the refractories sector in Asia Pacific, solidifying its position as the leading market player.

By Company: Tier1: 40%, Tier 2: 25%, Tier3: 4: 35%

By Designation: C-Level: 35%, Director Level: 30%, Others: 35%

By Region: North America: 25%, Europe: 20%, Asia Pacific: 45%, South America: 5%, and Middle East & Africa: 5%.

Companies Covered:

RHI Magnesita (Austria), Vesuvius (UK), Krosaki Harima Corporation (Japan), Imerys (France), Shinagawa Refractories Co., Ltd. (Japan), Saint-Gobain (France), and Calderys (France), and others are covered in the refractories market.

Research Coverage

The market study covers the refractories market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on alkalinity, form, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the refractories market.

Key Benefits of Buying the Report

The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall refractories market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Increasing demand for high-temperature-resistant materials in steel, cement, and glass industries), restraints (Volatility in raw material prices affecting production costs and pricing strategies), opportunities (Growing focus on sustainability driving demand for recycled refractories), and challenges (Monopoly of certain countries in the supply of critical raw materials) influencing the growth of the refractories market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the refractories market

Market Development: Comprehensive information about lucrative markets – the report analyses the refractories market across varied regions

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the refractories market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like RHI Magnesita (Austria), Vesuvius (UK), Krosaki Harima Corporation (Japan), Imerys (France), Shinagawa Refractories Co., Ltd. (Japan), Saint-Gobain (France), and Calderys (France), among others in the refractories market. The report also helps stakeholders understand the pulse of the refractories market and provides them with information on key market drivers, restraints, challenges, and opportunities. Show more