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Refractories Market Size (2024 - 2029)

The refractories market is projected to experience growth over the forecast period, driven by the expansion of iron and steel production in emerging economies and increased demand from the glass industry. Despite challenges posed by environmental regulations on the usage and disposal of refractories, the market is expected to benefit from opportunities in the Indian steel sector. The Asia-Pacific region is anticipated to lead the market, supported by significant investments in infrastructure projects in countries such as China, Russia, Mexico, and South Africa.

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Market Size of Refractories Industry

Refractories Market Summary
Study Period 2019 - 2029
Market Volume (2024) 55.16 Million tons
Market Volume (2029) 67.08 Million tons
CAGR (2024 - 2029) 3.99 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Refractories Market Major Players

*Disclaimer: Major Players sorted in no particular order

Refractories Market Analysis

The Refractories Market size is estimated at 55.16 Million tons in 2024, and is expected to reach 67.08 Million tons by 2029, at a CAGR of 3.99% during the forecast period (2024-2029).

Due to COVID-19, numerous countries were in lockdown, significantly affecting the global economy and economic and industrial activities were temporarily halted. The refractories market also witnessed repercussions in production and demand from the end-user industries, such as iron and steel, cement, energy and chemicals, ceramics, etc. However, in the post-pandemic period, the end-user industries are growing because of the demand for products after economies open up. 

  • The significant demand for refractories in the iron and steel industry, along with increasing requirements from the cement and energy sectors, is driving the growth of the refractories market.
  • Environmental and health concerns, along with the resulting guidelines and regulations, impact market dynamics and partially constrain industry operations in the refractories market.
  • Increasing investments and research focused on the recycling of refractories present significant opportunities for growth in the refractories market.
  • The Asia-Pacific region is projected to lead the market, with China, India, and Japan accounting for the majority of its share during the forecast period.

Refractories Industry Segmentation

A refractory material is resistant to decomposition by heat, pressure, or chemical attack at high temperatures and retains strength and form. For their safe, low-maintenance, and cost-effective operations, refractories are used as the primary material for internal linings in large industrial equipment.

The refractories market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into non-clay refractory and clay refractory. The end-user industry segments the market into iron and steel, energy and chemicals, non-ferrous metals, cement, ceramics, glass, and other end-user industries (pulp and paper processing, lime production, vessel incineration, and heat treating). The report also covers the market size and forecasts for the refractories market in 15 countries across the major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (tons).

Product Type
Non-clay Refractory
Magnesite Brick
Zirconia Brick
Silica Brick
Chromite Brick
Other Product Types (Carbides, Silicates)
Clay Refractory
High Alumina
Fireclay
Insulating
End-user Industry
Iron and Steel
Energy and Chemicals
Non-ferrous Metals
Cement
Ceramic
Glass
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-east and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Refractories Market Size Summary

The refractories market is poised for growth, driven by the robust expansion of the iron and steel industry, particularly in emerging economies. Refractories, essential for high-temperature applications, are predominantly used in the iron and steel sector, which constitutes a significant portion of the market. The post-pandemic recovery has seen a resurgence in demand from various end-user industries, including cement, energy, and chemicals. The Asia-Pacific region, led by China and India, is expected to dominate the market due to substantial investments in infrastructure and industrial projects. However, environmental regulations and guidelines on the use and disposal of refractories pose challenges to market growth.

The market landscape is characterized by fragmentation, with key players like RHI Magnesita GmbH, Chosun Refractories ENG Co., Ltd., and others actively expanding their capacities and portfolios through strategic acquisitions. These companies are capitalizing on the growing demand for refractories, particularly in the Asia-Pacific region, where China leads in steel production. The Indian steel industry's growth potential also presents new opportunities for market expansion. Despite political and economic uncertainties in regions like the European Union, the overall demand for refractories is expected to rise, supported by ongoing developments in the global steel production landscape.

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Refractories Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Substantial Usage of Refractories in the Iron and Steel Industry

      2. 1.1.2 Growing Demand for Refractories from Cement and Energy Sectors

    2. 1.2 Restraints

      1. 1.2.1 Environmental and Health Risks Associated with Refractories

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Product Type

      1. 2.1.1 Non-clay Refractory

        1. 2.1.1.1 Magnesite Brick

        2. 2.1.1.2 Zirconia Brick

        3. 2.1.1.3 Silica Brick

        4. 2.1.1.4 Chromite Brick

        5. 2.1.1.5 Other Product Types (Carbides, Silicates)

      2. 2.1.2 Clay Refractory

        1. 2.1.2.1 High Alumina

        2. 2.1.2.2 Fireclay

        3. 2.1.2.3 Insulating

    2. 2.2 End-user Industry

      1. 2.2.1 Iron and Steel

      2. 2.2.2 Energy and Chemicals

      3. 2.2.3 Non-ferrous Metals

      4. 2.2.4 Cement

      5. 2.2.5 Ceramic

      6. 2.2.6 Glass

      7. 2.2.7 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-east and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Refractories Market Size FAQs

The Refractories Market size is expected to reach 55.16 million tons in 2024 and grow at a CAGR of 3.99% to reach 67.08 million tons by 2029.

In 2024, the Refractories Market size is expected to reach 55.16 million tons.

Refractories Market Report Snapshots

Refractories Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)