How big is the Refractories Market?

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. Read More

What is the current Refractories Market size?

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

Who are the key players in Refractories Market?

RHI Magnesita N.V., Chosun Refractories, Krosaki Harima Corporation, Puyang Refractories Group Co., Ltd. and Shinagawa Refractories Co., Ltd. are the major companies operating in the Refractories Market. Read More

Which is the fastest growing region in Refractories Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Refractories Market?

In 2024, the Asia Pacific accounts for the largest market share in Refractories Market. Read More

What years does this Refractories Market cover, and what was the market size in 2023?

In 2023, the Refractories Market size was estimated at 52.96 million tons. The report covers the Refractories Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Refractories Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Refractories Market Trends

Market Trends of Refractories Industry

Increasing Demand from the Iron and Steel Industry

Refractories are essential in the iron and steel industry, protecting high-temperature equipment and processes. They shield blast furnace components, such as the hearth and bosh, from extreme heat and corrosive slag. Basic Oxygen Furnaces (BOFs) and Electric Arc Furnaces (EAFs) rely on these linings to withstand the challenges of steelmaking.
In 2023, global production of usable iron ore reached an estimated 2.5 billion metric tons, according to the United States Geological Survey. Australia led with 960 million metric tons, accounting for 56.4% of the world's iron ore exports, valued at USD 91 billion.
According to the India Brand Equity Foundation, India set a record by increasing its iron ore production to 282 million tons in 2023, a nearly 14% rise from the previous year. Odisha, contributing 56% of India's ore, boosted its output by 18% to 159 million tons. The top eight mining firms in India collectively exceeded 20 million tons in production.
According to provisional data from the World Steel Association, global crude steel production reached 1,715.12 million tons (mt) from January to November 2023, marking a year-on-year growth of 0.5%. Production hit 145.5 million tons in November alone, reflecting a 3.3% increase from the previous year.
In conclusion, the iron and steel industry is witnessing significant growth in both production and demand, underscoring the vital role of refractories and the importance of iron ore supply in supporting this expansion.

Refractories Market: Crude Steel Production, in Million Tons, by Region

Understand The Key Trends Shaping This Market

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Asia-Pacific region to Dominate the Market

In the Asia-Pacific region, China stands out as the largest economy and a major player in global manufacturing and production. Its abundant supply of raw materials enables China to dominate the refractories market in both consumption and production.
As the world's leading steel producer, China accounted for over half of global output, with the World Steel Association reporting steel production remained stable at approximately 1,019.1 million tons in 2023, consistent with 2022 figures.
Additionally, a report from a research institute under the China National Petroleum Corporation revealed that China's annual oil refining capacity increased to 936 million tons in 2023, while refined oil consumption rose by 9.5% year-on-year to 399 million tons.
In India, the World Steel Association noted a remarkable 11.80% increase in crude steel production for 2023, reaching 140.2 million tons, up from 124.4 million tons in 2022. Notably, October 2024 alone recorded steel production of 12.5 million tons, reflecting a 1.7% increase from the previous year.
In February 2024, the JSW Group announced plans for a steel plant in Jagatsinghpur, Odisha, with a significant investment of USD 7.8 billion (Rs. 65,000 crore), targeting an annual production of 13.2 million tons. Concurrently, AMNS India is investing USD 7.4 billion in capacity expansion and value-added initiatives across upstream and downstream sectors, indicating a positive market outlook.
Japan, the third-largest producer of crude steel, experienced a 2.5% decline in steel output in 2023, with production dropping to 87.0 million tons from 89.2 million tons in 2022. In October 2024, steel production was recorded at 6.9 million tons, marking a 7.8% decrease from the previous year.
On a positive note, JFE Steel is securing funding to construct a significant electric arc furnace (EAF) at its West Japan Works in Kurashiki, set to replace the existing blast furnace No. 2, with commissioning anticipated in the fiscal year 2027/2028, starting April 1, 2027.
In conclusion, the Asia-Pacific region, particularly China and India, is experiencing dynamic growth in the steel and refractories markets, despite challenges in Japan, highlighting the region's critical role in the global industrial landscape.