Allied Market Research published a report, titled, “Refractory Material Market by form (Shaped and Unshaped), Chemical Composition (Alumina, Silica, Magnesia, Fireclay, and Others), Chemistry (Acidic, Basic, and Neutral), And End Use (Metals & Metallurgy, Cement, Glass & Ceramics, Power Generation, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030” According to the report, the global refractory material industry was estimated at $19.2 billion in 2020, and is anticipated to hit $30.3 billion by 2030, registering a CAGR of 4.7% from 2021 to 2030.
Drivers, restraints, and opportunities-
Surge in iron & steel production and increasing demand from the glass industry drive the growth of the global refractory material market. On the other hand, several environmental & health issues associated with the use of refractory materials impede the growth to some extent. However, emergence of recycled refractory materials is expected to create lucrative opportunities in the industry.
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- Several companies had either shut down or shrunk their operations owing to the risk of infections among the workforce where refractory materials are used for thermal insulation purposes. This factor impacted the global refractory material market negatively, especially during the initial phase.
- However, the market is projected to recoup soon.
The shaped segment to dominate by 2030-
Based on form, the shaped segment contributed to nearly three-fifths of the global refractory material market share in 2020, and is anticipated to rule the roost by 2030. Increasing population across the world has heightened the growth of the building & construction sector, which in turn has led the cement manufacturers to produce high quality cement where shaped refractory materials are widely used in furnaces, kilns, incinerators, and reactors exposed at high temperatures. This factor has propelled the segment growth. The unshaped segment, however, would register the fastest CAGR of 4.8% throughout the forecast period. Rise in demand for crude oil and allied products where unshaped refractory materials are widely used in kilns and furnaces boosts the growth of the segment.
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The basic segment to maintain the dominant share-
Based on chemistry, the basic segment accounted for nearly two-fifths of the global refractory material market revenue in 2020, and is expected to lead the trail by 2030. The same segment would also grow at the fastest CAGR of 5.0% during the forecast period. Developments in the transportation sector have escalated the demand for oil & gas where basic refractory materials are widely employed in both offshore and onshore platforms. This factor has driven the segment growth.
Asia-Pacific, followed by Europe and North America garnered the major share in 2020-
Based on region, Asia-Pacific, followed by Europe and North America garnered the major share in 2020, holding more than three-fourths of the global refractory material market. The same region would also cite the fastest CAGR of 5.0% from 2021 to 2030. Increasing utilization of refractory materials in sectors such as power generation, iron & steel, cement manufacturing, and others drives the market growth in this region.
Key players in the industry-
- IFGL Refractories Ltd.
- Morgan Advanced Materials
- RHI Magnesita GmbH
- Saint Gobain
- SHINAGAWA REFRACTORIES CO., LTD.
- Dalmia Bharat Refractory
- Krosaki Harima Corporation
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