Refractory Material Market to Reach $31.3 Billion, Globally, by 2032 at 4.1% CAGR: Allied Market Research

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 And Metallurgy, Cement, Glass And Ceramics, Power Generation, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032″. According to the report, the refractory material market was valued at $20.9 billion in 2022 and is estimated to reach $31.3 billion by 2032, exhibiting a CAGR of 4.1% from 2023 to 2032.

Prime determinants of growth

The global refractory material market is driven by rise in demand from the glass sector. The growing modern theme-based building & construction sector has led to rise in the demand for glass used in manufacturing windowpanes, doors, and other building parts. Refractory materials being widely used in kilns and furnaces for thermal insulation purposes in glass manufacturing units may experience a surge in demand. In addition, factors such as recyclability, transparency, and low raw material costs have attracted consumers toward using glass-based materials for a wide range of applications, which, in turn, has increased the production rate of glass where refractory materials are extensively used for thermal stability purposes. However, environmental and health issues associated with the use of refractory materials are expected to restrain the growth of the refractory material market.

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Report coverage & details:

The shaped segment to maintain its lead position during the forecast period.

By form, the shaped segment accounted for the largest share in 2022, contributing to more than half of the global refractory material market revenue. The refractory materials market is experiencing an increasing demand for shaped forms due to various factors such as advancements in manufacturing processes, growth in construction activities, and rise in demand from end-use industries such as steel, cement, and glass. Shaped forms offer superior performance and better resistance to high temperatures and corrosive environments compared to their unshaped counterparts. Additionally, the customization options available with shaped forms allow for precise fitting and enhanced efficiency in various applications, driving their popularity in the market.

The fireclay segment to maintain its lead position during the forecast period.

By chemical composition, the fireclay segment accounted for the largest share in 2022, contributing to more than two-fifths of the global refractory material market revenue. The refractory materials market is experiencing a surge in demand for fireclay due to its advantageous chemical composition. Fireclay, known for its high aluminum oxide content, is sought after for its superior heat resistance and thermal insulation properties. As industries such as steel, glass, and cement production expand, the need for fireclay-based refractory materials grows, thus, driving the market growth. Additionally, fireclay’s versatility and cost-effectiveness further contribute to its increasing popularity in various applications requiring high-temperature resistance.

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The basic segment is expected to maintain its lead position during the forecast period.

By chemistry, the basic segment accounted for the largest share in 2022, contributing to more than two-fifths of the global refractory material market revenue. The refractory materials market is experiencing a surge in demand for basic chemistry due to several factors. As industries such as steel, glass, and cement expand, there is a growing need for refractory materials capable of withstanding high temperatures and harsh conditions. Basic chemistry plays a crucial role in enhancing the performance and durability of these materials, driving manufacturers to prioritize the use of basic refractories to meet increasing demand and ensure product reliability.

The metals and metallurgy segment to maintain its lead position during the forecast period.

By end-use, the metals and metallurgy segment accounted for the largest share in 2022, contributing to more than two-thirds of the global refractory material market revenue. The demand for metals and metallurgy in the refractory materials market is steadily increasing due to various factors such as industrialization, urbanization, and infrastructure development. Metals and metallurgical processes are essential for producing refractory materials used in high-temperature applications such as furnaces, kilns, and reactors across industries such as steel, cement, glass, and ceramics. As these industries continue to witness growth, the demand for high-quality refractory materials will also rise, thus, driving the demand for metals and metallurgical products.

Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than three-fourths of the global refractory material market and is projected to register the highest CAGR of 4.4% during the forecast period. The refractory materials market in the Asia-Pacific region continues to expand, driven by rapid industrialization and infrastructure development in countries such as China, India, and Japan. Increase in demand from sectors such as steel, cement, and glass production, coupled with advancements in technology, fuels the growth of the market.

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Leading Market Players: –

• Calderys
• Krosaki Harima Corporation
• SHINAGAWA REFRACTORIES CO., LTD.
• Morgan Advanced Materials plc
• RHI Magnesita GmbH
• Saint-Gobain
• Lanexis Enterprises (P) Ltd.
• IFGL Refractories Limited.
• Vitcas
• AGC Inc

The report provides a detailed analysis of these key players in the global refractory material market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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