The global Refractories Market is estimated to be valued at US$ 57,616.65 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Refractories are heat resistant materials used in high temperature applications. They have properties like high melting point, thermal shock resistance, and corrosion and erosion resistance. Refractories are used in applications like steel, cement, glass and petrochemical industries where they line the inside of furnaces, reactors and jet engines.

Market key trends:
One of the key trends in the refractories market is the development of low cement castables. Low cement castables offer advantages like reduced capital investment and operating costs. They contain less cement content and use more aggregate which reduces costs. They also have improved thermal shock resistance compared to conventional castables due to their microstructure. Another key trend is the use of monolithic refractories instead of traditional shapes. Monolithic refractories have advantages like ease of installation with reduced costs, minimal joints which reduces repair costs, better conformity to surfaces and reduced refractory consumption.
SWOT Analysis
Strength: Refractories have high strength and temperature resistance which makes them ideal materials for applications involving high heat. Their ability to withstand extreme heating and cooling cycles provides durability.
Weakness: Refractories require specialized manufacturing processes and raw materials which increases production costs. Installation and maintenance of refractories also requires skilled labor.
Opportunity: Growing steel and cement industries in developing countries will drive the demand for refractories for linings in blast furnaces and kilns. Rapid industrialization is opening new opportunities.
Threats: Stringent environmental regulations regarding emissions during refractory production pose challenges. Substitute materials like ceramic matrix composites also threaten some refractory market segments.

Key Takeaways
The Global Refractories Market Demand is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from steel and cement industries.

Regional analysis
Asia Pacific dominates the global refractories market and is expected to grow at the fastest rate due to booming steel and cement sectors in China and India. China alone accounts for over half of the global steel production. Rapid infrastructure growth and urbanization in the region provide a strong backdrop.

Key players operating in the refractories market are Puyang Refractories Group Co. Ltd., Chosun Refractories, INTOCAST AG, Harbisonwalker International, Saint-Gobain, IFGL Refractories Ltd., Vesuvius, Imerys, Shinagawa Refractories Co. Ltd., Krosaki Harima Corporation, RHI Magnesita GmbH, Magnezit Group, Resco Products, Minerals Technologies Inc., Refratechnik, and Morgan Advanced Materials.

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