Refractories Market Size To Worth USD 33.83 Billion By 2030 At A...

Refractories Market Size To Worth USD 33.83 Billion By 2030 At A CAGR Of 3.7%

Posted 2024-05-16 10:52:58

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The Refractories market was worth USD 25.3 Billion in 2023. As such, the forecast that the market is expected to reach USD 33.83 Billion by 2030 with a CAGR of 3.7% over the period from 2023 to 2030.

Market Overview:

The refractories market is essential to various high-temperature industrial processes, including steelmaking, cement production, glass manufacturing, and non-ferrous metal processing. Refractories are heat-resistant materials used to line furnaces, kilns, reactors, and other equipment to protect them from extreme temperatures and corrosive environments. The market comprises various types, including bricks, monolithics, and ceramic fibers. Driven by industrial growth and technological advancements, the demand for durable, efficient, and high-performance refractory materials is on the rise.

Market Driver:

A significant driver of the refractories market is the robust growth in the steel industry. Steel production is one of the largest consumers of refractory materials due to the high temperatures and severe conditions involved in the smelting and refining processes. As global infrastructure projects and construction activities continue to expand, particularly in emerging economies, the demand for steel—and consequently, refractories—is expected to increase. Innovations in steelmaking technologies and the need for longer-lasting and more efficient refractory solutions further drive market growth.

Market Opportunity:

An emerging opportunity in the refractories market lies in the development of eco-friendly and sustainable refractory materials. With growing environmental regulations and a shift towards greener industrial practices, there is a rising demand for refractories that reduce energy consumption, lower emissions, and are recyclable. Companies that invest in research and development to create sustainable refractory solutions can capitalize on this trend. Additionally, advanced materials that offer superior performance, longer lifespan, and enhanced resistance to thermal shock and corrosion are in high demand, presenting further opportunities for market expansion.

Companies To Be Covered:

RHI Magnesita (Austria),Vesuvius (United Kingdom),Krosaki Harima Corporation (Japan),Saint-Gobain (France),Shinagawa Refractories Co., Ltd. (Japan),Calderys (France),Morgan Advanced Materials (United Kingdom),HarbisonWalker International (United States),Refratechnik Holding GmbH (Germany),Puyang Refractories Group Co., Ltd. (China),IFGL Refractories Ltd. (India),Orient Refractories Ltd. (India),Chosun Refractories Co., Ltd. (South Korea),Vitcas (United Kingdom),Kelsen Refractories Sdn. Bhd. (Malaysia),Calderys India Refractories Limited (India),ANH Refractories (United States),Refratechnik Steel GmbH (Germany),Didier (France),Rath Group (Austria), Other Active players

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Detailed Segmentation:

By Form

· Shaped Refractories

· Unshaped Refractories

By Alkalinity

· Acidic & Neutral

· Basic

By End-Use Industry

· Iron & Steel

· Power Generation

· Non-Ferrous Metals

· Cement

· Glass

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By Region

· North America (U.S., Canada, Mexico)

· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

· Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

· Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)

· Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)

· South America (Brazil, Argentina, Rest of SA)

Key Benefits:

· The market report provides a quantitative analysis of the current market and estimations through 2024-2032 that assists in identifying the prevailing market opportunities to capitalize on.

· The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.

· The report provides detailed information related to key drivers, restraints, and opportunities and their impact on the market.

· The report incorporates a competitive analysis of the market players along with their market share in the global market.

· The SWOT analysis and Porter's Five Forces model is elaborated in the study of Refractories market.

· Value chain analysis in the market study provides a clear picture of the stakeholders' roles.

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