The Global Refractories Market is driven by Rising Steel Production
They isolate plant and machinery from extreme process temperatures in iron and steel, cement, nonferrous, glass, and other high-temperature material processing industries.
The Global Refractories Market is estimated to be valued at US$ 66374.39 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 To 2031.
Key players operating in the refractories market include RHI Magnesita, Vesuvius, Krosaki Harima, Shinagawa Refractories, Saint-Gobain, and Corning Incorporated.
Key Takeaways
Key players operating in the refractories market are RHI Magnesita, Vesuvius, Krosaki Harima, Shinagawa Refractories, Saint-Gobain, and Corning Incorporated. RHI Magnesita is one of the leading players in refractories globally with presence across key regions.
The growing demand from iron and steel industry is driving the Refractories Market Size . Refractories have widespread application in steel production as refractory linings are used in furnaces, ladles, and tee's. Booming steel industry in Asia Pacific is fueling consumption of refractories.
The global refractories market is expanding with key players focusing on establishing production facilities in regions with growing refractory demand such as Asia Pacific and Middle East & Africa. Establishing local presence allows them to better serve regional customers.
Market Drivers
Rising steel production is a key driver boosting the refractories market. Worldwide steel production has been increasing over the past few years and is expected to continue on an upward trajectory driven by growth in construction and machinery manufacturing industries. Rapid infrastructure development and urbanization in developing countries is propelling steel demand thereby fueling consumption of refractories in the process. Growing use of ferro alloys and non-ferrous metals production which utilize refractories will further support the market growth over the forecast period.
The ongoing geopolitical conflicts and tensions globally are impacting the growth of the refractories market. With rising military expenditure of major countries and increasing instability in certain regions, demand for materials supporting steel and cement production is witnessing fluctuations. The uncertainties arising from the Russia-Ukraine war have disrupted supply chains and trade patterns. Prices of raw materials like chromite and bauxite used in manufacturing refractories have become volatile.
Producers are facing challenges in long-term procurement of raw materials and production planning. Transportation costs have increased significantly. However, some countries increasing defense budget to secure domestic manufacturing is providing short term opportunities. The market will see reviving demand as geopolitical issues are addressed through negotiations in future. Meanwhile, producers will need to diversify supplier network, locally source raw materials and rework pricing and contracts to sustain business amid challenges. Regional markets collaborating over trade policy can minimize negative impact of global issues.
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