New York, May 30, 2023 (GLOBE NEWSWIRE) — Overview of the refractory materials market
The Market Research Future (MRFR) report highlights “Refractory materials market Information by Type, End-Use Industries, Application and Region: Forecast to 2030″.
Market overview
Materials classified as refractory can withstand pressure, heat and chemical attack without breaking down. They are capable of withstanding high temperatures, making them suitable for thermal insulation and temperature stabilization applications in various end-use industries, such as iron and steel production, cement, glass, and petrochemicals, among others. others In contrast, the ability to recycle used refractories reduces the overall cost of raw materials by 10% to 15%, encouraging customers to purchase recycled refractories for thermal insulation in various end-use industries. It is a crucial element that is likely to create new opportunities worldwide in the refractories market. These advanced ceramic materials resist thermal and mechanical damage and severe chemical corrosion at high temperatures.
They play a crucial, but often underappreciated, role in the day-to-day operations of virtually every industry, providing durability, corrosion resistance and thermal insulation. These products have proven essential for various industries to develop important manufacturing procedures, including iron and steel, glass, metals, paper and pulp, asphalt and petrochemicals. These products are considered consumables in some industries, such as steel and other metals, and must be replaced regularly to maintain functionality. On the other hand, industries like glass and concrete consider the cost of capital because they can complete their task up to 10 years. They can produce the inner workings of incinerators, furnaces, ovens, reactors and other devices because they are polycrystalline, non-metallic, inorganic and heterogeneous.
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Competitive landscape of the market:
Well-known companies in the refractory materials market are:
- Vesuvius,
- Saint Gobain,
- Harbison Walker International,
- Morgan Advanced Materials,
- Unifrax Corporation,
- RHI Magnesite,
- HWI refractory materials,
- refraline,
- boilers,
- D Orca Refractory
- Among others.
Scope of the report:
| Report attribute | Details |
| Market size in 2032 | 45.23 billion dollars |
| CAGR | 3.12% (2023-2030) |
| base year | 2022 |
| Forecast period | 2023-2030 |
| Historical data | 2018-2022 |
| Forecast units | Value (millions of dollars) |
| Coverage of the report | Revenue forecast, competitive market landscape, growth factors and trends |
| Segments covered | Type, end-use industries, application and region |
| Geographies covered | North America, Europe, Asia Pacific and the rest of the world |
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USP Market Covered:
Market Drivers:
In both developed and developing economies, such as the United States, China and India, where refractory materials have become commonplace for thermal insulation purposes, there has been an increase in iron production and steel as a result of infrastructure development and growing demand from the motor vehicle sector. In addition, the steel and cement industries have a high demand for unformed products such as monolithics made of aggregates, additives and binders. They create a layer under molds and templates that insulates the surface of the oven with a constant temperature. These irregularly shaped products are most often produced to meet the needs of end-use industries. In addition, the demand for glass used to make windows, entrances and other building components has increased due to the expansion of the building and construction sector based on modern themes. Demand for refractory materials, frequently used in furnaces and ovens for thermal insulation in glass manufacturing facilities, could increase. These are the main drivers of the growth of the refractories market.
Market limitations:
However, humans are at risk if exposed to refractory materials such as silica, ceramic fibers and alumina above maximum concentration limits. For example, prolonged exposure to refractory material made of ceramic fibers can irritate the upper respiratory system and the skin. In addition, breathing in very small (crystalline) silica particles can cause various health risks, including silicosis, or even death. This obstacle to market expansion exists.
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Analysis of COVID 19
The refractories market has suffered from the COVID-19 pandemic because it was based on the production of cement, glass, steel and metals, as well as mining, heavy industry, oil and gas and other industries. The steel industry accounts for three quarters of global demand for refractories, and this supremacy seems likely to continue throughout the projection period. Although global overproduction has also hurt steel industries, there has been a slow recovery over the past year. In addition, as most areas emphasize independence and reduced imports, spending on the steel industry is expected to increase in emerging and less developed countries. Production and demand for refractories in end-user industries such as steel and iron, cement, chemical and energy products, and ceramics also changed. Despite being in the post-pandemic phase, industries serving consumers are expanding due to increased demand for products following the opening of economies.
Market segmentation-
The market is further segmented by application into furnaces and ovens, boilers, and heat exchange equipment. End-use industries segment the market into automotive, construction, oil and gas, steel, glass, and ceramics, among others. By type, the market is segmented into silica, alumina, magnesia, refractory clay, high alumina, and silicon carbide.
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Regional knowledge
Due to numerous end-use industries in the region, Asia-Pacific is expected to hold the largest share of the global market. The region’s leadership is further bolstered by the region’s significant non-ferrous metal and cement industries. Meanwhile, the market in North America will expand due to increased demand from end-use industries in the region, especially the glass, iron and steel sectors. The European market will grow very slowly, but is expected to revive due to the growing need for steel and glass from the region’s car manufacturers. The Middle East and Africa market is expected to be influenced by the consumption of refractory products from the petrochemical and oil industries in the region. Because of the high reactivity of these chemicals, manufacturers in the area have access to high-value opportunities for specialty refractory variants. Currently, cement and steel manufacturing are dominated by Brazil and Mexico, respectively.
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