Refractories Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2016-2021 and Forecast 2022-2028

Description

The refractories market is anticipated to be valued at USD 26,263.0 million in 2021 and is expanded to grow at a significant CAGR of 3.0% over 2022-2028. The aerospace, electrical, automotive, glass, and cement industries will likely drive the global refractories market. Due to their safe, low-maintenance, and cost-effective operations, refractories are a primary material for interior linings in extensive industrial equipment. The automobile industry’s increased consumption of iron, steel, and glass fuel market growth. The recovery of the automotive sector in recent years, particularly with the rise of electric vehicles, has given traction to materials used in vehicle manufacturing, such as steel, iron, and glass. The automotive industry is constantly investing in advanced materials to meet future average fuel economy demands, resulting in developing a new type of revolutionary steel for the industry. The refractories market is anticipated to expand as infrastructure in emerging countries improves. The refractories market is predicted to benefit from the recycling and re-using of refractory materials. The need for refractory product recycling has increased as raw materials, and freight costs have risen, and enterprises have been forced to explore more environmentally friendly alternatives for refractory applications. High raw material prices are projected to be a barrier for the refractories industry, limiting demand. Bases on the end-user industry, the iron and steel segment consumes the most refractories internationally, as well as in China. Furthermore, increasing building activity is rising demand for iron and steel manufacturing in the country, which has fueled the recent rise in the refractories market. Iron and steel application is expected to dominate due to the enormous amount of iron and steel produced for various industries, which boosts its demand in the forecast year.

Recent Market Developments:

In September 2021, The Plibrico Company, a supplier of monolithic refractories and construction services, completed the acquisition of Redline Industries Inc. Chicago-based Redline Industries supplies low-cement refractory castables and gun mixes. Redline refractories are engineered to safeguard furnaces in the high-temperature processing of nonferrous metals, such as aluminum, as well as prevent furnace heat loss to promote greater energy efficiency.

In April 2022, Saint-Gobain Ceramics has acquired the US refractory producer Monofrax, from the German fund Callista. Saint-Gobain said the acquisition would help accelerate its growth in the refractory industry. The Saint-Gobain Ceramics business unit is led by Nicolas Miegeville. Both SEFPRO and PCR (Performance Ceramic Materials) belong to this business unit.