According to MarketsandMarkets, the global refractories market size to grow from USD 23.2 billion in 2020 to USD 27.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 3.4% during the forecast period. The growth of the iron & steel, power generation and cement industries plays a key role in driving the refractories market. The increased consumption of refractories in end-use industries is due to their potential advantages such as high tensile and impact strength, heat sealability, and protection of goods.
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Refractories are non-metallic materials that are resistant to thermal stress and have high-temperature sustainability. These materials are resistant to thermal shock, are chemically inert, and have a specific range of thermal conductivity and coefficient of thermal expansion.
Among the different forms of refractories, the shaped refractories segment is the largest type during the forecast period in the global refractories market. The demand for shaped refractories is driven by its higher impact and tensile strength, low cost of manufacturing, and wide usage in end-use industries such as iron & steel and power generation.
The iron & steel industry will continue to lead the Refractories market. This was due to the increasing demand for infrastructure development and mounting demand for consumer goods such as automobiles. The increasing preference for high-cost, high-performance refractories is driven by the need to improve the quality of life, health & environment, and shift to clean, alternative sources of manufacturing.
Asia Pacific accounted for the largest share of the Refractories market in 2020. Factors such as the rapidly increasing consumption of refractories in the iron & steel, power generation cement, and glass industries in countries such as China, Japan, India, South korea and Australia have led to an increased demand for Refractories in the Asia Pacific region.
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Saint-Gobain (France), RHI Magnesita (Austria), Corning Incorporated (US), Morgan Advanced Materials (UK), and Shinagawa Refractories (Japan), among others are the leading refractories manufacturers, globally.
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