Refractory materials market size to grow by USD 6.55 billion between 2022 and 2027; APAC to account for 62% of the market growth

Aug 15, 2023

NEW YORK, May 8, 2023 /PRNewswire/ -- The refractory materials market size is expected to grow by USD 6.55 billion during 2022 and 2027, progressing at a CAGR of 4.84% during the forecast period. APAC will account for 62% of the market growth during the forecast period. The growth of the regional market is driven by factors such as the increasing demand for refractory materials in the region. This is mainly due to the presence of several emerging and developed countries in the region. Several industrial, commercial, and residential projects are under development in countries such as China, Indonesia, South Korea, and India, complementing the demand for steel products such as slabs, plates, rebars, and sheet piles in the region. Such factors will increase the market growth in this region during the forecast period. For more key insights on market size - Request the Sample Report

Refractory materials market: Segmentation Analysis

Technavio has segmented the refractory materials market by product type (clay and others, and non-clay), application (iron and steel, non-metallic materials, non-ferrous metals, and others), type (shaped and monolithic), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The report provides actionable insights and estimates the contribution of all segments to the growth of the global refractory materials market.

The market growth in the clay and others segment will be significant over the forecast period. Clay refractory materials include fireclay, high-alumina, and mullite ceramics. Fire clay refractory products, being the most common refractory, are used in almost every end-user industry that involves high heat processing operations, including iron and steel, cement, non-ferrous metals, glass, ceramics, petrochemicals, and sugar. As most of these refractory materials are consumed in the iron and steel industry, the demand for these refractories is dependent on the growth of the global iron and steel industry. Such factors will increase segment growth during the forecast period.

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Key factor driving market growth

The increasing production capacity developments in the steel industry is notably driving market growth. Factors such as the new investment plans that are taking place in several parts of the world will increase the production capacity of steel industry. Moreover, with the rising crude steel production capacities globally, the production of steel has also surged in the past few years. Many regions around the world will be exposed to the increased production capacity of steel. In addition, numerous capacity-addition projects are planned in APAC as well. Meanwhile, the economies that constitute the Commonwealth of Independent States (CIS) and the African market are also susceptible to a slight increase in capacity additions. The increasing crude steel production capacities in several regions across the world would certainly result in the growth of the global refractories market.

Leading trends influencing the market

The shift of refractory type from shaped to monolithic is the key trend in the refractory materials market. The monolithic refractories are distinct mixes or blends of dry granular or cohesive plastic materials with an indefinite form. They have benefits over refractory bricks in different kinds of furnaces. Monolithic refractories are vital in the maintenance of furnaces since considerable maintenance can be completed with the least loss of time and, even during operations. They are rapidly replacing conventionally shaped refractories in several applications. These refractories are likely to witness increased demand for almost every application, including in the steel industry, and therefore expected to observe high popularity over shaped refractories during the forecast period, with a high growth rate.

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Competitive Analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, growth in market share, among others, Buy the Report

What are the key data covered in this gas station equipment market report?

The refractory materials market size is expected to accelerate at a CAGR of almost 4.84% during the forecast period.

The refractory materials market is segmented by Application (Iron and steel, Non-metallic materials, Non-ferrous metals, and Others), Type (Shaped and Monolithic), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).

The market is fragmented due to the presence of many established vendors holding significant market share.

The research report offers information on several market vendors, including Alsey Refractories Co., Carborundum Universal Ltd., Chosun Refractories ENG Co. Ltd., Compagnie de Saint Gobain SA, Corning Inc., HarbisonWalker International Inc., IFGL Refractories Ltd., Imerys S.A., INTOCAST AG, KAEFER SE and Co. KG, Krosaki Harima Corp., Magnezit Group, Minerals Technologies Inc., Morgan Advanced Materials Plc, POSCO, Refratechnik Holding GmbH, RHI Magnesita GmbH, SCR Sibelco NV, Shinagawa Refractories Co. Ltd., and Vesuvius Plc.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered

Vendor classification

Market positioning of vendors

Competitive scenario

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Refractory Materials Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.84%

Market growth 2023-2027

USD 6.55 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.6

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 62%

Key countries

US, China, India, Russia, and Japan

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Alsey Refractories Co., Carborundum Universal Ltd., Chosun Refractories ENG Co. Ltd., Compagnie de Saint Gobain SA, Corning Inc., HarbisonWalker International Inc., IFGL Refractories Ltd., Imerys S.A., INTOCAST AG, KAEFER SE and Co. KG, Krosaki Harima Corp., Magnezit Group, Minerals Technologies Inc., Morgan Advanced Materials Plc, POSCO, Refratechnik Holding GmbH, RHI Magnesita GmbH, SCR Sibelco NV, Shinagawa Refractories Co. Ltd., and Vesuvius Plc

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents:

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global solder materials market 2017 - 2021

4.2 Product Segment Analysis 2017 - 2021

4.3 End User Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product

6.1 Market segments

6.2 Comparison by Product

6.3 Wire - Market size and forecast 2022-2027

6.4 Bar - Market size and forecast 2022-2027

6.5 Paste - Market size and forecast 2022-2027

6.6 Flux - Market size and forecast 2022-2027

6.7 Others - Market size and forecast 2022-2027

6.8 Market opportunity by Product

7 Market Segmentation by End-user

7.1 Market segments

7.2 Comparison by End-user

7.3 Consumer electronics - Market size and forecast 2022-2027

7.4 Automotive - Market size and forecast 2022-2027

7.5 Industrial - Market size and forecast 2022-2027

7.6 Building - Market size and forecast 2022-2027

7.7 Others - Market size and forecast 2022-2027

7.8 Market opportunity by End-user

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 Middle East and Africa - Market size and forecast 2022-2027

9.7 South America - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Japan - Market size and forecast 2022-2027

9.11 Germany - Market size and forecast 2022-2027

9.12 UK - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Belmont Metals Inc.

12.4 Deoksan Hi Metal

12.5 Element Solutions Inc.

12.6 Fusion Inc.

12.7 GENMA Europe GmbH

12.8 Handy and Harman Manufacturing Singapore Pte. Ltd.

12.9 Harima Chemicals Group Inc.

12.10 Indium Corp.

12.11 INVENTEC PERFORMANCE CHEMICALS SAS

12.12 KOKI Co. Ltd.

12.13 Qualitek International Inc.

12.14 Senju Metal Industry Co. Ltd.

12.15 STANNOL GMBH and Co. KG

12.16 Tamura Corp.

12.17 Warton Metals Ltd.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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Contacts

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/

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