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Refractories Global Market Report 2022

May 24, 2023May 24, 2023

Major players in the refractories market are RHI Magnesita, Morgan Advanced Materials, Shinagawa Refractories, Saint-Gobain, Chosun Refractories, Harbisonwalker International, Imerys, Krosaki Harima Corporation, Magnezit Group, Refratechnik, Corning Incorporated, IFGL Refractories Ltd, Resco Products Inc, INTOCAST AG, Puyang Refractories Group Co Ltd, Calderys Refractories Limited, Qinghua Refractories, IFGL Refractories Limited, Carboundum Universal Limited and Coorstek Inc.

New York, Sept. 16, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Refractories Global Market Report 2022" - The global refactories market is expected to grow from $25.33 billion in 2021 to $26.33 billion in 2022 at a compound annual growth rate (CAGR) of 3.93%. The refactories market is expected to grow to $28.68 billion in 2026 at a compound annual growth rate (CAGR) of 2.16%.The refractories market consists of sales of the refractories materials by entities (organizations, sole traders, partnerships) that refer to ceramic materials that are resistant to extremely high temperatures and endure physical wear and corrosion produced by chemical agents.Refractories are made from natural and artificial materials, mainly nonmetallic or mixtures of compounds and minerals.Since they are more heat resistant than metals, they are used to line the hot surfaces found within many industrial processes, including the manufacturing of petrochemical goods and the refining of gasoline.The main types of refractories are shaped and unshaped refractories.Shaped refractories refer to refractories with a predetermined form when given to the user.These are known as bricks.Brick forms are classified into two types namely regular shapes and unique shapes.Most refractory producers agree to a standard form typically suited to kilns and furnaces of the same kind.Refractories are acidic, neutral, and basic in nature and the refractory minerals includes bauxite, alumina, kaolin, magnesia, graphite, and zircon.Iron and steel, power generation, non-ferrous metals, cement, glass and other sectors are the end user of refractories.Asia Pacific was the largest region in the refactories market in 2021. The regions covered in the refactories market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The refractories market research report is one of a series of new reports that provides refractories market statistics, including refractories industry global market size, regional shares, competitors with a refractories market share, detailed refractories market segments, market trends and opportunities, and any further data you may need to thrive in the refractories industry. This refractories market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Growing demand for iron and steel is driving the refractories market.The demand for iron and steel is growing due to expanded infrastructure building and the growing car and railway industries.The rising demand for energy-efficient steel-making techniques for refractories is estimated to grow.Refractories are crucial lining materials for furnace working interfaces and backup zones during iron and steel manufacturing.According to India Brand Equity Foundation (IBEF), steel consumption is predicted to rise by 17% to 110 million tonnes in FY22, owing to increased construction activity. Therefore, the increasing demand for steel and iron drives the market for refractories.Technological advancement is a key trend in the refractory market.Artificial intelligence and machine learning are used to produce refractories to gain efficiency.Images and other data collected during in-situ analysis can be input into machine learning (ML) models.These models provide insights that allow companies to make accurate predictions on the product’s running time and the parameters and conditions (such as temperature) inside the reactor that is optimal for receiving the desired product, whether steel, glass, or cement while keeping the refractory layer to a minimum.RHI Magnesita, an Austria-based supplier of refractory products, systems, and services, uses AI to learn from production data. Its Automated Process Optimization (APO) system collects all available data regarding a specific manufacturing process and provides predictions about refractory material maintenance and replacement.In June 2020, Morgan Advanced Materials, a UK-based manufacturing company that manufactures products using carbon, advanced ceramics, and composites, acquired Carbo San Luis for an undisclosed amount.The acquisition is to ensure the continued growth and development of the business.Carbo San Luis is an Argentina-based company specializing in manufacturing and selling insulating, refractory, and abrasion-resistant materials for all industries.The countries covered in the refractories market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.Read the full report: ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________