The market value of refractory materials is expected to exceed $30.3 billion by 2030.
Allied Market Research has released a report titled "Refractory Materials Market (By Shape, Chemical Composition, By Material Chemical Properties and End-Use) Global Opportunity Analysis and Industry Forecast 2021-2030". According to the report, the global refractory materials industry is estimated to be approximately US$19.2 billion in 2020 and will reach US$30.3 billion by 2030, with a CAGR of 4.7% from 2021 to 2030.
Drivers, constraints, and opportunities
The surge in steel production and growing demand from the glass industry are driving the growth of the global refractory materials market. On the other hand, some environmental and health issues related to the use of refractory materials have hindered its development to some extent. However, the advent of renewable refractories is expected to create lucrative opportunities in the industry.
The impact of Covid-19
Several companies have closed or scaled back operations because of the risk of infection among their workforces. This factor has harmed the global refractory materials market, especially at the initial stage. However, the market is expected to rebound soon.
A shaped refractory segment to dominate by 2030
By product shape, the shaped refractory segment accounted for nearly three-fifths of the global refractory market in 2020 and is expected to dominate by 2030. The growing population around the world has contributed to the growth of the building and construction industry, which in turn has resulted in cement manufacturers producing high-quality cement, shaped refractories are widely used in furnaces, kilns, incinerators, and reactors at high temperatures, this factor driving the growth of this segment. However, the amorphous segment will witness the fastest CAGR of 4.8% throughout the forecast period. Monolithic refractories are widely used in kilns and kilns, and the rising demand for crude oil and related products has contributed to the growth of this segment.
Picture 1 The fire-resistant glass material 1
The Asia Pacific, followed by Europe and North America, gained a major share in 2020
Geographically, the Asia Pacific, followed by Europe and North America, gained the major share in 2020, accounting for more than three-quarters of the global refractory market. It will grow at the fastest CAGR of 5.0% from 2021 to 2030. The increasing utilization of refractory materials in industries such as power generation, steel, and cement manufacturing is driving the market growth in the region.
Major players in the refractory industry are IFGL Refractories Ltd., Vitcas, Lanexis, Morgan Advanced Materials, RHI Magnesita GmbH, Calderys, Saint Gobain, SHINAGAWA REFRACTORIES CO., LTD., Dalmia Bharat Refractory, Kurosaki Harima Corporation.
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