by The global refractories market comprises materials that are highly heat resistant and withstand temperatures above 800°C. Refractories are essential for the construction of high-temperature furnaces and reactors used across various industries such as steel, cement, glass, and non-ferrous metals. Refractory linings provide thermal insulation, contain the process materials, and withstand thermal shocks and physical stresses. Major refractory products include shaped refractories, unshaped refractories, and others. They offer benefits such as high corrosion resistance, low thermal conductivity, mechanical strength, and chemical stability at elevated temperatures.
The Global Refractories Market is estimated to be valued at US$ 66,374.39 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period from 2024 to 2031.
Refractory materials are irreplaceable for industrial processes involving high temperatures. Growing steel and cement production as well as rapid industrialization are major factors driving refractories consumption globally.
Key Takeaways
Key players operating in the refractories market are Vesuvius plc, RHI Magnesita, Krosaki Harima Corporation, Shinagawa Refractories Co., Ltd., and Calderys.
The rising demand from the steel industry is a key factor contributing to market growth. Rapid infrastructure development and increasing automotive production are augmenting steel consumption, thereby fueling Refractories Market Demand.
Global players in the market are expanding their footprint across emerging economies to tap the growth opportunities. Growing construction activities in Asia Pacific and South American countries are attracting new plant establishments and capacity expansion projects.
Market Key Trends
Sustainable production is one of the major trends being observed in the refractories market. Manufacturers are increasingly focusing on green refractories made from industrial by-products or natural minerals to reduce the environmental impact. Investments in researching alkali-activated formulations as an eco-friendly alternative to cement-bonded products are on the rise. The trend towards sustainability is expected to continue as companies strive for net-zero goals.
Porter’s Analysis
Threat of new entrants: High capital requirements and economies of scale pose barriers, low threat.
Bargaining power of buyers: Individual buyers have low bargaining power against established manufacturers, moderate power.
Bargaining power of suppliers: Limited availability of raw materials gives suppliers some power, short term contracts mitigate this.
Threat of new substitutes: Some substitutes exist but switching costs are high, low-moderate threat.
Competitive rivalry: Mature industry with many mid-sized competitors, competition focuses on innovation and customer service.
Geographical regions with highest market value concentration include China, India, Europe and North America. China accounts for over 30% of global refractories demand led by its massive steel and cement industries. Europe and North America are also major refractories markets due to large manufacturing sectors although growth has slowed in recent years.
The Asia Pacific region excluding China and India is expected to exhibit the fastest market growth during the forecast period. Expanding infrastructure development and rising steel consumption in Southeast Asian countries will drive additional refractories demand. Countries such as Vietnam, Indonesia, the Philippines and Thailand are industrializing rapidly and increasing their use of industrial minerals including refractories.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
