Market Overview:
Refractories are heat-resistant materials that are used in industrial high-temperature processes. They are made from raw materials such as clay, bauxite, magnesia, and fireclay. Refractory products come in various forms such as shapes, bricks, monolithics and specialized cementing systems. They are used in applications in iron and steel, non-ferrous metals, glass, cement and lime industries. Refractories help maintain extremely high temperatures without melting or deteriorating and lining certain high heat process equipment used in these industries. This enables critical process equipment to withstand harsh conditions and be corrosion resistant.
Market key trends:
One of the key trends in the refractories market is the shift towards unshaped or monolithic refractories. Monolithic refractories provide advantages such as faster installation and repair, along with potential cost savings. They can be easily molded to fit irregular shapes and surfaces. Another trend is the development of new advanced materials. Ongoing R&D is focused on developing environment-friendly and longer lasting refractory materials with improved thermal properties. For instance, researchers are exploring the use of oxides of zirconium, hafnium, chromium, and rare earth elements. Increasing adoption of such advanced materials will support the growth of the refractories market over the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirements and existing economies of scale of existing players create barriers for new entrants in the refractories market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and differentiated product offerings from various manufacturers.
Bargaining power of suppliers: The suppliers have low to moderate bargaining power since raw materials used in refractories such as alumina, magnesia, and chromite have few substitutes and global supply sources.
Threat of new substitutes: Few substitutes exist for refractories as they are critical for processes requiring high temperatures in industries such as iron & steel, cement, and nonferrous metals.
Competitive rivalry: Intense competition exists among the established players to gain higher market share through product innovation, partnerships, and geographic expansion.
Key Takeaways
The Global Refractories Market Demand is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period of 2023 to 2030, due to increasing demand from the steel industry where refractories are used in lining applications.
Regional analysis shows that Asia Pacific dominates the refractories market with largest market share of over 40% in 2023, driven by the growing steel and cement industries in China, India, and other Southeast Asian countries. Europe ranks second in terms of market size, whereas North America is projected to register fastest CAGR during the forecast period.
Key players operating in the refractories market are Puyang Refractories Group Co. Ltd., Chosun Refractories, INTOCAST AG, Harbisonwalker International, Saint-Gobain, IFGL Refractories Ltd., Vesuvius, Imerys, Shinagawa Refractories Co. Ltd., Krosaki Harima Corporation, RHI Magnesita GmbH, Magnezit Group, Resco Products, Minerals Technologies Inc., and Refratechnik. These players are focusing on expanding their production capacities and geographic presence through strategic partnerships and acquisitions to strengthen their market position.
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The Refractories Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.This research report also includes profiles of major companies operating in the global market.
Some of the prominent players operating in the global refractories market are Calderys, Chosun Refractories Eng.
Co. Ltd., CoorsTek Inc., HarbisonWalker International, Krosaki Harima Corporation, Morgan Advanced Materials, RHI Magnesita GmbH, Saint-Gobain, Shinagawa Refractories Co., Ltd., and Vesuvius.
This section cover profiling of major players in terms of important aspects such as company overview, financial overview, business strategy, and recent developments undertaken during the forecast horizon.Get more information on "Global Refractories Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/refractories-market/download-sampleMarket DynamicsThe increasing demand for non-metallic minerals owing to their usage in manufacturing casting for the aerospace, automotive, iron & steel industry, is escalating the market growth.
Also, the growing production of non-metallic materials along with their demand in the glass industry is further pushing the market growth.
