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The refractory materials market size is forecast to increase by USD 6.55 billion at a CAGR of 4.84% between 2022 and 2027. The market growth hinges on several factors, notably advancements in production capacity within the steel industry, driven by escalating demand from various end-user sectors. The surge in infrastructure projects, automotive technologies, and construction activities fuels the need for steel, propelling market expansion. Additionally, heightened research and development endeavors by industry players contribute to innovation and the introduction of advanced steel products tailored to meet evolving market demands. These factors collectively drive market growth, fostering a dynamic landscape characterized by technological advancements and increasing market competitiveness. As steel remains a cornerstone material across diverse industries, stakeholders must continuously adapt to changing market dynamics and consumer preferences to capitalize on emerging opportunities and sustain growth in this pivotal sector.
In industries reliant on high temperatures like kilns and reactors, refractory materials play a vital role in ensuring durability and insulation against thermal stress. From manufacturing units to automotive sectors, these materials withstand elevated temperatures and resist physical and chemical changes, essential for industrial processes. Companies like Calderys dominate this market with diverse business segments and strong geographical presence. Competitive dynamics and government initiatives shape the industry, often detailed in industry journals and government websites, amid rapid infrastructure development. The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
The market share growth of the clay segment and others segment will be significant during 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.
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The clay and others segment was valued at USD 16.85 billion in 2017. The demand for clay refractories will continue to surpass that for non-clay refractories, owing to the rise in the use of high alumina-based and other high-value materials, primarily across the iron and steel, and cement industries. The largest market for this segment is APAC, where there has been rapid growth in the number of construction and industrial activities, which supplements the demand for iron and steel products. Therefore, the rising demand for iron and steel products in various end-user industries will supplement the growth of the global refractories materials market in this segment during the forecast period.
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APAC is estimated to contribute 62% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The increasing demand for refractory materials in the region is a direct effect of the increased crude steel production in the region. It is mainly on the backdrop of the presence of a few emerging economies and developed economies in the region. In countries such as China, Indonesia, South Korea, and India, several industrial, commercial, and residential projects are under development, which supplement the demand for iron and steel products, such as slabs, plates, rebars, and sheet pilings, in the region.
In the realm of construction and industry, refractory materials play a crucial role in applications such as thermal insulation and the construction of walls, floors, and surfaces. With the rising demand for heat-resistant materials in various sectors, including the automotive sector, the market witnesses significant target market revenue. Companies focus on key strategic developments to meet these demands, ensuring they remain competitive in the industry. As technology advances, the need for efficient refractory solutions grows, driving innovation and investment in this essential market segment. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing production capacity developments in the steel industry are notably driving market growth. The global steel industry has been witnessing an increase in production capacity for the last decade because of new investment plans that are taking place in several parts of the globe. With the rising crude steel production capacities, globally, the production of steel has also surged in the past few years. Many regions around the globe will be exposed to the increased production capacity of steel.
Further, the Middle Eastern region will experience a significant increase in steel production capacity during the forecast period because of the focus of the economies in the region on being self-reliable. 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 market.
The shift of refractory type from shaped to monolithic is the key trend in the 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. They aid in quick installation and prevent interruptions in the production of special brick forms. The use of monolithic refractories regularly eliminates strenuous bricklaying tasks and intersections, which may lead to weakness in production.
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.
Fluctuation in the cost of refractories raw materials and the high energy consumption are the major challenge impeding market growth. The cost involved in the production of the raw materials is a determining factor toward the end-use of these materials and in the last few years, there has been high volatility in the price of refractories raw materials. The cost of a refractory product involves three main factors: the cost of refractory raw materials, production cost, and the cost of designing and testing the product.
The fluctuation in the price is primarily due to economic conditions, political unrest, and the Eurozone slowdown. Another reason for the fluctuation in the price of raw materials is China's export policies. China is a major raw material supplier and has imposed heavy taxes on the export of refractory materials such as magnesite, high-grade alumina, and bauxite. These issues will have a high effect on both manufacturers and consumers and will continue to hinder market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the refractories market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecast report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the refractories market.
SCR Sibelco NV - The company offers refractories for the construction industry. The company offers a portfolio of minerals such as Aluminum trihydrate, Baryte, Bentonite, Calcium carbonate, Chromite, Clay and Kaolin, Cristobalite, and Iron oxide, among others.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is integral to various industries, including iron & steel production and building & construction, where windowpanes and doors are key components. With the surge in steel manufacturing and government spending on infrastructure projects, demand for refractory materials is rising, supported by accommodative policies. However, challenges such as mobility restrictions and health hazards like silicosis loom large, especially in the iron & steel industry and mining. Innovation in materials like ceramic fibers and recycled refractory materials is driving sustainability, while sectors like oil & gas and chemical manufacturing are also significant consumers. As developing economies invest in infrastructure, the refractory materials market continues to evolve, catering to the needs of diverse industries and contributing to global economic growth.
Further, the market plays a vital role in various sectors, including the building & construction industry, where it contributes to the development of building parts and withstands physical changes over time. Organizations like the Indian Steel Association (ISA) are pivotal in shaping market dynamics, particularly in sectors such as railways and construction infrastructure. Innovations in glass-based materials enhance waste recycling and transparency while maintaining low raw material costs. However, concerns regarding silica exposure and maximum concentration limits persist due to potential health hazards like skin irritation and upper respiratory irritation, highlighting the importance of stringent safety measures. The market caters to diverse sectors, including cement manufacturing, glass manufacturing, and chemical manufacturing, supporting the development of smart cities, roads and bridges, and other infrastructure projects driven by foreign direct investment (FDI).
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Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.84% |
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Market growth 2023-2027 |
USD 6.55 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.6 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 62% |
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Key countries |
US, China, India, Russia, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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 |
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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 the forecast period. |
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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. |
We can help! Our analysts can customize this Refractory Materials market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Application
8 Market Segmentation by Type
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
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