Refractories Market

Refractories Market Outlook (2024 to 2034)

Fact.MR’s updated study reveals that global refractories market size is forecasted to expand at a CAGR of 3.8% over the next ten years. As a result, the market is expected to increase from a value of US$ 28 billion in 2024 to US$ 40.6 billion by the end of 2034.

Refractories are materials that are polycrystalline, inorganic, non-metallic, polyphase, and heterogeneous in nature. They are designed to resist pressure, heat, and chemical attacks, and maintain their strength for various applications.

Increase in steel mining and large-scale cement projects and the rising production of industrial glasses are boosting the demand for refractories. The widespread use of refractories in major end-use industries such as metallurgy, power generation, and chemicals is projected to drive refractories market growth during the forecasted period.

• As per the World Refractory Association, the cost of refractory products constitutes less than 3% and often even less than 1% of the final products. Strategic application and design of refractory products can decrease operating costs for the end-use industries by up to 19.5%. The production process is non-toxic, and over 85% of the refractory materials are either recycled or reused highlighting their importance in driving various end-use industries forward.

Report Attributes	Details
Refractories Market Size (2024E)	US$ 28 Billion
Projected Market Value (2034F)	US$ 40.6 Billion
Global Market Growth Rate (2024 to 2034)	3.8% CAGR
China Market Value (2034F)	US$ 5.7 Billion
Canada Market Growth Rate (2024 to 2034)	1.9% CAGR
North America Market Share (2024E)	21.6%
East Asia Market Value (2034F)	US$ 10 Billion
Key Companies Profiled	Magnezit Ltd. Morgan Advanced Materials Plc Krosaki Harima Corporation Intocast Group Imerys Vesuvius Plibrico Company, LLC Saint-Gobain

What are Refractories Market Trends to Watch Out For?

“Rise in Construction Activities Boosting Cement Manufacturing”

The rise in construction activities is fueling market growth. Refractories are capable of withstanding high temperatures, and they find extensive use in various applications such as construction, manufacturing, and energy production. They are typically used in building high-temperature furnaces, boilers, and kilns.

As demand for construction materials for infrastructure development grows, the need for refractories is rising concurrently. For instance, in cement manufacturing, refractories are employed in the kiln to endure the high temperatures necessary for the production process. Beyond construction, refractories find applications in several other industries such as steel, glass, and ceramics manufacturing.

“Growing Usage of Refractories in Steel & Iron Industries”

The steel industry’s process chain from primary to secondary steelmaking procedures involves a variety of vessels. These include central units such as the electric arc furnace and blast furnace as well as more maintenance-intensive components like tapholes, launders, and submerged entry nozzles. Refractories are primarily used in the internal linings of furnaces for iron and steel production in furnaces for pre-processing heating of steel, in vessels for metal and slag transportation, and in flues or stacks for conducting hot gases are the predominant materials used in steel production.

• As per Fibercast, the iron and steel segment accounts for approximately 60% of the entire refractory industry.

Manufacturing of machinery designed for performing heavy-duty tasks primarily in construction such as earthwork operations requires a significant amount of metal and non-metal castings due to their immense size. These machinery pieces are categorized into six major system types such as implementation, power train, traction, structure, control, and information. Growing demand for castings for the production of these types of heavy machinery is a key driver for market growth, as the mass production of the necessary castings for manufacturing this heavy machinery relies on refractories.

Country-wise Insights

Fact.MR, a market research and competitive intelligence provider, through its newly published analysis, asserts that East Asia is projected to hold a 24.6% refractories market share by 2034. Leading market players are forging partnerships with rising market players to fortify their positions.

Why are Manufacturers of Refractories Interested in China?

“Increased Iron and Steel Production Boosting Demand for Refractories in Internal Lining Applications”

Attribute	China
Market Value (2024E)	US$ 3.5 Billion
Growth Rate (2024 to 2034)	4.9% CAGR
Projected Value (2034F)	US$ 5.7 Billion

Market growth in China can be attributed to several key factors. Increased iron and steel production in developing countries like China has significantly increased the demand for refractories that are used for internal lining applications. Refractories find wide applications in industries such as glass manufacturing.

China's demand for refractories has grown in the past decade and is expected to continue to increase at 4.9% CAGR through 2034. Increasing environmental awareness and guidelines regarding the usage and disposal of refractories may hinder market growth.

Which Factors are Influencing Market Performance in the United States?

“Rise in EV Production and Focus on CO2 Emission Reduction During Production of Refractories”

Attribute	United States
Market Value (2024E)	US$ 4.3 Billion
Growth Rate (2024 to 2034)	1.9% CAGR
Projected Value (2034F)	US$ 5.2 Billion

Performance of the market in the United States is influenced by several factors. The resurgence of the automotive industry, particularly with a surge in electric vehicle production, has boosted the demand for materials like steel, iron, and glass. Demand for refractories in the steel and glass industry has risen to meet the requirements of the automotive industry, due to the critical role these materials play in their production. High infrastructure spending, rapid industrialization, and government initiatives promoting in-house raw material production are also driving the growth of the United States market.

Investments in the steel industry along with a moderate rise in crude steel production over the long term are projected to fuel the demand for refractories in the United States. Leading producers are involved in CO2 emission reduction during refractories production.

• For example, RHI Magnesita has developed an innovative proprietary technology that pushes the use of secondary raw materials while maintaining performance.

Category-wise Insights

Non-clay raw materials occupy a leading market share of 52.2% in 2024, among the other market segments. Sales of non-clay raw materials are forecasted to claim a valuation of US$ 20.7 billion by the end of 2034, up from US$ 14.6 billion in 2024.

Why Do Non-Clay Refractories Occupy a Leading Market Share?

“Focus on Glass Manufacturing Capacity Expansion Driving Segment Growth”

Attribute	Non-Clay
Segment Value (2024E)	US$ 14.6 Billion
Growth Rate (2024 to 2034)	3.6% CAGR
Projected Value (2034F)	US$ 20.7 Billion

The rising demand for refractories in the steel and glass industries has prompted both domestic and international players to invest in expanding their production capabilities, consequently boosting the usage of refractories across various sectors. Moreover, increasing awareness about energy-saving techniques is spurring new product development in compliance with environmental regulations, which is projected to fuel future demand for these products.

Which Refractory Form Accounts for Higher Demand?

“Reduced Energy Consumption of Monolithic Refractories Driving Their Use”

Attribute	Monolithic
Segment Value (2024E)	US$ 8.8 Billion
Growth Rate (2024 to 2034)	2.4% CAGR
Projected Value (2034F)	US$ 11.2 Billion

Monolithic refractories account for a leading share of the market. These unshaped refractories are used across a wide range of industries for lining furnaces, kilns, and reactors. They can be either castable or self-flowing and offer several advantages over conventionally shaped refractories such as easy installation, lower energy consumption, and better resistance to abrasion and thermal shock. They are also more resistant to corrosion and erosion than traditional bricks and mortars.

Growth of the monolithic & other unshaped segments is estimated to remain relatively higher over the forecasted period. The segment is expected to account for 31.5% of the market in 2024. This dominance can be attributed to their increasing demand from various end-use industries such as iron & steel, cement, and glass.

Competitive Landscape

Market growth is being driven by several factors, including evolving consumer preferences, technological advancements, and global economic conditions. Several key players in the refractories market are Magnezit Ltd., Morgan Advanced Materials Plc, Krosaki Harima Corporation, Intocast Group, Imerys, Vesuvius, Plibrico Company, and Saint-Gobain.

• In 2019, RHI Magnesita committed to a significant investment of over US$ 43.15 million towards the establishment of the new Dolomite Resource Center Europe. The Hochfilzen site in Tyrol is set to be the future hub for mining and processing dolomite for the entire European market. The processed dolomite will then be transported by rail to affiliated plants in France. This initiative not only marks a new era for the market in Tyrol but also ensures the long-term preservation of highly specialized jobs in the region.

Key Segments of the Refractories Market Research

• By Material :

  • Clay
  • Non-Clay

• By Form :

  • Bricks
  • Monolithic

• By End-Use :

  • Steel
  • Energy & Chemicals
  • Non-Ferrous Metals
  • Cement
  • Glass

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa