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Refractories Market Size, Share, Growth, Trends | Forecast 2028

The global refractories market size reached US$ 25.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.
Published 23 August 2023

IMARC Group, a leading market research company, has recently releases report titled “Refractories Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global refractories market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the refractories market?

The global refractories market size reached US$ 25.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.

What is refractories?

Refractories refer to numerous inorganic, non-metallic, porous, and heterogeneous materials that are designed to withstand high industrial temperatures and pressures. Some of the most common types of refractory applicable comprise fireclay, high alumina minerals, silica, magnesite, chromite, etc. They are manufactured using substances that are adherent to corrosion from solids, liquids, gases, mechanical and thermal stress, abrasion, gas diffusion, etc. Refractories are used in boilers and furnaces to contain heat and protect the processing equipment from intense temperatures. As a result, they find extensive applications across several sectors, such as energy, chemical, non-ferrous metals, glass, cement and ceramics.

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What are the growth prospects and trends in the refractories industry?

The expanding steel sector across the globe is primarily augmenting the refractories market. Furthermore, the increasing infrastructural activities, especially in developing countries, are positively influencing the market growth. Apart from this, the escalating demand for these materials, on account of their higher-temperature resistance, easy installation, and the capacity to manufacture bricks in customized shapes, are acting as significant growth-inducing factors. Moreover, the widespread adoption of unshaped refractories for various construction applications is also bolstering the global market. Besides this, numerous technological advancements and the emerging trend of recycling these materials for manufacturing steel are further catalyzing the market growth. Additionally, the growing need for non-ferrous metals and the rising utilization of aerospace, automotive, medical, and electrical castings are also driving the global market. In addition to this, the inflating focus of the leading manufacturers on expanding their production capacities and product portfolio to gain a competitive edge is expected to drive the refractories market in the coming years.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Form:

  • Shaped Refractories
  • Unshaped Refractories

Breakup by Alkalinity:

  • Acidic and Neutral
  • Basic

Breakup by Manufacturing Process:

  • Dry Press Process
  • Fused Cast
  • Hand Molded
  • Formed
  • Unformed

Breakup by Composition:

  • Clay-Based
  • Nonclay-Based

Breakup by Refractory Mineral:

  • Graphite
  • Magnesite
  • Chromite
  • Silica
  • High Alumina
  • Zirconia
  • Others

Breakup by Application:

  • Iron and Steel
  • Cement
  • Non-Ferrous Metals
  • Glass
  • Others

Breakup by Region:

  • North America (U.S. & Canada)
  • Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
  • Latin America (Brazil, Mexico)
  • Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • Chosun Refractories Eng Co. Ltd.
  • Compagnie de Saint-Gobain S.A.
  • Coorstek Inc.
  • Imerys Usa Inc.
  • Krosaki Harima Corporation
  • Morgan Advanced Materials Plc
  • Refratechnik Holding GmbH
  • RHI Magnesita GmbH
  • Vesuvius Plc

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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