Global Refractories Market Report 2022-2026 - Industrial Activity to Remain Subdued in the Immediate Term, Inducing Weakness into Refractories Market

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Aug 17, 2022, 07:00 ET

DUBLIN, Aug. 17, 2022 /PRNewswire/ -- The "Refractories - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Refractories Market to Reach $30.2 Billion by 2026

The global market for Refractories estimated at US$23.8 Billion in the year 2022, is projected to reach a revised size of US$30.2 Billion by 2026, growing at a CAGR of 3.4% over the analysis period.

The global refractories market is poised to report a slow recovery in 2021, after displaying negative growth in 2020, under the impact of COVID-19 crisis. Given that the demand for refractories is directly linked to the overall health and performance of key infrastructure industries, stable global GDP growth and its positive implications on the market are forecast to provide a stable environment for demand growth in the coming years.

Going forwards, the market is expected to witness decent growth buttressed by stable demand for steel, cement, glass and other infrastructure industries. This backdrop is set to drive demand for refractory products. Fueling the mid-term growth is improved investment activity in the construction sector supported by improving economic conditions worldwide.

Growth in the market is expected to mainly stem from iron & steel, glass, and non-ferrous metals industries. The market is also expected to benefit from increasing adoption of refractories in other smaller markets such as incinerators and chemicals. Besides, refractory technologies are also undergoing significant improvement, and the market is witnessing increasing demand for advanced and long-lasting refractory products. Advancements in the refractory technology have lengthened the lifetime of refractories.

Bricks & Shapes, one of the segments analyzed in the report, is projected to record 3.1% CAGR and reach US$16.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Monolithics & Others segment is readjusted to a revised 3.8% CAGR for the next 7-year period.

Growth prospects are high for monolithic castables and preformed shapes that feature high performance and flexibility than other refractory forms. Growth is supported by the use of monolithics in extending interval between brick relinings to offer an economic advantage.

The U.S. Market is Estimated at $1.6 Billion in 2022, While China is Forecast to Reach $ by 2026

The Refractories market in the U.S. is estimated at US$1.6 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$17.2 Billion by the year 2026 trailing a CAGR of 4.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.1% and 1.4% respectively over the analysis period.

Within Europe, Germany is forecast to grow at approximately 2.3% CAGR. Demand for refractories would primarily be driven by developing markets, which is a clear indication of shifting base of heavy industry production base to developing areas with low cost advantages.

After Asia-Pacific, Middle East & Africa and Latin America are projected to emerge as the fastest growing markets for refractories worldwide in volume terms during the analysis period. Projected rise in the already significant steel industry in the region apart from rising demand from other industries such as cement is expected to surge demand for refractories.

High consumption of refractories in China would be driven by the continued use of conventional less sophisticated production technologies in steel and other manufacturing sectors that consume higher level of refractories. This is in stark contrast to developed markets such as the US, Japan and Europe that employ more efficient and advanced production technologies.

What`s New for 2022?

Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to the digital archives
Complimentary updates for one year

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Influencer Market Insights
World Market Trajectories
Impact of Covid-19 and a Looming Global Recession
Drop in Steel Demand Sets Major Impact on Refractory Business
Prevailing Weak Global Economic Environment & Negative Tide in GDP Forecasts Strongly Discourage the Refractories Market
Industrial Activity to Remain Subdued in the Immediate Term, Inducing Weakness into Refractories Market
Revival in Construction Activity and Ensuing Demand for Iron and Steel to Improve Growth Prospects
Refractories: A Prelude
Features and Benefits
Refractory Products by Form
Refractory Products by Material
Market Outlook
Regional Outlook
Key Drivers of Refractories by End-Use Sector
Monolithics to Outshine Bricks and Shapes
Non-Ferrous and Non-Metallic Applications Gain Growth
Refractory Production Landscape
Competition
Global Refractories Industry in Consolidation Mode
Recent Market Activity
World Brands
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS (Total 104 Featured)

Allied Minerals Products
Almatis GmbH
Alteo Holding
AluChem, Inc.
CerCo Corporation
Chosun Refractories Co., Ltd.
Compagnie de Saint-Gobain S.A.
CoorsTek, Inc.
Harbisonwalker International
IFGL Refractories Ltd.
Imerys S.A.
Krosaki Harima Corporation
Lhoist Group
Qinghua Refractories Co., Ltd.
Magnezit Group
Minteq International Inc.
Morgan Advanced Materials plc
Puyang Refractories Group Co., Ltd.
Refratechnik Holding GmbH
Resco Products, Inc.
RHI Magnesita GmbH
Ruitai Materials Technology Co., Ltd.
Shinagawa Refractories Co., Ltd.
Vesuvius plc
Zhejiang Zili Advanced Materials Co., Ltd.

3. MARKET TRENDS & DRIVERS

Supplies and Pricing Volatilities Constrain the Refractories Market Worldwide
Influx of New Preparation Technologies to Transform Refractory Materials
Nanomaterials Gain Interest in Refractory Industry
Demand for Efficient and Durable Refractories on Rise
Raw Materials Play an Important Role in Determining Prices
Alternative Minerals to Witness Increased Adoption as Bauxite Supply Drops
Refractories: A Major End-Use Market for Natural Graphite
Companies Test Other Regions for Mining of Graphite
Refractory Manufacturers to Invest in Graphite Mines to Tackle Rising Graphite Prices
Focus on New Sources of Magnesia on Rise
Kyanite and Other Related Minerals Gain Interest
Customization of Refractories Catches On
A Highly Fragmented Marketplace Benefits Raw Material Suppliers
Demand for Efficient and Durable Refractories Rises
Market Dynamics of Major End-Use Sectors
Iron & Steel
China Holds the Key for Future Growth of Steel Industry
Export
Cement
Leading Cement Producing Countries Worldwide (2019): Annual Volume Output in Million Tons
Glass Manufacturing
Ceramic Tiles