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2021

Refractory Material Market

Refractory Material Market Size, Share, Competitive Landscape and Trend Analysis Report by form (Shaped and Unshaped), Chemical Composition (Alumina, Silica, Magnesia, Fireclay, and Others), Chemistry (Acidic, Basic, and Neutral), And End Use (Metals & Metallurgy, Cement, Glass & Ceramics, Power Generation, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

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Author's: Raushan Karn| Nikhil Mittal | Eswara Prasad
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Refractory Material Market Statistics – 2030

The global refractory material market was valued at $19.2 billion in 2020, and is projected to reach $30.3 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.

Refractory materials are substances that are resistant to decomposition by chemical attack, heat, and pressure. They can withstand high temperatures that make them suitable for thermal insulation and heat stabilization applications in various end-use industries such as iron & steel, cement manufacturing, glass production, petrochemicals, and others. They are polycrystalline, inorganic, non-metallic, and heterogeneous that makes them capable for manufacturing internal structures of furnaces, kilns, incinerators, reactors, and other high temperature equipment.

Global-Refractory-Material-Market

Rapid infrastructure development and increasing demand from the automotive sector has lead to rise in iron & steel production in both developed and developing economies such as the U.S., China, and India where refractory material are widely used for thermal insulation purposes. In addition, the growing modern theme-based building & construction sector has surged the demand for glass used in manufacturing windowpanes, doors, and other building parts. Refractory material being widely used in kilns and furnaces for thermal insulation purposes in glass manufacturing units may experience a surge in demand. These are the major refractory material market growth factors.

However, refractory material such as ceramic fibers, silica, and alumina poses threat to humans if exposed beyond the maximum concentration limits. For instance, the prolonged exposure to ceramic fiber-based refractory material may cause skin and upper respiratory irritation. In addition to this, breathing very small (crystalline) silica particles may cause multiple health hazards such as silicosis or may even lead to death. This factor hampers the market growth. 

On the contrary, the recyclability of use refractory reduces the overall material raw materials costs by 10-15% that makes customers more linear towards purchasing recycled refractory material for thermal insulation purposes in various end-use sectors. It is a key factor that is anticipated to offer new opportunity in the global refractory material market. 

The global refractory material market analysis is done on the basis of form, chemical composition, chemistry, end-use, and region. Depending on form, the market is divided into shaped, and unshaped. On the basis of chemical composition, it is fragmented into alumina, silica, magnesia, fireclay, and others. Depending on chemistry, it is classified into acidic, basic, and neutral. The end-use covered in the study includes metals & metallurgy, cement, glass & ceramics, power generation, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Refractory material market, by region

The Asia-Pacific refractory material market size is projected to grow at the highest CAGR of 5.0% during the forecast period and accounted for 78.2% of refractory material market share in 2020. This is attributed to the proliferating demand for iron & steel from various end-use sectors such as industrial, construction infrastructure, automotive and others have led the iron & steel manufacturers to increase their production capacities where refractory material are widely used for temperature stability purposes. For instance, according to a report published by India Brands Equity Foundation, India’s finished steel consumption is anticipated to increase to 230 metric ton (MT) by 2030-31 from 93.43 metric ton (MT) in 2020-21. In addition to this, China's cement manufacturing sector is increasing rapidly which has forced the refractory material manufacturers to produce high quality refractory material for high temperature applications in kilns, furnaces, incinerators, and others. For instance, according to a report published by World Cement Association, China’s cement clinker production output was 1.579 billion ton in 2020 and is growing with a year-on-year growth of 3.07%.

Refractory Material Market
By Region
2030
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific would exhibit highest CAGR of 5.0% during 2021-2030.

Refractory material market, by form

In 2020, the shaped segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.6% during the forecast period. Shaped refractory material provide catalysts supports that consist of porous structure with large surface areas or honeycomb structures that hold the metal catalyst by providing easy exposure to reactive gases or reactants. Applications that require highly efficient thermal insulation solutions along with catalyst support characteristics use shaped refractory material. For instance, iron & steel manufacturing, cement manufacturing, glass production, and other sectors prefer shaped refractory material for thermal insulation purposes in kilns, incinerators, furnaces, and reactors. This factor is escalating the growth of this segment in the global market.

Refractory Material Market
By Form
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UnShaped form is the most lucrative segment

Refractory material market, by chemical composition

By chemical composition, the fireclay segment dominated the global market in 2020, and is anticipated to grow at a CAGR of 4.7% during forecast period. This is attributed to the fact that fireclay refractory material accounts for around 75% of the total production of refractory material and are extremely versatile and cost effective refractory material used in iron & steel, cement manufacturing, and other industries where high temperature operations are carried out. These factors are augmenting the growth of the fireclay segment in the global refractory material market. 

Refractory Material Market
By Chemical Composition
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Magnesia is projected as the fastest growing segment

Refractory material market, by chemistry

In 2020, the basic was the largest revenue generator, and is anticipated to grow at a CAGR of 5.0% during the forecast period. Basic refractory materials are used in areas where both atmosphere and slags are in basic conditions. Furthermore, they are stable to alkaline materials that make basic refractory material suitable for thermal insulation purposes in offshore and onshore platforms in kilns and incinerators, chemical manufacturing industries, and metal fabrication sector. This motivates the growth of the basic refractory material in the global market.

Refractory Material Market
By Chemistry
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Basic is projected as the fastest growing segment

Refractory material market, by end-use

By end-use, the metals & metallurgy end use segment dominated the global market in 2020, and is anticipated to grow at a CAGR of 4.8% during the forecast period. This is attributed to the increasing demand for iron & steel in automotive, construction infrastructure, industrial, railways, and others where refractory materials are widely used to withstand high temperatures.

Refractory Material Market
By End-use
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Cement end-use is projected as the fastest growing segment

Key benefits for stakeholders

  • Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • It outlines the current refractory material market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
  • The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
  • The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
  • The profiles of key players and their key strategic developments are enlisted in the report.

Impact Of Covid-19 On The Global Refractory Material Market

  • The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge loss of lives and economy around the globe.
  • The refractory material market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on cement manufacturing, glass production, steel and metal, mining, heavy industrial, oil & gas, and other sectors. According to a report published by the National Bureau of Statistics of China, the large-scale manufacturing industry witnessed a 20% decline in production in March 2020 as compared to March 2019, while profits declined by 66%.
  • Several companies have either shut down or shrank their operations due to the risk of infections among the workforce where refractory material are used for thermal insulation purposes. This has temporarily hampered the growth of refractory material market amid the COVID-19 period.  
  • The falling income of customers and travel restrictions imposed by both local and government bodies has temporarily hampered the growth of automotive sector, which has led to a contraction of demand for iron & steel where refractory material are employed for thermal stability purposes.    
  • The demand for refractory material market has decreased amid the COVID-19 period owing to declining of oil & gas industry where refractory materials are used for reducing the heat loss within high temperature streams. For instance, according to a report published by Energy and Economic Growth Survey, the oil & gas sector is among the hardest hit sector with an average contraction of -2.8% in 2020.
  • Several countries have temporarily stopped trade of unnecessary products, which has hampered the demand-supply chain of refractory material amid the COVID-19 situation. 

Refractory Material Market Report Highlights

Aspects Details
Refractory Material Market By Form
By Form
  • Shaped
  • Unshaped
  • By Chemical Composition
  • Alumina
  • Silica
  • Magnesia
  • Fireclay
  • Others
Refractory Material Market By Chemistry
By Chemistry
  • Acidic
  • Basic
  • Neutral
Refractory Material Market By End-use
By End-use
  • Metals & Metallurgy
  • Cement
  • Glass & Ceramics
  • Power Generation
  • Others
Refractory Material Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players
Key Market Players

Krosaki Harima Corporation, Lanexis, Vitcas, Morgan Advanced Materials, Saint Gobain, IFGL Refractories Ltd., RHI Magnesita GmbH, SHINAGAWA REFRACTORIES CO., LTD., Dalmia Bharat Refractory, Calderys

Analyst Review

According to CXOs of leading companies, the global refractory material market is expected to exhibit high growth potential. Refractory materials are used to withstand high temperature in kilns, furnaces, incinerators, and reactors in a variety of end use sectors such as iron & steel, glass manufacturing, and cement production. High temperature equipment that require efficient thermal insulation lining for minimizing heat losses through the equipment can be accomplished with the use of refractory materials.

In addition, refractory materials enhance the thermal stability of the system and prevent the outer shell of the heating equipment from being overheated. In this way it increases the shelf life of the heating equipment. Furthermore, the corrosion resistance property of refractory materials enables the consumers to use them in both acidic and basic atmospheres.

The CXOs further added that sustained economic growth and the development of metal fabrication sector have surged the popularity of refractory materials.

 

 

Author Name(s) : Raushan Karn| Nikhil Mittal | Eswara Prasad
Frequently Asked Questions?

Increase in iron & steel production and escalating demand from glass industry are the other major growth factors in the refractory material market.

The global refractory material market was valued at $19.2 billion in 2020, and is projected to reach $30.3 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.

Calderys, Dalmia Bharat Refractory, IFGL Refractories Ltd., Krosaki Harima Corporation, Lanexis, Morgan Advanced Materials, RHI Magnesita GmbH, Saint Gobain, SHINAGAWA REFRACTORIES CO., LTD., and Vitcas are the most established players in the global refractory material market.

Metals & metallurgy industry is projected to increase the demand of refractory material market

The refractory materials market is segmented on the basis of form, chemical composition, chemistry, end use, and region. On the basis of form, the market is categorized into shaped and unshaped. On the basis of chemical composition, it is divided into alumina, silica, magnesia, fireclay, and others. On the basis of chemistry, it is fragmented into acidic, basic, and neutral. By end use, it is classified into metals & metallurgy, cement, glass & ceramics, power generation, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Rapid infrastructure development and increase in demand from the automotive sector has increased iron & steel production in both developed and developing economies such as the U.S., China, and India, where refractory materials are widely used for thermal insulation purposes in kilns, furnaces, incinerators, and other high temperature equipment used in steel manufacturing units. Moreover, the growing modern theme-based building & construction sector has led to rise in demand for glass used in manufacturing windowpanes, doors, and other building parts where refractory materials being widely used in kilns and furnaces for thermal insulation purposes in glass manufacturing units.

Rapid infrastructure development and increase in demand from the automotive sector has increased iron & steel production in both developed and developing economies such as the U.S., China, and India, where refractory materials are widely used for thermal insulation purposes in kilns, furnaces, incinerators, and other high temperature equipment used in steel manufacturing units. Moreover, the growing modern theme-based building & construction sector has led to rise in demand for glass used in manufacturing windowpanes, doors, and other building parts where refractory materials being widely used in kilns and furnaces for thermal insulation purposes in glass manufacturing units.

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Refractory Material Market

Global Opportunity Analysis and Industry Forecast, 2021-2030