Summary

Refractories Market Growth & Trends

The global refractories market is expected to reach USD 68.54 billion by 2030, expanding at a CAGR of 3.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to be driven by demand for refractories in cement and lime production around the world.

Refractories are used in rotary kilns to protect the steel shell from gas temperature and heat material. This allows the maximum working temperature required for carbon steel. Without refractory products, the kiln shell would be destroyed, affecting in closure of operations. These products also provide protection against abrasion, control the flow of material through the kiln and minimize heat loss.

According to International Energy Agency, global cement production was 4,158 million tons in 2022, with a y-o-y decline of 5% from the previous year. This was mainly due to a fall in China’s cement production, which observed a y-o-y decline of 10.5%, impacted by sluggishness in the country’s real estate sector and government policies to recover from the pandemic. However, China has a leading share in global cement production and thus is expected to attract significant demand for refractory products.

The demand for iron & steel, glass, and cement in emerging countries such as India and Brazil is likely to remain a contributing factor for the market growth. For instance, India held the second position in global cement production, with a share reaching 9% in 2022 from 8% in 2021. Similarly, India’s crude steel production was 125.3 million tons in 2022 from 118.2 million tons in 2021. In 2022, India was the second largest steel producer after China.

Investments for the capacity expansion of steel plants are projected to provide a boost to market growth. For instance, in May 2023, Baosteel, Aramco and PIF signed an agreement to construct a steel plate manufacturing complex in Saudi Arabia. This complex is projected to have a capacity of 1.5 million tons per year with a focus on sustainability and reduction of CO2 emissions. The plant is expected to reduce CO2 emissions by nearly 60% compared to traditional steel plants.

Refractories Market Report Highlights

• Based on end-use, iron & steel dominated the market with a share of over 64% in 2022 and is expected to maintain its position over the forecast period. The demand for steel products in construction & infrastructure supported by private and public expenditure is expected to play a key role in the market expansion.

• The cement & lime end-use segment is projected to grow at a lucrative rate over the forecast period. The moderate growth in the production of cement and subsequent demand from end-use industries is likely to play a key role in the expansion of the segment.

• Asia Pacific is anticipated to remain the dominant regional market, with a share of over 73% in 2022. The demand in the region is fueled by large volume production of steel, cement, and glass.

• The refractories market is fragmented in nature, with players focusing on product availability, new product development, and competitive pricing.

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Table of Contents

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Information Analysis
1.3.2. Market Formulation & Data Visualization
1.3.3. Data Validation & Publishing
1.4. Research Scope and Assumptions
1.4.1. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segmental Outlook
2.3. Competitive Outlook
Chapter 3. Market Variables, Trends, and Scope
3.1. Global Refractories Market Outlook
3.2. Value Chain Analysis
3.3. Manufacturing & Technology Overview
3.4. Regulatory Framework
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.5.3. Market Opportunity Analysis
3.5.4. Market Challenges
3.6. Porter’s Five Forces Analysis
3.6.1. Bargaining Power of Suppliers
3.6.2. Bargaining Power of Buyers
3.6.3. Threat of Substitution
3.6.4. Threat of New Entrants
3.6.5. Competitive Rivalry
3.7. PESTLE Analysis
3.7.1. Political
3.7.2. Economic
3.7.3. Social Landscape
3.7.4. Technology
3.7.5. Environmental
3.7.6. Legal
Chapter 4. Refractories Market: End-use Estimates & Trend Analysis
4.1. Refractories Market: End-use Movement Analysis, 2022 & 2030
4.2. Iron & Steel
4.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.3. Cement & Lime
4.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.4. Glass & Ceramics
4.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.5. Non-Ferrous Metals
4.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.6. Others
4.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
Chapter 5. Refractories Market: Regional Estimates & Trend Analysis
5.1. Regional Analysis, 2022 & 2030
5.2. North America
5.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.2.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.2.3. U.S.
5.2.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.2.3.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.2.4. Canada
5.2.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.2.4.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.2.5. Mexico
5.2.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.2.5.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.3. Europe
5.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.3.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.3.3. Germany
5.3.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.3.3.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.3.4. UK
5.3.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.3.4.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.3.5. France
5.3.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.3.5.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.3.6. Russia
5.3.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.3.6.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.4. Asia Pacific
5.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.4.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.4.3. China
5.4.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.4.3.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.4.4. Japan
5.4.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.4.4.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.4.5. India
5.4.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.4.5.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.4.6. South Korea
5.4.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.4.6.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.5. Central & South America
5.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.5.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.5.3. Brazil
5.5.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.5.3.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.6. Middle East & Africa
5.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.6.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
5.6.3. South Africa
5.6.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
5.6.3.2. Market estimates and forecasts, by end-use, 2018 - 2030 (Kilotons) (USD Million)
Chapter 6. Competitive Landscape
6.1. Recent Developments, By Key Market Participants
6.2. Kraljic Matrix
6.3. Company Categorization
6.4. Heat Map Analysis
6.5. Company Market Ranking
6.6. Vendor Landscape
6.6.1. List of Raw Material & Equipment Suppliers
6.6.2. List of Distributors
6.6.3. List of Other Prominent Manufacturers
6.6.4. List of Prospective End-users
6.7. Strategy Mapping
6.8. Company Profiles/Listing
6.8.1. Chosun Refractories Co., Ltd.
6.8.1.1. Company Overview
6.8.1.2. Financial Performance
6.8.1.3. Product Benchmarking
6.8.2. Coorstek Incorporated
6.8.2.1. Company Overview
6.8.2.2. Financial Performance
6.8.2.3. Product Benchmarking
6.8.3. HarbisonWalker International
6.8.3.1. Company Overview
6.8.3.2. Financial Performance
6.8.3.3. Product Benchmarking
6.8.4. Imerys
6.8.4.1. Company Overview
6.8.4.2. Financial Performance
6.8.4.3. Product Benchmarking
6.8.5. Vesuvius
6.8.5.1. Company Overview
6.8.5.2. Financial Performance
6.8.5.3. Product Benchmarking
6.8.6. Krosaki Harima
6.8.6.1. Company Overview
6.8.6.2. Financial Performance
6.8.6.3. Product Benchmarking
6.8.7. Morgan Advanced Materials
6.8.7.1. Company Overview
6.8.7.2. Financial Performance
6.8.7.3. Product Benchmarking
6.8.8. RHI Magnesita
6.8.8.1. Company Overview
6.8.8.2. Financial Performance
6.8.8.3. Product Benchmarking
6.8.9. Saint-Gobain SEFPRO
6.8.9.1. Company Overview
6.8.9.2. Financial Performance
6.8.9.3. Product Benchmarking
6.8.10. Shinagawa Refractories
6.8.10.1. Company Overview
6.8.10.2. Financial Performance
6.8.10.3. Product Benchmarking