$31.77 Billion Refractories Markets, 2028 - Increasing Preference for More Energy-efficient Approaches in Production of Steel

The "Refractories Market Size, Growth & Analysis, By Chemical Composition (Basic, Acidic, and Neutral), By Form (Bricks & Shapes, Monolithics, and Others), By Industry Vertical (Metallurgy, Energy & Chemicals, Glass & Ceramic, and Cement), and By Region, Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global refractories market size is expected to reach USD 31.77 Billion in 2028, and register a CAGR of 3.1%

Increasing preference for more energy-efficient approaches in production of steel is a key factor driving market revenue growth. Rising focus on research and development of manufacturing process to reduce VOC emissions. Increasing adoption of refractories in various rapidly growing industries including iron & steel, glass, aerospace, automotive, cement, etc. globally.

However, manufacturing process of refractories results in emission of Particulate Matter (PM), as well as various hazardous gases including nitrogen oxides, sulfur dioxide, carbon monoxide and carbon dioxide, fluorides, etc., which could restrain adoption of refractories among end users, and hamper market growth to some extent.

Major players operating in the global market are investing in R&D of innovative and cost-effective products to stay ahead of the competition. In addition, companies are engaging in strategic activities such as mergers & acquisitions, product developments, partnerships, business expansions to expand customer base and generate higher revenue.

Some Key Findings From the Report:

Among the chemical composition segments, the basic type segment accounted for substantially large revenue share in 2020. The acidic segment is expected to register a robust revenue CAGR during the forecast period.

Among the form segments, the monolithics segment is expected to register the highest revenue growth rate over the forecast period, due to increasing consumption of monolithic over other conventional brick products because of various product benefits offered such as excellent spalling tendency, volume stability, elimination of joints, easy transportation & handling, and no requirement of skilled work force.

Asia Pacific refractories market accounted for major revenue share in 2020, due to growing consumption of refractories in various industries including power and utility, iron & steel, cement, glass, etc., in countries in the region.

The North America market is expected to register a robust revenue CAGR during the forecast period. Europe market accounted for considerable revenue share and is expected to register relatively steady revenue growth rate during the forecast period.

Company Profiles

Imerys

Vesuvius

Krosaki Harima Corporation

RHI Magnesita GmbH

Saint-Gobain

Corning Incorporated

Shinagawa Refractories

Coorstek Incorporated

Chosun Refractories

Calderys Refractories Limited.