Refractory Materials Market Sees Unprecedented Growth, Valued at US$ 34.5 billion by 2032: A Comprehensive Industry Analysis-By PMI
Prophecy Market Insights latest research report on the Refractory Materials Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Oct. 09, 2023 (GLOBE NEWSWIRE) — Refractory materials, often simply called refractories, are specialized materials designed to withstand extremely high temperatures, resist corrosion, and maintain their mechanical strength and structural integrity in harsh and demanding environments. These materials are used extensively in industries where processes involve extreme heat, chemical reactions, or abrasive conditions.
The growth of industries such as steel, cement, glass, and petrochemicals, which rely heavily on high-temperature processes, drives the demand for Refractory Materials Market. Infrastructure projects like construction and transportation require refractory materials for the production of cement, concrete, and other building materials.
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- RHI Magnesita
- Krosaki Harima Corporation
- Compagnie de Saint-Gobain S.A.
- Shinagawa Refractories
- Calderys Refractories Limited
- Morgan Advanced Materials plc
- Minerals Technologies Inc.
- Qinghua Refractories
- HarbisonWalker International
- IFGL Refractories Limited
Key Highlights –
- In March 2023, Centre aims at covering refractories in PLI 2.0 to support 300 MT steel capacity target. Refractories are a critical input for steel production, and India depends on the import of the raw material. To increase domestic production and lessen the nation’s reliance on imports from China, the Ministry of Steel is now in discussions with the refractory sector.
Refractory Materials Market- Segmentation analysis:
- Common Refractory Material
- Advanced Refractory Materials
- Super refractory Materials
- By Application
- Chemical and Material
- Machinery and Equipment
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Analyst View –
The power generation sector, including coal-fired and gas-fired power plants, uses refractories in boilers, furnaces, and gasifiers. The transition to cleaner energy sources may also create opportunities for refractory materials in renewable energy technologies. The globalization of manufacturing processes and the expansion of industries in emerging markets contribute to the demand for refractories.
- Advanced Refractory Materials: Continuous research leads to the development of advanced materials with better performance, longer lifespan, and increased resistance to extreme conditions.
- Digitalization and IoT: Integration of IoT and digitalization in refractory management allows real-time monitoring of material health and predictive maintenance.
- Increased Focus on Monolithic Refractories: Monolithic refractories are gaining popularity due to ease of installation and superior performance in specific applications.
- Alternative Binders: Manufacturers are exploring alternative binders to reduce the environmental impact of refractory production.
- Global Supply Chain Optimization: Companies are optimizing supply chains to secure raw material sources and reduce supply chain risks.
- Customization: Tailoring refractory solutions to specific industry needs, such as petrochemical or aerospace applications, is becoming more common.
- What is the current size and growth rate of the global refractory materials market, and how is it expected to evolve in the coming years?
Refractory Materials Market accounted for US$ 21.8 billion in 2022 and is estimated to be US$ 34.5 billion by 2032 and is anticipated to register a CAGR of 4.8%. Refractory Materials Market is segmented into By Type, and region.
- What are the primary industries and applications that drive the demand for refractory materials, such as steel, cement, glass, and petrochemicals?
Steel Industry: Refractories are used in the construction of furnaces, ladles, and tundishes, where they provide high-temperature resistance, corrosion protection, and thermal insulation for the melting and shaping of steel.
Cement Industry: Refractories line the kilns and clinker coolers in cement plants, withstanding extreme temperatures and chemical reactions to ensure efficient clinker production.
Glass Industry: In glass manufacturing, refractory materials line the melting furnaces and provide resistance to high temperatures and the corrosive nature of molten glass.
Petrochemical Industry: Refractories are crucial in the petrochemical sector for lining reactors, boilers, and other equipment exposed to extreme heat and aggressive chemicals during the production of chemicals and hydrocarbons.
Non-Ferrous Metals: Industries such as aluminum and copper rely on refractory materials to line smelting furnaces and converters, maintaining structural integrity at elevated temperatures.
- What role do monolithic refractories play in the market, and how are they gaining popularity in certain applications?
Monolithic refractories play a significant role in the market by offering a versatile and convenient alternative to traditional brick-and-mortar refractories. They are gaining popularity due to their ease of installation, ability to conform to complex shapes, and superior performance in specific applications. Monolithic refractories find favor in industries such as steelmaking, where they line ladles, tundishes, and continuous casting equipment. Their adaptability and resistance to thermal shock make them well-suited for dynamic and high-temperature environments. The trend toward monolithic refractories reflects a growing demand for efficiency and cost-effectiveness in refractory solutions.
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