What is Global Refractory Market?
The Global Refractory Market is a vast and dynamic sector that plays a crucial role in various industries. Refractories are heat-resistant materials that are used in industries where high temperatures are a part of the manufacturing process. These materials are essential for heat-intensive industries as they can withstand physical and chemical changes when exposed to high temperatures. The global refractory market was valued at a whopping US$ 31800 million in 2022 and is projected to reach US$ 37100 million by 2029. This indicates a steady Compound Annual Growth Rate (CAGR) of 2.2% during the forecast period from 2023 to 2029.
Shaped Refractories, Unshaped Refractories in the Global Refractory Market:
The Global Refractory Market is segmented into Shaped Refractories and Unshaped Refractories. Shaped refractories are pre-manufactured and have a defined shape, while unshaped refractories are formless and can be shaped as per the requirement. Shaped refractories are commonly used in industries that require high-temperature resistance and durability. On the other hand, unshaped refractories are used in industries where flexibility and adaptability are required. The choice between shaped and unshaped refractories depends on the specific needs of the industry.
Steel Industry, Energy and Chemical Industry, Non-ferrous Metal, Cement, Glass in the Global Refractory Market:
The Global Refractory Market finds its usage in various industries such as the Steel Industry, Energy and Chemical Industry, Non-ferrous Metal, Cement, and Glass. In the Steel Industry, refractories are used in furnaces and reactors where high temperatures are involved. In the Energy and Chemical Industry, refractories are used in power plants and chemical reactors. In the Non-ferrous Metal industry, refractories are used in the production of metals like aluminum, copper, and zinc. In the Cement industry, refractories are used in kilns and furnaces. Lastly, in the Glass industry, refractories are used in the manufacturing process of glass.
Global Refractory Market Outlook:
The market outlook for the Global Refractory Market is promising. The market was valued at US$ 31800 million in 2022 and is expected to reach US$ 37100 million by 2029, growing at a CAGR of 2.2% during the forecast period 2023-2029. RHI Magnesita, a leading player in the market, accounted for 8.34 percent of global refractory revenues in 2018. It was closely followed by KROSAKI and SHINAGAWA, which accounted for 3.34 percent and 2.90 percent respectively. From a regional perspective, China is the most significant region, contributing to more than 49% of the revenue, followed by Europe with 15.41%.
| Report Metric | Details |
| Report Name | Refractory Market |
| Accounted market size in 2022 | US$ 31800 in million |
| Forecasted market size in 2029 | US$ 37100 million |
| CAGR | 2.2% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | RHI Magnesita, VESUVIUS, KROSAKI, SHINAGAWA, Imerys, HWI, MORGAN CRUCIBLE, SAINT-GOBAIN, Minteq, Resco, Qinghua Group, Puyang Refractory, Sinosteel, Lier, Jinlong Group, Sujia |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
