Refractories Market Expected to Witness a Sustainable Growth over 2026
The global refractories market is projected to grow at a CAGR of 3.3% in terms of volume to surpass 52,000 KT by 2026. This will represent a market valuation worth US$ 42.30 Bn in 2026. Demand for refractories will continue to be influenced by applications in steel, cement, glass, and non-ferrous industries during the assessment period. Market players including Vesuvius plc, RHI Magnesita N.V., Shinagawa Refractories Co., Ltd., IFGL Refractories Limited, Krosaki Harima Corporation, CoorsTek, Inc, Resco Products, Inc., Steel Authority of India Limited, Luossavaara-Kiirunavaara AB, Magnezit Group Ltd., Morgan Advanced Materials plc, Refratechnik Holding GmbH, The Christy Refractories Company, L.L.C., Puyang Refractory Materials Co., Ltd., Chosun Refractories Co.,Ltd., Minerals Technologies Inc., Compagnie de Saint-Gobain SA, Alsey Refractories Co, Allied Mineral Products, Inc., Imerys SA.
The report has segmented the global refractories market on the basis of form type, material type, and end use. On the basis of form type, the key segments include bricks, monolithic, and ‘others’. By material type, the key segments include clay and non-clay. By end use, the key segments include steel, energy & chemicals, non-ferrous metals, cement, and glass.
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On the basis of form, bricks account for the leading market share in terms of volume. This segment currently accounts for nearly 53% volume share, and is likely to remain the preferred form type throughout the forecast period.
By material type, demand for clay has remained dominant, and the trend is likely to continue during the forecast period as well. Clay refractories are low-cost, and are used across a wide range of end-use industries. According to the report, clay segment accounts for nearly 70% volume share of the market; it is on course to grow at a CAGR of nearly 2.9% in terms of volume throughout the assessment period.
Among the various end uses of refractories, demand from steel industry accounts for the maximum volume and revenue demand. The fortunes of refractories are closely associated with broader developments in the steel industry, and steady demand from this end use industry is likely to create opportunities for players during the assessment period. The steel refractories segment is likely to grow at 3.5% CAGR during the assessment period and reach nearly 39,000 KT by the end of the forecast period.
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Asia Pacific continues to be one of the leading markets for refractories globally. The demand for refractories in the region is influenced by the steady growth in the construction sector and upcoming marquee events. For example, in Japan, the upcoming Tokyo Olympics in 2020 has led to redevelopment of the city, which has led to an increase in demand for steel and other construction material. The surging demand for steel is likely to impact the refractories market in Japan. The Asia Pacific refractories market is dominated by Chinese companies, with the country expected to account for over 32,000 KT in volume by the end of the forecast period. In addition to being the largest market, China is also poised to grow at the highest CAGR among all the countries in APAC.