Refractories Market Upcoming Growth, Key Player Analysis and Forecast 2032

Refractories Market Overview:
The refractories market is projected to grow significantly over the forecast period, with a revenue CAGR of 5% from 2022 to 2032. The market size was USD 34 billion in 2022 and is expected to reach USD 52.75 billion by 2032. The steel industry's increasing demand for refractories is a key factor driving market growth. Refractory materials, which can withstand high temperatures, are extensively used in furnaces and kilns for the production of high-temperature products such as steel, cement, glass, and ceramics. The steel industry, which is the largest end-user of refractories, is driving market growth as high-temperature furnaces and kilns are essential for steel production and can withstand extreme conditions using refractories. As long as the demand for steel increases, there will be a surge in the demand for refractories, driving revenue growth of the market.

Furthermore, the growing need for high-quality refractories with exceptional thermal resistance, chemical resistance, and abrasion resistance is driving revenue growth. Manufacturers are developing refractories using advanced technology to offer better performance and long-lasting durability. There is a high demand for premium-grade refractories in various sectors, including steel, cement, glass, and ceramics, due to their outstanding characteristics.

Overall, the refractories market is poised for substantial growth in the forecast period, driven by the increasing demand for high-temperature materials and the growing need for durable refractories. The steel industry's requirement for refractories is projected to be a major growth driver for the market, and manufacturers are investing in cutting-edge technologies to develop premium-grade refractories.

Refractories Market Segments:
The global refractories market is expected to grow at a CAGR of 5% from 2022 to 2032. In 2022, the market was valued at USD 34 billion and is forecasted to reach USD 52.75 billion by 2032. The base year for estimation is 2022, and the historical data ranges from 2020-2021. The forecast period for the market is from 2022 to 2032, with revenue measured in USD billion.

One of the major factors driving the growth of the refractories market is the rising need for refractory materials in the steel industry. Refractories are able to withstand high temperatures and are commonly used in furnaces and kilns to produce high-temperature products such as steel, cement, glass, and ceramics. As the largest end-user of refractories, the steel industry is a significant contributor to the growth of the market. The need for high-temperature furnaces and kilns to manufacture steel necessitates the use of refractories, making them more in demand as long as there is a demand for steel.

The growing need for high-quality refractories that can withstand extremely high temperatures and offer long-lasting performance is also driving the market. Manufacturers are utilizing cutting-edge technology to create refractories with improved thermal resistance, chemical resistance, and abrasion resistance. As a result, premium-grade refractories, which are used in industries such as steel, cement, glass, and ceramics, are in high demand.

The refractories market is analyzed based on product type outlook, end-use industry outlook, and regional outlook. The report coverage includes revenue forecast, company ranking, competitive landscape, growth factors, and trends. The market is highly competitive and major companies operating in the market include Vesuvius, RHI Magnesita, Morgan Advanced Materials, Saint-Gobain, and Krosaki Harima, among others.

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Refractories Market Strategic Developments:
Several key players in the refractories market have made strategic acquisitions in recent years. In 2021, RHI Magnesita N.V. announced its acquisition of Oberland Manganeseworks GmbH (OMW), a German-based company specializing in the production of manganese-based products. The acquisition aimed to strengthen RHI Magnesita's position in the refractories market and expand its product offerings.

Similarly, in 2020, Vesuvius plc announced its acquisition of CCPI Inc., a U.S.-based company specializing in the production of refractory products for the steel industry. The acquisition aimed to expand Vesuvius' product portfolio and strengthen its position in the steel refractories market.
Another notable acquisition in 2020 was Krosaki Harima Corporation's acquisition of a 51% stake in Tata Refractories Limited, an Indian-based company that specializes in the production of refractory materials. This acquisition aimed to expand Krosaki Harima's product offerings and strengthen its position in the Indian refractories market.

Additionally, in the same year, Saint-Gobain S.A. announced its acquisition of Isolite Insulating Products Co., Ltd., a Japanese-based company that specializes in the production of insulation materials for high-temperature applications. The acquisition aimed to expand Saint-Gobain's product portfolio and strengthen its position in the insulation materials market. These strategic acquisitions indicate a trend of key players in the refractories market looking to expand their offerings and strengthen their position in the industry through mergers and acquisitions.

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Refractories Market Competitive landscape:
The global refractories market is fiercely competitive, with a mix of large and medium-sized players. These companies are employing various strategies to strengthen their market position and gain a competitive edge. One such strategy is mergers and acquisitions, where major companies are acquiring smaller ones to expand their product offerings and strengthen their market position. For instance, RHI Magnesita N.V. acquired Oberland Manganeseworks GmbH (OMW) in 2021 to expand its product offerings and strengthen its position in the market.

Another strategy being employed by major players is entering into strategic agreements and contracts with other companies to expand their reach and gain access to new markets. For example, Shinagawa Refractories Co., Ltd. entered into a strategic agreement with JFE Steel Corporation in 2020 to supply refractory products for JFE Steel Corporation's production facilities.

Product innovation and development is another strategy being employed by major players to stay ahead of the competition. These companies are investing in research and development activities to develop new and innovative refractory products that can withstand high temperatures and offer long-lasting performance. For instance, Morgan Advanced Materials plc launched a new range of crucibles in 2020 that offer superior performance and durability compared to traditional refractory materials.

Expanding production capacities is also a common strategy being employed by major players to meet the growing demand for refractories. For example, Calderys expanded its manufacturing facilities in India in 2020 to increase its production capacity and better serve its customers in the region.

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