The refractories market will touch USD 42.2 billion, advancing at a 4.7% compound annual growth rate, by 2030.
The growth of this industry is because of the increasing infrastructure development activities, coupled with the rising utilization of non-ferrous materials.
Moreover, the increasing need for this material from the glass sector is also boosting the growth of this industry. As refractories offer high-temperature resistance, they are extensively utilized in the glass sector, in various parts of furnaces, including the lower and bottom sidewalls, regenerators, crow, and superstructures.
In the past few years, the iron and steel category, based on end user, was the largest contributor to the refractories market. This can be attributed to the fact that the iron and steel industry is the largest user of refractory materials across the globe, with nearly two-thirds of the total consumption.
The bricks & shapes category, on the basis of form, accounted for the larger share of the industry, in the past few years. This can be primarily because of the high requirement for refractory products in the non-metal and metal sectors. Bricks are required to construct the insulation layer within the kilns and ovens, and they are regularly replaced to suit the insulation requirements of the consumers.
Whereas, the monolithic and unshaped category will propel at a significant CAGR during this decade. This will be primarily because of the growing requirement for form linings inside kilns, where the positioning of shaped refractories becomes hard because of space limitations.
APAC has the largest contributor to the global refractories industry in recent years, and it will remain the largest throughout this decade. This can be mainly ascribed to the presence of a number of end-use sectors, including cement, glass, and iron and steel. In addition, the developing non-ferrous metal sectors in this region are also boosting the requirement for refractory products.
It is because of the increasing infrastructure development activities, along with the surging utilization of non-ferrous materials, the refractories industry will continue to progress in the coming years.
