Refractories Market
The refractories market is estimated to be valued at US$ 34.13 Bn in 2024 and is expected to reach US$ 44.72 Bn by 2031, growing at a compound annual growth rate (CAGR) of 3.9% from 2024 to 2031. Refractories are heat-resistant materials that are widely used in various industries such as iron and steel, cement, nonferrous metals, glass, and others to line furnaces, reactors, and kilns.
Refractories are heat-resistant materials that are widely used in applications involving high temperatures, especially for making furnace linings. They maintain their strength and chemical composition even when subjected to extreme heating and cooling cycles and help provide thermal insulation. Refractories serve an essential function in various industrial processes like steel production, cement and lime making, glass manufacture, non-ferrous metal production, and petrochemical industries. The global refractories market has experienced steady growth over the years due to the expansion of the core industries where they are utilized. However, increased energy costs, stringent environmental regulations, and shifting focus towards alternative materials present some challenges.
Market Dynamics:
The global refractories market is driven by robust growth in steel production supported by strong economic development worldwide. Refractories have immense importance in steel manufacturing as all types of steel-making furnaces that depend on suitable refractory lining materials to maintain operations. Surging steel demand from developing countries is fueling the consumption of refractories. However, rising energy prices have increased manufacturing costs for many core industries, which, in turn, exerts pricing pressure on refractory producers. Burgeoning climate change concerns are also prompting industries to reduce greenhouse gas emissions from refractory manufacturing. Furthermore, the development of novel lightweight and energy-efficient alternative materials poses a threat to traditional refractories. On the positive side, advancements in material technology are enabling the production of improved performance refractories. Emerging applications in renewable energy industries also present new opportunities for market expansion.
Key features of the study:
Detailed Segmentation
Key Players
Table of Contents
*Browse 60 market data tables and 40 figures on "Global Refractories Market – Global forecast to 2031”.
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