Refractories global market to grow to USD 29 billion in 2024
The refractories market size has grown steadily in recent years. It will grow from USD 27,64 billion in 2023 to USD 28,83 billion in 2024 at a compound annual growth rate (CAGR) of 4,3 %. The historical period’s growth can be linked to the industrial revolution and the rise of steel production, expansion in the iron and steel industries, advancements in cement and glass industries, the proliferation of non-ferrous metal production, and the increased demand from chemical and petrochemical industries.
The refractories market size is expected to see steady growth in the next few years. It will grow to USD 33,29 billion in 2028 at a compound annual growth rate (CAGR) of 3,7 %. The projected growth in the forecast period can be ascribed to the increase in infrastructure development, advancements in refractory design and application techniques, the expansion of market presence in emerging economies, the adoption of high-temperature materials, and a shift towards sustainable refractories. Key trends expected during the forecast period encompass heightened demand in the steel industry, an upsurge in cement production, increased production of non-ferrous metals, technological advancements in refractory materials, and the expansion of the market in developing economies.
The refractories market is experiencing significant growth, driven by the surging demand for iron and steel. This demand is primarily fueled by the expansion of infrastructure projects and the continuous growth of the car and railway industries. The increasing need for energy-efficient steel-making techniques further contributes to the growing demand for refractories. These materials play a vital role in lining furnace working interfaces and backup zones during the manufacturing of iron and steel. According to the India Brand Equity Foundation (IBEF), steel consumption is anticipated to increase by 17 % to reach 110 Mt in FY22, primarily due to heightened construction activity. Consequently, the escalating demand for steel and iron is a key factor propelling the refractories market.
The growth in the cement industry is set to drive the refractories market forward. The cement industry encompasses companies and activities involved in the production, manufacturing, and distribution of cement, a crucial building material. Refractories, such as high-temperature resistant bricks and linings, are integral in kilns and furnaces within the cement industry to withstand extreme temperatures and chemical reactions, ensuring efficient and durable production of cement clinker through the heating and processing of raw materials. For example, in 2022, the United States Geological Survey, a US-based government agency, projects a slight expansion in Portland cement production in the United States to 92 Mt, with an increase in masonry cement production to 2,5 Mt. As a result, the rising production in the cement industry serves as a significant driver for the refractories market.
