市場調查報告書
商品編碼
1519993
全球耐火材料市場 2024-2031Global Refractories Market 2024-2031 |
按鹼性(酸性和中性、鹼性)分類的耐火材料市場規模、佔有率和趨勢分析報告。依形狀(成型和非成型)、化學成分(氧化鋁、二氧化矽、氧化鎂和耐火粘土)和最終用途(鋼鐵、水泥和石灰、玻璃和陶瓷、有色金屬等)分類 預測期 ( 2024-2031 )
預計在預測期內(2024-2031 年)耐火材料市場將以 4.9% 的複合年成長率成長。非金屬礦物和材料的日益普及以及鋼鐵業對耐火材料的需求不斷增加正在推動市場成長。重型機械製造中對金屬和非金屬鑄件不斷成長的需求預計將推動市場成長。對環境惡化的日益擔憂正在限制市場的成長。預計汽車需求的激增將成為預測期內市場成長的機會。
Refractories Market Size, Share & Trends Analysis Report by Alkalinity (Acidic & Neutral, Basic). by Form (Shaped and Unshaped), by Chemical Composition (Alumina, Silica, Magnesia, and Fireclay) and by End-Use (Iron and Steel, Cement & Lime, Glass & Ceramics, Non-ferrous Metals, and Others) Forecast Period (2024-2031)
Refractories market is anticipated to grow at a CAGR of 4.9% during the forecast period (2024-2031). The increasing prevalence of non-metallic minerals and materials and increasing demand for refractories from steel and iron industries are driving market growth. The growing demand for metal and non-metal castings in the manufacturing of heavy machinery is expected to boost market growth. The rising concerns regarding environmental degradation are restraining the market growth. The surge in demand for automobiles is expected to act as an opportunity for market growth in the forecast period.
Market Dynamics
Increasing Application in the Power Generation Sector
The refractories have flourishing demand for applications in the power generation sector such as in boilers, inside lining, and others. Power generation experiences major growth due to the high demand for electricity worldwide, robust growth of renewable energy, and others for a sustainable future. According to the Energy Information Administration (EIA), the electricity generation in 2020 by geothermal accounted for 15.9 billion kilowatt hours, compared to 16.2 billion kilowatt hours in 2020. Furthermore, as per the Central Electricity Authority (CEA), the power requirement in India is estimated to reach 817.0 GW by 2030. Thus, with the flourishing power generation sector, the demand for refractory materials such as zirconium silicate, aluminum oxides, sillimanite, and others for various applications in the power sector is growing, thereby offering major growth opportunities in the market.
Increase in the Number of Construction Activities to Boost Market Growth
An increase in the number of construction activities can drive the refractories market. Refractories are materials that can withstand high temperatures and are used in a wide range of applications, including construction, manufacturing, and energy production. In the construction industry, refractories are commonly used in the construction of high-temperature furnaces, boilers, and kilns. As the demand for construction materials and infrastructure increases, so does the demand for refractories. For example, in the manufacturing of cement, which is a key building material, refractories are used in the kiln to withstand the high temperatures required for the production process.
Market Segmentation
Iron and Steel is Projected to Emerge as the Largest Segment
The iron and steel segment is expected to hold the largest share of the market. The iron and steel sector's relentless pursuit of efficiency and cost-effectiveness is providing impetus to market growth. Refractories play a vital role in maintaining the integrity of high-temperature equipment including blast furnaces, converters, and ladles. As the iron and steel industry continuously seeks to optimize production processes and reduce energy consumption, the need for advanced refractories becomes paramount. These materials enable higher productivity, prolonged equipment lifespan, and reduced downtime, translating into substantial cost savings. Apart from this, refractories that can withstand extreme temperatures and chemical interactions are essential for ensuring product quality and safety in this critical sector, underpinning the persistent demand for refractories in iron and steel production.
Shaped Segment to Hold a Considerable Market Share
Utilization of shaped refractory materials for providing exposure to high temperatures in various end-use sectors such as cement manufacturing, iron & steel, glass manufacturing, and others is the major key market trend in the global market. The increase in population has led to the growth of the building & construction sector, which has led cement manufacturers to produce high-quality cement where shaped refractory materials are widely used in furnaces, kilns, incinerators, and reactors exposed at high temperatures. For instance, according to a report published by the National Investment Promotion and Facilitation Agency, the construction output in India is expected to grow by 7.1% year-on-year by 2025. This is expected to boost the growth of shaped refractory materials in the building & construction sector.
The global refractories market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
North America to Grow at the Fastest CAGR
North America, Refractories market, is expected to grow at the fastest during the forecast period. The growth of the refractories market in North America is attributed to the increasing demand for refractories in the iron and steel industry. The region has a significant presence of iron and steel manufacturers, which are driving the demand for refractories. Additionally, the increasing construction activities and infrastructure development in the region are also contributing to the growth of the refractories market. Furthermore, the increasing use of non-ferrous metals, such as aluminum and copper, is also driving the demand for refractories in the region. The automotive industry in North America is also expanding, which is further contributing to the growth of the refractories market. Moreover, the US refractories market held the largest market share, and the Canadian refractories market was the fastest-growing market in the North American region.
Asia-Pacific Holds Major Market Share
Asia-Pacific holds a significant share owing to the region's dominance can be attributed to its thriving steel, cement, and glass industries, which are among the primary consumers of refractory products. Rapid industrialization and urbanization in countries like China and India have driven substantial demand for steel and cement, boosting the need for refractories in their production processes. Additionally, Asia Pacific's vast manufacturing base and robust infrastructure development contribute significantly to refractory consumption. The region benefits from a competitive advantage in terms of cost-effective production and a skilled labor force, making it an attractive hub for refractory manufacturing. China is the largest producer of steel in the world. As per the World Steel Association report, China produced around 80.1 Mt (million tons) in February 2023, which is up by 5.6% compared to February 2022. This massive demand for steel in the country projects market opportunities for refractories.
The major companies serving the global refractories market include Krosaki Harima Corp., Morgan Advanced Materials plc, RHI Magnesita GmbH, and Shinagawa Refractories Co., Ltd. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in January 2023, RHI Magnesita GmbH announced the completion of its acquisition of Dalmia Bharat Refractories Limited's (DBRL) Indian refractory business is expected to add almost 300,000 tons of capacity annually to the existing production footprint in India, enhancing the company's business in the studied market.