NEW YORK , May 8, 2023 /PRNewswire/ -- The refractory materials market size is expected to grow by USD 6.55 billion during 2022 and 2027, progressing at a CAGR of 4.84% during the forecast period. APAC will account for 62% of the market growth during the forecast period. The growth of the regional market is driven by factors such as the increasing demand for refractory materials in the region. This is mainly due to the presence of several emerging and developed countries in the region. Several industrial, commercial, and residential projects are under development in countries such as China , Indonesia , South Korea , and India , complementing the demand for steel products such as slabs, plates, rebars, and sheet piles in the region. Such factors will increase the market growth in this region during the forecast period. For more key insights on market size - Request the Sample Report
Refractory materials market: Segmentation Analysis Extracting Aluminium From Bauxite
Technavio has segmented the refractory materials market by product type (clay and others, and non-clay), application (iron and steel, non-metallic materials, non-ferrous metals, and others), type (shaped and monolithic), and geography (APAC, Europe , North America , South America , and Middle East and Africa ). The report provides actionable insights and estimates the contribution of all segments to the growth of the global refractory materials market.
The market growth in the clay and others segment will be significant over the forecast period. Clay refractory materials include fireclay, high-alumina, and mullite ceramics. Fire clay refractory products, being the most common refractory, are used in almost every end-user industry that involves high heat processing operations, including iron and steel, cement, non-ferrous metals, glass, ceramics, petrochemicals, and sugar. As most of these refractory materials are consumed in the iron and steel industry, the demand for these refractories is dependent on the growth of the global iron and steel industry. Such factors will increase segment growth during the forecast period.
Key factor driving market growth
The increasing production capacity developments in the steel industry is notably driving market growth. Factors such as the new investment plans that are taking place in several parts of the world will increase the production capacity of steel industry. Moreover, with the rising crude steel production capacities globally, the production of steel has also surged in the past few years. Many regions around the world will be exposed to the increased production capacity of steel. In addition, numerous capacity-addition projects are planned in APAC as well. Meanwhile, the economies that constitute the Commonwealth of Independent States (CIS) and the African market are also susceptible to a slight increase in capacity additions. The increasing crude steel production capacities in several regions across the world would certainly result in the growth of the global refractories market.
Leading trends influencing the market
The shift of refractory type from shaped to monolithic is the key trend in the refractory materials market. The monolithic refractories are distinct mixes or blends of dry granular or cohesive plastic materials with an indefinite form. They have benefits over refractory bricks in different kinds of furnaces. Monolithic refractories are vital in the maintenance of furnaces since considerable maintenance can be completed with the least loss of time and, even during operations. They are rapidly replacing conventionally shaped refractories in several applications. These refractories are likely to witness increased demand for almost every application, including in the steel industry, and therefore expected to observe high popularity over shaped refractories during the forecast period, with a high growth rate.
Download the sample to get a holistic overview of the refractory materials market to evaluate and develop growth strategies.
The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, growth in market share, among others, Buy the Report
What are the key data covered in this gas station equipment market report?
The refractory materials market size is expected to accelerate at a CAGR of almost 4.84% during the forecast period.
The refractory materials market is segmented by Application (Iron and steel, Non-metallic materials, Non-ferrous metals, and Others), Type (Shaped and Monolithic), and Geography (APAC, Europe , North America , South America , and Middle East and Africa ).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Alsey Refractories Co., Carborundum Universal Ltd., Chosun Refractories ENG Co. Ltd., Compagnie de Saint Gobain SA, Corning Inc., HarbisonWalker International Inc., IFGL Refractories Ltd., Imerys S.A., INTOCAST AG, KAEFER SE and Co. KG, Krosaki Harima Corp., Magnezit Group, Minerals Technologies Inc., Morgan Advanced Materials Plc, POSCO, Refratechnik Holding GmbH, RHI Magnesita GmbH, SCR Sibelco NV, Shinagawa Refractories Co. Ltd., and Vesuvius Plc.
Gain instant access to 17,000+ market research reports covering 800 technologies across 50 countries. Technavio's SUBSCRIPTION platform
Some of the key topics covered in the report include:
The solder materials market size is expected to increase by USD 840.63 million from 2022 to 2027, and the market's growth momentum will accelerate at a CAGR of 3.77%. The market is segmented by product (wire, bar, paste, flux, and others), end-user (consumer electronics, automotive, industrial, building, and others), and geography (APAC, North America , Europe , Middle East and Africa , and South America ).
The aramid fiber reinforcement materials market size is expected to increase by USD 2.09 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.77%. The market is segmented by end-user (aerospace and defense, transportation, consumer goods, and others) and geography (Europe , North America , APAC, South America , and Middle East and Africa ).
Accelerate at a CAGR of 4.84%
APAC, Europe, North America, South America, and Middle East and Africa
US, China, India, Russia, and Japan
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Alsey Refractories Co., Carborundum Universal Ltd., Chosun Refractories ENG Co.Ltd., St. Gobain Company SA, Corning Inc., HarbisonWalker International Inc., IFGL Refractories Ltd., Imerys SA, INTOCAST AG, KAEFER SE and co.KG, Krosaki Harima Corp., Magnezit Group, Minerals Technologies Inc., Morgan Advanced Materials Plc, POSCO, Refratechnik Holding GmbH, RHI Magnesita GmbH, SCR Sibelco NV, Shinagawa Refractories Co.Ltd., and Vesuvius Plc
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Browse through Technavio's Material Market Reports
3.4 Market outlook: Forecast for 2022-2027
4.1 Global solder materials market 2017 - 2021
4.3 End User Segment Analysis 2017 - 2021
6.3 Wire - Market size and forecast 2022-2027
6.4 Bar - Market size and forecast 2022-2027
6.5 Paste - Market size and forecast 2022-2027
6.6 Flux - Market size and forecast 2022-2027
6.7 Others - Market size and forecast 2022-2027
7.3 Consumer electronics - Market size and forecast 2022-2027
7.4 Automotive - Market size and forecast 2022-2027
7.5 Industrial - Market size and forecast 2022-2027
7.6 Building - Market size and forecast 2022-2027
7.7 Others - Market size and forecast 2022-2027
9.3 APAC - Market size and forecast 2022-2027
9.4 North America - Market size and forecast 2022-2027
9.5 Europe - Market size and forecast 2022-2027
9.6 Middle East and Africa - Market size and forecast 2022-2027
9.7 South America - Market size and forecast 2022-2027
9.8 US - Market size and forecast 2022-2027
9.9 China - Market size and forecast 2022-2027
9.10 Japan - Market size and forecast 2022-2027
9.11 Germany - Market size and forecast 2022-2027
9.12 UK - Market size and forecast 2022-2027
10.3 Impact of drivers and challenges
12.8 Handy and Harman Manufacturing Singapore Pte. Ltd.
12.14 Senju Metal Industry Co.Ltd.
12.15 STANNOL GMBH and Co. KG
13.3 Currency conversion rates for US$
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/
Bauxite View original content to download multimedia:https://www.prnewswire.com/news-releases/refractory-materials-market-size-to-grow-by-usd-6-55-billion-between-2022-and-2027-apac-to-account-for-62-of-the-market-growth---technavio-301817091.html