Global Refractories Market Generated About USD 20.4 Billion
New York, July 22, 2022 (GLOBE NEWSWIRE) — The Indian government allotted USD 1.89 billion to AMRUT and Smart Cities Mission to promote programs such as “Housing for All” and “Smart Cities Mission”. On the other hand, projects related to the nation’s 6 trillion national monetization pipeline were expected to be financed by the National Bank for Financing Infrastructure and Development (NaBFID). The project is a 4-year period project from 2022 to 2025, which included 5 main sectors, namely roads (30%), followed by railways (26%), power (20%), oil & gas pipelines (10%), and telecom (10%). The administration had also taken a number of initiatives to develop the infrastructure of the country. Also, projects in the private and public sectors would be supported by the same bank which has a capital basis of USD 3 billion.
Recent research by Kenneth Research, titled “Global Refractories Market” gives its readers a quick rundown of market components, including growth drivers, restraint factors, current market trends, and, the potential for future growth. The market research report, which covers the forecast period, i.e., 2022-2031, thoroughly examines the impact of COVID-19 and its consequences on end-user. The research study also looks at the main competitor’s product lines and future market expansion strategies.
The global import value for iron and steel for use in construction was about USD 1,120 million in the year 2021 with annual growth in import value of 10 percent from 2020 to 2021. It is anticipated that the development in steel trade and the surge in construction activities enhances the demand for refractories and therefore expand the market growth in the coming years. Refractories are materials used to line furnaces, kilns, and reactors in businesses such as the manufacturing of steel, ceramics, and cement. Refractories are utilized in these industries for being able to function at high temperatures. The use of cutting-edge sustainable furnaces, which can reduce carbon emissions and are available with AI technology, aids the refractory industry in emitting less pollution. Japan boasts the most environmentally friendly furnaces, which is known to reduce carbon emissions by about 30%. With the implementation of GHI smart furnaces with 4.0 technology, the plant will have a production capacity of more than 90.000 t/year and the largest tilting rotary furnace in the U.S. with a 65-ton capacity of recovering aluminum. The market is expected to improve as a result of the advanced smart furnaces. Additionally, there were 16,255 industrial and laboratory furnaces and nonelectrical ovens importing companies worldwide. The adoption of advanced technologies and also the rising number of manufacturers for furnaces are expected to improve the growth of the market. Furthermore, the global export value of refractory bricks and tiles was USD 1,459,171 thousand in 2020 which increased to USD 1,877,000 thousand in 2021 with an annual growth value of 28 percent from 2020 to 2021. The global refractories market accumulated approximately USD 20.4 billion in 2021 and is predicted to grow with a CAGR of ~6% over the forecast period.
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The global refractories market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and the Middle East, and Africa. Owing to the increasing demand for refractories in a variety of industries including iron and steel, glass manufacturing, cement production, and power generation among others, the Asia Pacific region is predicted to witness growth at the highest CAGR over the forecast period. Almost a quarter of the world’s bricks are produced in South Asia. In Bangladesh, there are over 7500 brick kilns that produce around 30 billion bricks annually accounting for 1 % of the country’s GDP and employing close to 1 million people. India holds the 2nd position as the brick producer in the world by producing around 300 billion bricks annually through around 145,000 brick kilns that are operational there. There are about 2000 brick kilns working in Nepal, producing 5.2 billion bricks yearly. The Fixed Chimney Kiln (FCK) and Zigzag Kiln (ZZK) are the 2 most widely used traditional kiln technologies in all 3 nations. The growth in the brick industry is anticipated to increase the demand for refractories and thereby help to expand the market in the region.
On the other hand, on account of key players in the region, the market in Europe had a respectable increase in 2021. For instance, the production value for refractories in the European ceramic industry was over USD 25 billion in 2020. Also, the export value for the EU ceramic industry was USD 12.27 billion in 2020. In addition to that, the number of employees in the EU ceramic sector was 26275 persons, i.e., 12 % in 2018. The growth in the European ceramic industry is predicted to enhance the growth of the global refractories market in the region.
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The study further incorporates Y-O-Y Growth, demands & supply, and forecasts of future opportunities in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
The global refractories market is segmented by application into glass, cement, iron & steel, nonferrous metals, and others. The iron and steel segment is predicted to have the highest market share and also grow at a moderate CAGR over the forecast period. The usage of refractories in the iron and steel sector, which is encouraged by their trustworthy qualities, such as resistance to high heat, along with the growing production of crude steel are some of the major factors predicted to significantly contribute to the growth of the segment. The world steel association was estimated to have a total global production of 1951924 thousand tonnes of crude steel in 2021. Further, increase in demand for iron and steel for the construction of infrastructure and for consumer items such as automobiles, is also expected to add to the growth of the segment in the coming years.
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The global refractories market is segmented by alkalinity into acidic, neutral, and basic. Amongst these, the neutral refractories segment is expected to have a noteworthy share in the market over the forecast period. Neutral refractories such as carbon graphite refractories and alumina refractories are chemically stable to both acids and bases. Carbon makes up the majority of carbon graphite refractories. On account of their high refractoriness and frequent use in strongly reducing conditions, these refractories have exceptional thermal stability and slag resistance. Besides this, the growing demand for artificial graphite is anticipated to fuel the demand for refractories and thereby propel the growth of the segment in the forecast period. The global importing value of artificial graphite was USD 2,261,407 thousand in 2021 which had increased from USD 1,649,601 thousand in 2020. Additionally, the annual growth in the importing value was 38 percent from 2020 to 2021.
The global refractories market is further segmented into product and form.
Global Refractories Market, Segmentation by Product:
Global Refractories Market, Segmentation by Form:
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Some of the well-known leaders in the global refractories market that are included in our report are Refratechnik Holding GmbH, AluChem, Inc., ALTEO Entities, ArcelorMittal, Shinagawa Refractories Co., Ltd., IFGL Refractories Ltd., Krosaki Harima Corporation, RHI Magnesita GmbH, Vesuvius plc, Saint-Gobain Ceramics & Plastics, Inc., CoorsTek, Inc., Imerys S.A., and others.
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