The global refractories market is experiencing significant growth, thanks to its expanding applications in the iron and steel industries. Refractories are essential components used in the internal linings of furnaces for the production of iron and steel, as well as in various stages of the steel heating process. According to the World Steel Association, global steel production surged by 3.7% in 2021, reaching 1950.5 metric tons, compared to 1880.4 metric tons in 2020. This steady growth in steel production is expected to drive the refractories markets expansion, with a focus on end-use industries.
Steel Demand in the Automotive Sector Drives Market Growth
The automotive sectors increasing demand for steel is a major contributor to the growth of the refractories market. Steel-based components now account for approximately 60% of a vehicles structure, according to a joint analysis by the World Steel Association and the International Organization of Motor Vehicle Manufacturers. As the automotive industry strives to enhance vehicle performance and fuel efficiency, the development of Advanced High-Strength Steel (AHSS) has become crucial. The demand for high-strength, lightweight steel in the automotive sector is set to boost steel production, thereby positively impacting the refractories market.
Recycling of Refractories Presents Opportunities
The adoption of refractory grogs, secondary raw materials derived from recycled refractories, has gained traction. The quality of these secondary raw materials depends on the original refractories quality, with high-quality refractories yielding 100% usable grogs. The rising costs of raw materials, freight charges, and environmental concerns have driven companies to seek sustainable alternatives for refractory applications. Recycling refractories not only reduces production costs but also minimizes landfill waste, aligning with environmental regulations.
Bricks and Shaped Refractories Drive Revenue Growth
Bricks and shaped refractories are expected to witness increased demand in both non-metal and metal industries. Their superior insulation properties make them ideal for use in kiln and oven interiors, where they are periodically replaced to maintain required insulation ratings. The growing adoption of bricks and shaped refractories is poised to drive the refractories markets value growth.
Asia Pacific Emerges as a Key Region
Emerging economies in the Asia Pacific region are becoming increasingly attractive for the refractories market. Rising construction activities, coupled with the growing production of iron and steel, are fueling the demand for refractories in the region. China and India, in particular, are investing heavily in commercial and residential construction due to industrialization and urbanization. With Chinas construction output valued at approximately CNY 29.31 trillion in 2021, Asia Pacific is set to become a lucrative region for refractories companies.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/refractories-market
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