Global Refractories Market Is Estimated To Witness High Growth Owing To Growing Investments in Iron and Steel Industries and Rising Applications in Power Generation Sector

 

Refractories Market

Overview:

Refractories are materials used in various industries that need to withstand high temperatures. They are chemically and physically stable at these temperatures, and can withstand corrosive agents as well as thermal shock. Refractory materials are made from different oxides that can withstand high heat, including alumina, silicon and magnesium. These minerals have unusually good combinations of high melting points and chemical inertness, which make them useful for refractory linings and other high-temperature applications. Refractories are used for a variety of industrial processes, including smelting, furnaces and kilns. They can withstand heat, resist chemical attack and thermal shock, and provide superior insulation.

Market Dynamics:

 

Rising acquisitions are estimated to augment growth of the global refractories market over the forecast period.  For instance, Monofrax, a New York based manufacturer of fused cast refractories was acquired by Saint-Gobain in April 2022. This acquisition will help in strengthening their position in America. Moreover, toxic nature of refractory materials such as alumina, ceramic fibers and silica is anticipated to restrain growth of the global refractories market over the forecast period.

 

Impact of COVID-19:

 

The pandemic was declared as a public health emergency by the World Health Organization in 2020. It had been transmitted to many parts of the world and had a huge impact on many businesses. Strict measures had to be imposed in many regions for preventing further spread of the virus. Strict nationwide lockdowns, quarantines, and travel bans were imposed in many countries. This resulted in disruptions in supply chains and shutting down of manufacturing units. These travel bans resulted in delay in deliveries and logistics across regions. This had a negative impact on the growth of the global refractories market.

 

Key Takeaways:

 

The global refractories market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to growing collaborations by key players. For instance, Refratechnik Group and Höganäs Borgestad Group entered in a strategic contract in March 2021, for supplying refractory products.

Asia-Pacific is anticipated to witness significant growth in the global refractories market over the forecast period, owing to growing presence of manufacturing industries and easy availability of raw materials.

Major players operating in the global refractories market are IFGL Refractories Ltd, RHI Magnesita, Morgan Advanced Materials, Krosaki Harima Corporation, Corning Incorporated, HarbisonWalker International, Imerys, Saint-Gobain, Chosun Refractories Eng. Co. Ltd., Vesuvius, SHINAGAWA REFRACTORIES CO., LTD, and CoorsTek Inc.