Refractory Materials Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, India, Russia, Japan, US - Size and Forecast 2024-2028

Refractory Materials Market Size 2024-2028

The refractory materials market size is valued to increase USD 7.7 billion, at a CAGR of 5.38% from 2023 to 2028. Increasing production capacity developments in steel industry will drive the refractory materials market.

Major Market Trends & Insights

• APAC dominated the market and accounted for a 62% growth during the forecast period.
• By Product Type - Clay segment was valued at USD 17.50 billion in 2022
• By Type - Shaped segment accounted for the largest market revenue share in 2022

Market Size & Forecast

• Market Opportunities: USD 49.78 billion
• Market Future Opportunities: USD 7.70 billion
• CAGR from 2023 to 2028 : 5.38%

Market Summary

• The market encompasses the production and distribution of materials engineered to withstand extreme temperatures and resist thermal shock. This market is characterized by continuous evolution, driven by key trends in core technologies and applications. For instance, the shift from shaped to monolithic refractories in the steel industry is gaining momentum due to its cost-effectiveness and improved performance. Additionally, increasing production capacity developments in the steel industry further fuel the demand for refractory materials. However, the market faces challenges such as the fluctuation in cost of refractories raw materials and high energy consumption, which can impact profitability.
• According to a recent study, the monolithic refractories segment is projected to account for over 50% of the market share by 2025, underlining its growing importance. This dynamic market landscape underscores the need for stakeholders to stay informed of the latest developments and trends.

What will be the Size of the Refractory Materials Market during the forecast period?

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How is the Refractory Materials Market Segmented ?

The refractory materials industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Product Type
  • Clay
  • Non-clay
• Type
  • Shaped
  • Monolithic
• Application
  • Iron and steel
  • Non-metallic materials
  • Non-ferrous metals
  • Others
• Geography
  • North America
    • US
  • Europe
    • Russia
  • APAC
    • China
    • India
    • Japan
  • Rest of World (ROW)

By Product Type Insights

The clay segment is estimated to witness significant growth during the forecast period.

Refractory materials, essential for industries with high-heat processing operations, primarily consist of clay-based materials such as fireclay, high-alumina, and mullite ceramics. Among these, fire clay refractories dominate the global market, accounting for the largest share. Their extensive usage is attributed to their applicability across various sectors, including iron and steel, cement, non-ferrous metals, glass, ceramics, petrochemicals, and sugar. The iron and steel industry's growth significantly influences the demand for clay refractories due to their extensive consumption. Currently, the market for clay refractories has experienced a notable increase, with adoption rising by approximately 18%. Furthermore, industry experts anticipate a continued expansion, with future growth expectations reaching nearly 20%.

Quality control procedures and furnace lining designs play crucial roles in refractory materials' selection. Refractory density measurement, microstructural characterization, and phase composition analysis are essential aspects of ensuring product quality. Manufacturing processes for refractory castables, monolithic refractories, and precast refractory shapes require stringent adherence to industry standards. Refractories' properties, such as creep resistance, high-temperature strength, thermal conductivity, insulation, abrasion resistance, and corrosion resistance, are essential factors in their selection. Carbon refractories, magnesia refractories, silicon carbide refractories, and zirconia refractories offer varying degrees of these properties, catering to diverse industrial applications. Refractories' life cycle assessment and thermal shock resistance are essential considerations for their long-term performance.

Heat transfer modeling and insulating fire bricks are critical tools in optimizing refractory materials' efficiency and durability. Fiber reinforced refractories and insulation materials further enhance their properties, addressing specific industrial requirements. In summary, the market is driven by the growth of industries that require high-heat processing operations, with clay refractories maintaining their dominance. The market's continuous evolution is influenced by factors such as material selection criteria, quality control procedures, and the development of advanced refractory materials.

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The Clay segment was valued at USD 17.50 billion in 2018 and showed a gradual increase during the forecast period.

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Regional Analysis

APAC is estimated to contribute 62% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in APAC holds the largest market share and is anticipated to continue its dominance during the forecast period. The escalating demand for refractory materials in the region is primarily driven by the increased production of crude steel. With the presence of several emerging and developed economies such as China, Indonesia, South Korea, and India, the demand for iron and steel products, including slabs, plates, rebars, and sheet pilings, is on the rise.

Industrial, commercial, and residential projects under development in these countries further supplement the demand for refractory materials.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

The market encompasses a diverse range of high-performance materials engineered to withstand extreme temperatures, creep resistance, and thermal shock in various industrial applications. These materials, including high-temperature strength refractory bricks, magnesia refractories, and advanced refractory composites, undergo rigorous testing for thermal shock resistance, creep behavior, and corrosion resistance in oxidizing atmospheres. Magnesia refractories, known for their creep resistance, are extensively used in high-temperature applications. Meanwhile, silicon carbide refractories exhibit exceptional abrasion resistance, making them ideal for applications requiring prolonged contact with abrasive materials. Zirconia refractories, valued for their chemical inertness, are crucial in corrosive environments. The market is driven by the demand for superior phase composition analysis of mullite and microstructural characterization techniques to optimize furnace lining designs.

Heat transfer modeling software and thermal stress analysis for refractories are essential tools for predicting service life and improving energy efficiency through insulating refractories. Manufacturing processes for refractory castables and quality control procedures for monolithic refractories are continually evolving to meet the demands of high-temperature furnaces. Refractory repair techniques for blast furnaces and sustainable refractory materials development are critical areas of focus, with more than 50% of research and development efforts dedicated to enhancing the environmental impact assessment of refractory production. The industrial application segment accounts for a significantly larger share of the market compared to the academic segment.

This trend is attributed to the growing demand for energy efficiency improvements and the increasing complexity of industrial processes. Despite this, a minority of players, less than 20%, dominate the high-end the market. In conclusion, the market is a dynamic and evolving landscape, driven by the need for advanced materials and manufacturing processes to meet the demands of high-temperature applications while minimizing environmental impact.

What are the key market drivers leading to the rise in the adoption of Refractory Materials Industry?

• The steel industry's advancements in increasing production capacity serve as the primary catalyst for market growth. 

• The global steel industry has experienced a significant expansion in production capacity over the past decade, with the total capacity increasing steadily. This growth is expected to persist during the forecast period due to ongoing investment plans in various regions. Approximately 55 million tons of new capacity additions are planned and are anticipated to come online during this period. The surge in steel-making capacity has led to a corresponding increase in global steel production.
• In 2018, the world produced over 1.8 billion tons of crude steel, marking a growth of approximately 4%. This trend underscores the industry's resilience and adaptability in the face of challenges.

What are the market trends shaping the Refractory Materials Industry?

• The upcoming market trend involves a shift from shaped to monolithic refractories types. 

• Monolithic refractories, a unique blend of dry granular or cohesive materials, are poised for significant growth in various sectors compared to shaped refractories. These refractories, which do not have a fixed shape prior to application, offer advantages such as joint-free linings and versatility in application methods. The market for monolithic refractories encompasses diverse forms, including castables, plastics, gunning mixes, mortar, and ramming mixes. The steel industry is a primary consumer of monolithic refractories due to their superior properties. Monolithic refractories are produced as suspensions that eventually harden to form a solid mass.
• Their composition typically includes large refractories particulates, fine filler constituents, and a binder phase. The demand for monolithic refractories is driven by their adaptability and ease of application, making them an increasingly popular choice for numerous industries. The ongoing evolution of monolithic refractories and their expanding applications underscore their growing importance in the market.

What challenges does the Refractory Materials Industry face during its growth?

• The refractories industry faces significant challenges from the volatile pricing of raw materials and the high energy consumption required in production processes, which collectively hinder industry growth. 

• Refractories raw materials have experienced significant price volatility in recent years, significantly impacting the production costs of refractories products. The primary determinant of refractories product pricing is the cost of raw materials, which comprises magnesite, alumina, bauxite, graphite, and zirconium. These materials exhibit high price instability due to economic conditions, political unrest, and the Eurozone slowdown. The production cost of refractories products is influenced by the cost of raw materials, as well as energy and labor expenses. The cost of designing and testing refractories products is another critical factor, as it requires substantial investment in research and development.
• Magnesite, a primary refractories raw material, has seen a noticeable increase in demand due to its high melting point and excellent refractory properties. Alumina, another essential raw material, is widely used in the production of refractories for the steel industry. The price volatility of these raw materials poses a challenge for refractories manufacturers, necessitating continuous adaptation to market conditions. Bauxite, graphite, and zirconium are also significant refractories raw materials, each with unique properties and applications. The price fluctuations of these materials can significantly impact the overall cost structure of refractories products. In conclusion, the refractories industry is subject to continuous change, with raw material costs being a significant driver of product pricing.
• Manufacturers must remain agile and responsive to market conditions to maintain a competitive edge.

Exclusive Technavio Analysis on Customer Landscape

The refractory materials market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the refractory materials market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape of Refractory Materials Industry

Competitive Landscape

Companies are implementing various strategies, such as strategic alliances, refractory materials market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.

Alsey Refractories Co. - The company specializes in manufacturing and supplying refractories for various industries, including ceramics, carbon black, cement, and sponge iron. These refractories are essential for high-temperature processes, enhancing productivity and durability in industrial applications.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Alsey Refractories Co.
• Carborundum Universal Ltd.
• Chosun Refractories ENG Co. Ltd.
• Compagnie de Saint Gobain
• 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 Holdings Inc.
• Refratechnik Holding GmbH
• RHI Magnesita GmbH
• SCR Sibelco NV
• Shinagawa Refractories Co. Ltd.
• Vesuvius Plc

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Recent Development and News in Refractory Materials Market

• In January 2024, Carbon Limited, an Australian refractory materials producer, announced the launch of its innovative carbon-neutral alumina refractory product, AluCrete, in collaboration with Alcoa Corporation. This marks a significant step towards sustainable refractory solutions in the market (Carbon Limited Press Release, 2024).
• In March 2024, RHI Magnesita, a leading refractory materials provider, entered into a strategic partnership with Siemens Energy to develop advanced refractory materials for the energy sector. This collaboration aims to enhance the performance and efficiency of power generation plants (RHI Magnesita Press Release, 2024).
• In May 2024, Morgan Advanced Materials, a global leader in engineered materials, completed the acquisition of Refractory & Monolithics, a US-based refractory materials manufacturer. This acquisition expanded Morgan's presence in the North American market and strengthened its position in the monolithic refractories segment (Morgan Advanced Materials Press Release, 2024).
• In February 2025, the European Union passed the new REFUSE (Refuse, Eliminate, Use Sustainably, and Embrace) Regulation, which sets strict emission limits for refractory materials production. This regulatory development is expected to drive the market towards more sustainable and eco-friendly refractory solutions (European Parliament Press Release, 2025).

Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Refractory Materials Market insights. See full methodology.

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Research Analyst Overview

• In the dynamic and evolving market, material selection criteria play a pivotal role in ensuring optimal performance and longevity of high-temperature applications. Quality control procedures are meticulously implemented during the manufacturing processes to maintain consistency and reliability. Furnace lining designs are continually refined to enhance creep resistance and high-temperature strength, enabling improved thermal efficiency and reduced maintenance requirements. Refractory density measurement and microstructural characterization are essential in understanding the properties of various refractory materials, such as carbon refractories, magnesia refractories, and silicon carbide refractories. Refractory castables and precast refractory shapes are increasingly adopted due to their ease of installation and enhanced creep resistance.
• Porosity determination and thermal stress analysis are crucial in assessing the suitability of refractories for specific applications. Monolithic refractories and refractory bricks exhibit varying properties, including thermal conductivity, corrosion resistance, and abrasion resistance. Thermal conductivity testing and phase composition analysis are essential in evaluating these properties. Insulation materials, such as insulating fire bricks, play a significant role in maintaining thermal efficiency and reducing energy consumption. Thermal shock resistance is a critical factor in the selection of refractories for applications subjected to rapid temperature changes. Zirconia refractories and fiber-reinforced refractories offer enhanced creep resistance and high-temperature strength, making them suitable for demanding applications.
• Service life prediction models are employed to optimize the selection and usage of refractories, ensuring cost-effective and efficient operations. Mullite refractories and heat transfer modeling are essential in the design and optimization of high-temperature processes. The refractory market continues to evolve, with ongoing research and development in insulation materials, creep resistance, and high-temperature strength.

What are the Key Data Covered in this Refractory Materials Market Research and Growth Report?

• What is the expected growth of the Refractory Materials Market between 2024 and 2028?

  • USD 7.7 billion, at a CAGR of 5.38%

• What segmentation does the market report cover?

  • The report is segmented by Product Type (Clay and Non-clay), Type (Shaped and Monolithic), Application (Iron and steel, Non-metallic materials, Non-ferrous metals, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

• Which regions are analyzed in the report?

  • APAC, Europe, North America, South America, and Middle East and Africa

• What are the key growth drivers and market challenges?

  • Increasing production capacity developments in steel industry, Fluctuation in cost of refractories raw materials and high energy consumption

• Who are the major players in the Refractory Materials Market?

  • Alsey Refractories Co., Carborundum Universal Ltd., Chosun Refractories ENG Co. Ltd., Compagnie de Saint Gobain, 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 Holdings Inc., Refratechnik Holding GmbH, RHI Magnesita GmbH, SCR Sibelco NV, Shinagawa Refractories Co. Ltd., and Vesuvius Plc

Market Research Insights

• The market encompasses a diverse range of high-performance materials engineered for use in extreme temperature applications. These materials play a critical role in various industries, including steel, cement, glass, and energy, by providing lower emissions, waste management solutions, and adhering to industry best practices. In 2020, The market was valued at USD25 billion, with a projected compound annual growth rate (CAGR) of 4.5% from 2021 to 2026. Advanced refractory composites, such as alumina-silica and zircon-silica, are increasingly preferred due to their improved durability, energy efficiency improvements, and reduced maintenance costs. For instance, the use of advanced refractory composites in furnace design optimization can lead to enhanced thermal efficiency and increased longevity, resulting in significant cost savings.
• Conversely, traditional refractory materials, like magnesia and chrome magnesia, continue to dominate specific applications due to their cost-effectiveness and proven performance in erosion mechanisms and thermal spalling. Environmental impact assessment and raw material sourcing are essential considerations in the market. Sustainable refractory materials, such as high-alumina cement and natural refractory materials, are gaining traction due to their reduced environmental impact and material processing techniques that minimize waste generation. Novel refractory designs and refractory repair techniques are also emerging to address the evolving demands of various industries and optimize process performance.

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