Refractories Market Overview
The refractories market was valued at 50,000 kilotons in 2020 and is expected to grow at a CAGR of over 5% during the forecast period 2021-2026. The major factors driving the market are the strong growth of iron and steel production in emerging countries and the increase in the production of non-ferrous materials. The refractories are used for internal lining applications in iron steel and non-ferrous productions. Moreover, high demand coming from the glass industry is the major factor driving the growth. The Asia-Pacific region is likely to dominate the market and is expected to have the highest CAGR. Emerging countries, like China, Russia, Mexico, and South Africa, are investing heavily in large-scale infrastructure projects, which are expected to significantly boost the growth of the iron and steel industry.
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Refractories Market – Geographical Overview
China is likely to dominate the Asia-Pacific refractories market
China dominates the refractories market in terms of consumption and production due to the local availability of raw materials, such as magnesite. Additionally, they are available at cheaper costs as compared to other producers. The iron and steel industry consumes the largest portion of refractories, globally and in China as well. Industrial restructuring and the decreased consumption rate of refractories per ton of steel have impacted the demand for refractories in China between 2013-16. However, growing construction activity is creating demand for the production of iron and steel in the country and has been driving the growth of the refractories market in recent times.
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Mordor Intelligence has segmented the global refractories market on the basis of product, end-user industry, and geography:
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