Refractories Market to Grow at a CAGR of 4.6% over 2023-2030; Continuous Investment from the Steel Industry in Advanced Materials to Drive Market

The global refractories market size was valued at USD 32.98 billion in 2022. The market is projected to grow from USD 34.46 billion in 2023 to USD 47.09 billion by 2030, exhibiting a CAGR of 4.6% during the forecast period. Fortune Business Insights™ presents this information in its report titled, “Refractories Market Size, Share & COVID-19 Impact Analysis, By Form (Bricks & Shaped and Monolithics & Unshaped), By Product (Clay and Non-Clay), By Alkalinity (Acidic & Neutral and Basic), By End-Use Industry (Iron & Steel, Non-Ferrous Metals, Glass, Cement, and Others), and Regional Forecast, 2023-2030”.

Refractory products are technically ceramic materials that tolerate extreme temperatures, heavy mechanical & thermal abrasion, and chemical corrosion. These products are essential for key manufacturing processes across various sectors such as cement, glass, pulp and paper, petrochemicals, iron & steel, and other metals. The manufacturing of refractory materials is non-toxic, and over 90% of the products can be recycled or reused.           

Supply Chain Disruptions Amid the Pandemic Affected the Market

The COVID-19 pandemic negatively impacted the refractories market growth due to workforce shortages across sectors. The market was also impacted by a drop in production across key end-use industries. The pandemic caused disruptions in the supply chain, which further affected market growth. However, the market is poised for a robust recovery following the impacts of COVID-19, and will experience solid growth over the projected timeframe.

RHI Magnesita Announced Acquisitions of the U.S., India, and Europe Refractories Operations

In April 2023, RHI Magnesita announced the acquisition of the U.S., Europe, and India operations of seven refractories and non-basic monolithic refractories specialist suppliers with a PBT of USD 12 million and USD 110 million revenue in 2022 with a market portfolio of different end-use applications across the market. The acquisition aims to bring consumer offerings such as Tundish refractory installations, logistics, storekeeping, and upholding safety and quality standards.

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Continuous Investment from the Steel Industry in Advanced Materials to Drive Market

The steel industry is continuously investing in advanced refractory materials as the automobile industry explores innovative ways to boost fuel economy. Automobile companies are launching new lightweight and robust car models to fulfill the rising demand for safety. The adoption of advanced steel across the automotive sector could boost the demand during the forecast period. 

Key Companies Eye Emerging and Developed Markets to Gain Competitive Edge

The key players are rapidly investing across emerging and developed economies regarding new product launches to gain a competitive edge in the market. Companies, including Intocast Group, Posco Chemical, and Imerys, are investing to enhance and strengthen their market position.

Notable Industry Development

• October 2022- Imerys announced the expansion of its R&D, production volume, and sustainability efforts in its Andhra Pradesh plant. Imerys plans to expand its production capacity from 30,000 to 50,000 tons by 2030. The company also invested USD 1.45 million to accumulate operational efficiency to manufacture the Secar 71. The investment aims to increase calcium aluminate binder production.

List of the Companies Profiled in the Report:

• Saint-Gobain (France)


• Imerys (France)


• RHI Magnesita (Austria)


• POSCO Future M Co., Ltd. (South Korea)


• KAEFER SE & Co. KG (Germany)


• Beijing Lier High-Temperature Materials Co., Ltd. (China)


• HarbisonWalker International (U.S.)


• Intocast Group (Germany)


• Alsey Refractories Co. (U.S.)


• Magnezit Group (Russia)


• Vesuvius (U.K.)


• Puyang Refractories Group Co., Ltd. (China)


• Refratechnik Holding GmbH (Germany)


• Ruitai Materials Technology Co., Ltd. (China)


• Plibrico Company, LLC (U.S.)

Further Report Findings-

• Asia Pacific is expected to hold a significant refractories market share during the forecast period. The strong presence of various end-use industries along with rapid industrial expansion bolsters the regional outlook. 


• The North America market is expected to grow significantly due to the rising demand from iron & steel and glass industries. 

Table of Segmentation: