The refractories are used in the steel industry, where refractory materials are essential for lining furnaces and kilns used in the production of steel. These specialized materials withstand high temperatures, chemical corrosion, and mechanical stress, ensuring the durability and efficiency of the manufacturing process. The refractories play a crucial role in maintaining the structural integrity of equipment and promoting energy efficiency in steel production, contributing to the performance and longevity of industrial facilities.
According to Data Bridge Market Research analyses the Asia-Pacific Refractories Market which was USD 1,67,94,367.23 thousand in 2023, is expected to reach USD 2,44,37,338.61 thousand by 2031, growing at a CAGR of 4.8% during the forecast period of 2024 to 2031..
"Rising Demand in Non-Steel Applications Boosts the Market Growth"
The increasing demand for refractories in non-steel industries, such as cement, glass, and petrochemicals, drives the growth of refractories market. These industries require refractory materials for applications such as kilns, furnaces, and reactors, where high temperatures and corrosive environments are common. As these non-steel sectors continue to grow, the refractories market experiences a parallel surge in demand, diversifying its application beyond traditional steelmaking.
What restraints the growth of Asia-Pacific refractories market?
“High Costs of Raw Material”
The refractories industry faces challenges as the prices of essential raw materials, such as magnesia, alumina, and silica, surge. This upward trend in raw material costs places a strain on production budgets, impacting the economic viability of refractories manufacturing in the Asia-Pacific region. Manufacturers are compelled to navigate these high expenses to maintain competitiveness and sustain operations in the dynamic refractories market.
Segmentation: Asia-Pacific Refractories Market
The Asia-Pacific refractories market is segmented on the basis of alkalinity, product type, form type, fusion temperature, application and technology.
- On the basis of alkalinity, the market into acidic and neutral refractories and carbon
- On the basis of form type, the market is segmented into shaped, and unshaped
- On the basis of product type, the market is segmented into clay and non-clay
- On the basis of fusion temperature, the market is segmented into normal refractory, high refractory and super refractory
- On the basis of application, the market is segmented into iron and steel, cement and lime, energy and chemicals, glass, non-ferrous metals and others
- On the basis of application, the market is segmented into iron and steel, cement and lime, energy and chemicals, glass, non-ferrous metals and others
- On the basis of technology, the market is segmented into isostatics and slide gates
Regional Insights: China dominates the Asia-Pacific Refractories Market
China dominates in the Asia-Pacific refractories market due to its robust consumption and extensive production capabilities, facilitated by abundant local access to crucial raw materials, notably magnesite. This strategic advantage positions China as a pivotal player in satisfying the escalating demand for refractory products within the region, solidifying its role as a key influencer in the market.
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Recent Developments in Asia-Pacific Refractories Market
- In June 2021, Imerys inaugurated a new manufacturing facility in India, signaling its commitment to expanding its presence in the refractory, building, and infrastructure markets. By fostering collaborations with local enterprises and tapping into local expertise, Imerys aims to bolster its market share in India, strategically positioning itself for growth in these sectors
- In May 2021, ArcelorMittal Refractories, a subsidiary of the ArcelorMittal Group, entered a partnership agreement with Krosaki Harima Corporation. This collaboration is geared towards diversifying ArcelorMittal Refractories' product portfolio and enhancing production capacity through the integration of Krosaki Harima's advanced manufacturing technology, a move aimed at strengthening their competitive position in the refractory market
- In March 2021, Höganäs Borgestad Group and Refratechnik Group solidified their collaboration by signing a strategic agreement for the supply of refractory products. This initiative aims to strengthen their positions in the refractory market, fostering mutual growth and leveraging their combined expertise to meet the evolving demands of the industry
The Prominent Key Players Operating in the Asia-Pacific Refractories Market:
- RHI Magnesita GmbH (Austria)
- Corning Incorporated (U.S.)
- Morgan Advanced Materials (U.K.)
- SHINAGAWA REFRACTORIES CO., LTD. (Japan)
- Saint-Gobain (France)
- Krosaki Harima Corporation (Japan)
- CoorsTek Inc. (U.S.)
- Calderys (France)
- Vesuvius (U.K.)
- HWI (U.S.)
- Chosun Refractories Eng. Co. Ltd. (South Korea)
- Refratechnik. (Germany)
- Imerys (U.S.)
- IFGL Refractories Limited. (India)
- Dalmia Bharat Group (India)
- lanexis.com (India)
- Tokai Kotetsu Kogyo Co.,LTD. (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of Asia-Pacific refractories market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Asia-Pacific Refractories Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
