Global Refractories Market: Growth, Demand, Size & Forecast


Global Refractories Market: Growth, Demand, Size & Forecast-RRMSB.COM
Global Refractories Market: Growth, Demand, Size & Forecast

Refractory are materials that can resist heat, pressure, or chemical erosion and decomposition and maintain their strength and shape at high temperatures. Refractories are used as the main material for the lining of large industrial equipment due to their safety, low maintenance, and profitable operation.

Growth

The growth of large-scale renewable energy projects and rapid industrialization are driving the refractory market. The development of large-scale renewable energy projects requires large amounts of durable and corrosion-resistant coated steel, driving the market growth.

The refractory industry will be approximately estimated at a frequency of 4.5% in the forecast space from 2021 to 2028, including the increasing popularity of the non-metallic mineral industry, the continuous development of infrastructure in emerging countries, and the increasing demand for refractory materials in China, etc. factor. With the increasing demand for automobiles and the recycling and reuse of refractory materials, the refractory market has shown extraordinary penetration rates on a global scale. In addition, the growing demand for metal and non-metal castings in heavy machinery manufacturing has also become a viable driving force for the refractory market.

The remarkable growth of the global steel industry is one of the key factors to create a positive outlook for the market. The market is further driven by increased infrastructure activities, especially in developing countries. As compared to traditional tools, refractory materials have higher temperature resistance, easier installation, and bricks can be made into custom shapes. Unshaped refractories are also widely used in various construction applications.

In addition, technological advances and rising trends in recycling refractory steel products have a positive impact on the market. Factors such as increasing demand for non-ferrous metals and increasing use in the aerospace, automotive, medical, electrical and construction industries are expected to further strengthen the market.

The unshaped refractory seems to be the fastest-growing part. Unshaped refractories replace conventional refractories in many applications requiring greater heat resistance than conventional refractories. Unformed refractories, also called monolithic refractories, reduce deployment times and enable extensive repairs with minimal investment.

Other refractory materials are used in glass, foundry, ceramics, petrochemicals, incinerators, power generation, and other industries. End-User Energy and chemical industries are emerging as potential end-user industries. The energy and chemical industries include power plants, chemical plants, and petrochemical refineries. Cement and glass are among the fastest-growing refractory industries.

Refractory market scope , size and demand

The refractory market is divided into six significant parts namely alkalinity, product type, shape type, melting temperature, application, and technology.

  • Based on alkalinity, the refractory market is divided into acidic and neutral refractories and carbon. In 2021, the acidic and neutral refractory market segment is expected to dominate the market due to its resistance to high temperature and acidic slag conditions and wide applicability, which will help drive its demand in the forecast year.

  • On the basis of form type, It is divided into bricks, monoliths, etc. By 2021, due to its temperature and sound insulation properties and high-temperature resistance, the brick segment is expected to dominate the market, which will help drive its demand in the forecast year.

  • According to the type of product, the refractory market is divided into clay and clay. By 2021, due to the cheaper price range of products, and their durability and heat resistance, the clay part is expected to dominate the market.

  • According to the melting temperature, the refractory market is divided into ordinary refractory materials (1580-1780°C), high refractory materials (1780-2000°C), and super refractory materials (>2000°C). In 2021, due to a wide range of applicability and durability, as well as a large number of chemical and thermal processes using ordinary refractory materials, the ordinary refractory material segment (1580-1780°C) is expected to dominate the market.

  • According to application, the refractory market is subdivided into steel, cement and lime, energy and chemical industry, glass, and non-ferrous metals by application. In 2021, due to the huge amount of steel produced in various industries, demand is expected to increase during the year, and steel applications are expected to dominate.

  • Based on technology, the refractory market will grow into a balanced and sliding market segment. Gate. In 2021, the sliding door segment is expected to dominate the refractory market because it improves the quality of the steel produced, and it also helps the steel achieve a uniform surface, which will also increase its demand in the forecast year.