According to the research report titled ‘Global Refractories Market Size study, by Form (Shaped Refractories, Unshaped Refractories), by Alkalinity (Acidic & Neutral Refractories, Basic Refractories), By End-Use Industry (Iron & Steel, Power Generation, Non-Ferrous Metal, Cement, Glass, Other Industries) and Regional Forecasts 2020-2027’, available with Market Study Report, global refractories market was remunerated at USD 22.5 billion in 2019 and is projected to expand at 3.4% CAGR, accumulating USD 29.4 billion by the year 2027.
 

Amplifying infrastructural development in emerging and advanced economies, along with mounting demand for non-ferrous matters to produce castings for building, medical, automotive, aerospace, and electrical sectors are the key factors stimulating global refractories market growth.
 

For those unversed, refractory materials or refractories can withstand extreme temperatures and are used in mold or crucible construction. They include natural and synthetic materials, generally non-metallic, or mineral combinations such as dolomite, fireclays, bauxite, silicon carbide, alumina, chromite, magnesite, and zirconia, or alloy.
 

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Inclination towards reusage & recycling of refractory materials is expected to provide a major growth opportunity for the business expansion. Alliances & agreements, Product launches, mergers & acquisitions, and other tactics have been adopted by key players to gain a competitive edge, further augmenting worldwide refractories industry share.
 

Citing an instance, Carbo San Luis S.A. (Buenos Aires, ARG) was acquired by Morgan Advanced Materials in June 2020 to finance and expand the network in Peru, Argentina, and Chile.
 

With respect to form, the market is divided into unshaped refractories, and shaped refractories. Elaborating on alkalinity type, worldwide refractories industry is split into basic refractories, and acidic & neutral refractories. Moving on to end use scope, the marketplace is categorized into glass, cement, non-ferrous metal, power generation, iron & steel, and others.
 

Based on the geographical ambit, North America holds considerable portion of global refractories market share currently, attributable to soaring demand for non-ferrous metals, and growing construction industry.
 

On the other hand, Asia Pacific refractories industry is projected to gain traction over the coming years, owing to rapid urbanization and industrialization in emerging countries like Malaysia, Thailand, and India, resulting in growing number of residential and commercial activities.
 

Leading firms in global refractories market sphere are Imerys S.A., HarbisonWalker International Inc., Coorstek Incorporated, Morgan Advanced Materials, Corning Incorporated, Saint-Gobain S.A., Shinagawa Refractories Co. Ltd., Krosaki Harima Corporation, Vesuvius plc, and RHI Magnesita N.V.