Global sales of refractory cement stood at USD 22,751.8 million in 2023. The industry is further projected to exhibit a y-o-y growth of 4.3% in 2024 and reach USD 23,821.1 million in the same year. Surging at a CAGR of 4.7% between 2024 and 2034, demand for the compound is estimated to reach USD 37,707.6 million by 2034.
Industries that operate under extreme high-temperature conditions, such as petrochemicals, glass, and ceramics, are poised for significant growth. These sectors depend heavily on furnaces, kilns, and reactors, which operate at elevated temperatures, necessitating the use of durable and heat-resistant refractory cement.
For instance, the petrochemical industry is investing in new facilities aimed at increasing the production of chemicals like ethylene, which involves extremely high-temperature reactors.
Global steel industry is on the brink of a substantial increase in production, driving higher demand for refractory cement. Steel remains a fundamental material in modern construction and infrastructure projects, from skyscrapers to bridges.
As nations such as China and India invest in the modernization of their steel plants and shift towards more efficient and environmentally friendly technologies like Electric Arc Furnaces (EAF), the need for advanced refractory cement is amplified. These furnaces, which operate under intense thermal conditions, require superior refractory materials to withstand high heat and stress.
| Attributes | Description |
|---|---|
| Estimated Global Refractory Cement Market Size (2024E) | USD 23,821.1 million |
| Projected Global Refractory Cement Market Value (2034F) | USD 37,707.6 million |
| Value-based CAGR (2024 to 2034) | 4.7% |
Sustainability has become a pivotal factor driving industrial growth, with companies worldwide focusing on enhancing energy efficiency and reducing carbon footprints. This emphasis on green practices is revitalizing the refractory cement market.
Advanced refractory materials, such as low-cement refractory castables, are increasingly being adopted due to their superior insulation properties and durability. These materials contribute to energy conservation by minimizing heat loss and reducing maintenance requirements.
Global infrastructure projects create enormous opportunities for the refractory cement market.
This involves mega deals such as the Infrastructure Investment and Jobs Act of the United States and the Belt and Road Initiative by China, among others, involving multi-billion dollars in the construction of power plants, highways, and waste-to-energy facilities that require heat-resistant materials to withstand high temperatures and prolonged usage.
The refractory cement market is about to start its expansion into newer niches and specialized applications. Apart from conventional industries such as steel and cement, the advent of refractory cements in various other budding industries is being realized and put to their optimal use.
For instance, the aerospace industry requires refractory cements in heat-resistant applications for rocket nozzles and thermal shielding-driven advanced private space explorations. Similarly, in the medical line, refractory cement is being researched to make medical equipment heat-resistant.
As industries are developing and upgraded, they are in greater need for new technologies with high demands on advanced materials. Refractory cement, because of this reason, is gaining importance it can fulfill the demand for modern high-technology-based industrial processes. New manufacturing techniques, like 3D metal printing and high-temperature casting, are becoming state of the art in the automotive industry.
It requires materials that can handle extreme temperatures and sudden cooling. Refractory concrete meets such demands owing to its excellent thermal stability and resistance.
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The below table represents the global refractory cement market annual growth rates from 2024 to 2034. From the base year 2023 to the current year 2024, the report studied how the trend of growth in the industry varies from the first half of the year, i.e., January to June (H1), to the second half consisting of July through December (H2).
This gives an all-inclusive picture of the performance of the sector over time to the stakeholders and helps in making out possible future developments.
Figures provide sector growth for each half-year of 2023-2024. It was supposed to grow at a CAGR of 4.4% in H1 2023, although entering H2, a manifold rise in the growth rate is depicted.
| Particulars | Value CAGR |
|---|---|
| H1 | 4.4% (2023 to 2033) |
| H2 | 5.1% (2023 to 2033) |
| H1 | 4.2% (2024 to 2034) |
| H2 | 5.4% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2024, the CAGR is projected to slightly decrease to 4.2% in the first half and relatively increase to 5.4% in the second half. In the first half (H1), the sector saw a decrease of 20 BPS while in the second half (H2), there was a slight increase of 30 BPS.
Growth in Renewable Energy Projects
The global shift to cleaner energy resources is taking shape with new renewable energy projects, especially geothermal and biomass plants that require heat to produce electricity. Geothermal energy production is based on the steam of underground reservoirs driving turbines: the pipes, boilers, and other equipment need to be resistant to extreme temperatures.
Such is the kind of environment where refractory cement plays an indispensable role, as it can maintain structural integrity and resist thermal shock even at extremely high temperatures. Application to such renewable energy projects is increasingly availed on account of growing demands for sustainable solutions in energy provision.
Biomass electrical plants equally require high temperatures since they burn organic material for energy, which also involves robust and long-lasting materials to avoid breakdowns.
Thus, with growing investments in renewable energy worldwide, especially in countries committed to reducing their carbon footprint, the demand for refractory cements in high-temperature renewable energy installations is likely to increase significantly.
Increasing Use of Waste-to-Energy Facilities
The rising number of waste-to-energy installations is, therefore, boosting the demand for refractory cement as these plants solve two purposes: managing wastes while generating power.
Waste-to-energy plants burn wastes in extremely high temperatures to generate electricity or heat. Their high-temperature incinerators should be lined with durable materials such as refractory cement. This cement not only resists the intensive temperature but also offers resistance against corrosive by-products resulting from waste combustion-ash and slag.
With landfill space and environmental sustainability big concerns for most urban areas, many cities are starting to use these plants to handle both their waste management and energy production needs. The landfill trusts that send minimal or no waste and the growth in renewable sources of energy are two key elements driving further development.
This therefore is setting the trend for increased demand within the market for refractory cement as a vital ingredient in the building and operation of such facilities.
Revitalization of Aging Industrial Infrastructure
Aging industrial infrastructure, particularly in developed countries, is undergoing significant revitalization to meet modern efficiency, environmental, and safety standards.
Many facilities, such as steel plants, petrochemical refineries, and power generation units, were built decades ago and require upgrades or replacements in high-temperature zones to ensure continued productivity. Refractory cement is critical in these renovation efforts, as old furnace linings, boilers, and other heat-exposed equipment often deteriorate over time due to constant exposure to extreme temperatures, chemical corrosion, and wear.
By replacing outdated materials with advanced refractory cements that offer greater durability, thermal insulation, and chemical resistance, industrial plants can improve energy efficiency, reduce downtime due to equipment failure, and ensure compliance with new regulatory standards.
The global push to extend the lifespan of older facilities while modernizing their operations is expected to drive steady demand for refractory cement in various high-temperature industrial applications.
Environmental and Health Regulations on Dust Emissions
The increase in health and environment regulations on dust emissions is a major challenge for the refractory cement market. Releasing fine particulate dust from the production and handling of refractory cement into the atmosphere can be detrimental to people staying around as well: harmful for workers but also pollutants cause environmental nuisances.
Since then, regulatory agencies have enacted some pretty tough laws to keep airborne dust levels down low-and for good reason considering the long-term inhalation of materials suspended in air can be a massive respiratory and general health hazard (especially when you're dealing with industrial environments).
To adhere to these directives, suppliers need to acquire high-priced dust control solutions such as superior filtration equipment and dust collection machines.
These systems not only require capital upfront capital but also incur ongoing maintenance costs thus increasing overall production costs. Small- and medium-sized producers in particular may struggle to shoulder these additional costs, potentially limiting their market penetration.
Increased regulatory burdens may slow market growth, as firms face higher operating costs as they try to balance profitability with competitive pricing.
Principal Consultant
The global market witnessed a CAGR of 3.9% between 2019 and 2023. Total industry revenue reached about USD 22,751.8 million in 2023. During the forecast period, global sales are projected to fetch a CAGR of 4.7%.
The refractory cement market suffered larger ups-and-downs than most sectors that can be attributed to the overall state of the global economy as well as sudden shifts in industrial demand and conditions up and down various supply chains.
At first, the market was relatively stable, supported by steady demand from major end-uses like steel manufacturing and cement production but also petrochemicals and electricity generation. But everything changed with the arrival of COVID-19 in early 2020.
The pandemic resulted in large-scale lockdowns that temporarily put a hold on construction projects serving to restrain the market because of reduced demand for refractory cement as industrial activities slowed down and production was halted across multiple verticals.
Supply chain disruptions were critically important as raw materials such bauxite and magnesite are traded globally in the millions of tones with resultant price volatility leading to increased costs for manufacturers.
A steady trend is anticipated to continue throughout the forecast period, with growth in geothermal and waste-to-energy plants propelling increased demand for more robust refractory materials designed to withstand high temperatures and corrosive settings. With the environmental friendly approach of countries and transition to eco-friendly energy sources, there is an expected rise in demand for Refractory cement across these segments.
A fresh generation of high-performance refractory materials featuring nanotechnology and smart monitoring capabilities holds the promise for improved durability, efficiency and thereby greater appeal to end-users.
This will contribute toward the growing uptake of advanced products in industrial maintenance, automation and digitalization-evident from refractory-linings-embedded sensors for real-time monitoring.
Tier 1 companies include industry leaders with annual revenues exceeding USD 100 million. These companies are currently capturing a significant share of 40% to 45% globally. These frontrunners are characterized by high production capacity and a wide product portfolio.
They are distinguished by extensive expertise in manufacturing and a broad geographical reach, underpinned by a robust consumer base. The firms provide a wide range of products and utilize the latest technology to meet regulatory standards.
Prominent companies within Tier 1 include RHI Magnesita, Saint-Gobain, Vesuvius PLC, Imerys Refractory Minerals, Morgan Advanced Materials, Shinagawa Refractories Co., Ltd., Krosaki Harima Corporation and few others.
Tier 2 encompasses most of the mid and small-scale enterprises operating within the regional sphere and catering to specialized needs with revenues below USD 100 million. These businesses are notably focused on meeting local demand and are hence categorized within the Tier 2 segment.
They are small-scale participants with limited geographical presence. In this context, Tier 2 is acknowledged as an informal sector, indicating a segment distinguished by a lack of extensive organization and formal structure in comparison to the structured one.
Tier 2 includes Kerneos Inc., TOT Refractories, Carbo Ceramics Inc., VITCAS, Alsey Refractories Co., Riverside Refractories, Inc., and many others.
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The section below covers assessments of refractory cement sales across key countries. Countries from South Asia and Pacific are anticipated to exhibit promising double-digit growth over the forecast period. All the below-listed countries are collectively set to reflect a CAGR of around 5.8% through the forecast period.
| Country | CAGR, 2024 to 2034 |
|---|---|
| Brazil | 6.3% |
| Kingdom of Saudi Arabia | 6.1% |
| South Korea | 5.7% |
| India | 5.4% |
| France | 5.0% |
China is considered to be the largest consumer of refractory cement in the world, due to its leading position with respect to production in both the steel and cement industries. For instance, in 2023, the country produced more than 50% of the total amount of steel manufactured worldwide; one of the largest consumers of refractory materials is the production of steel.
The rapid industrialization and urbanization presently characterizing China are further catalyzing tremendous demand for refractory cement in the construction of high-temperature facilities such as furnaces, kilns, and incinerators. Infrastructure projects in China-including the greater project of the Belt and Road Initiative-have contributed significantly to refractory cement consumption in the cement and petrochemical industries.
Likewise, the drive of the Chinese government for friendlier, more efficient industrial processes has renewed refractory linings in steel mills, glass factories, and power plants, improving demand for refractory cements.
This demand is driven by the fact that China Baowu Steel Group, one of the leading companies globally in steel production, makes a high volume consumption of refractory cement for blast furnaces and electric arc furnaces. Construction of mega infrastructure projects, including mega new urban areas and high-speed rail networks, increased refractory cement usage in high-temperature applications such as in tunnels and railway infrastructure..
United States is a significant consumer of refractory cement, driven by its large industrial base, including steel production, petrochemicals, glass manufacturing, and power generation.
The USA steel industry, although smaller than China’s and India’s, still requires a considerable amount of refractory cement for its electric arc furnaces and blast furnaces.
United States also has a well-established petrochemical industry, requiring high-performance refractory materials for catalytic cracking units and reformers.
Increasing trend towards waste-to-energy and biomass power plants in the United States has also boosted the demand for refractory cement, as these plants operate at high temperatures and require durable refractory linings.
Germany is a key player in the refractory cement market due to its robust industrial sector, particularly in steel, chemicals, and automotive industries. The country’s steel production, although smaller than that of China and United States, still significantly contributes to the demand for refractory cement.
Germany is also a leader in the automotive sector, where high-temperature processes are common in manufacturing. The need for high-performance refractory materials in processes such as heat treatment and casting contributes to the consumption.
Push for environmental sustainability and energy efficiency in German industries has led to a demand for advanced refractory products, including refractory cement with low carbon footprints.
ThyssenKrupp, one of Germany’s largest steel producers, uses substantial amounts of refractory cement in its blast furnaces and other high-temperature operations. BASF and other chemical giants in Germany require refractory cement for high-temperature reactors and processing units in their chemical production facilities.
The section explains the growth trajectories of the leading segments in the industry. In terms of product type, the high-alumina cement segment will likely dominate and generate a share of around 31.8% in 2024.
Based on application, high metallurgical industry segment is projected to hold a share of 34.9% in 2024. The analysis would enable potential clients to make effective business decisions for investment purposes.
| Segment | High-Alumina Cement (Product Type) |
|---|---|
| Value Share (2024) | 31.8% |
Because of its enhanced thermal resistance, high-alumina cement is often used in applications that require the use of certain structures to endure very high temperatures of up to 1,800 °C. Thus, it finds usages in strong demanding industries like steel, cement and petrochemicals where furnaces and kilns operate at quite high temperatures.
Moreover, as it has a very quick setting time, maintenance and repair procedures have less idle time in operational procedures. This is important in sectors where business processes must continue without interruption like in the manufacturing of steel and glass. Also, this cement resists acidic and high alkaline attacks, hence, applicable in chemical and petrochemical industries.
High-alumina cement is used as the inner linings of blast furnaces and the electric arc furnaces due to the thermal stability and high rate of setting of this cement.
High-alumina cement is frequently used in the lining of rotary kilns and preheater towers high-in-temperature cyclones to promote their service longevity and decrease their maintenance frequency.
| Segment | Metallurgical Industry |
|---|---|
| Value Share (2024) | 34.9% |
Central Research Institute metallurgical industry, steel production among others, operates at very high temperatures and demands the use of refractory cement which is able to bear not only thermal but also mechanical stresses that are severe. This particular industry calling for the use of refractory materials which are sufficiently reliable and durable outperforms others.
Due to extreme temperatures and abrasive slag, high consumption of working linings and ladles is incurred which requires constant relining of the furnaces and ladles in steel plants. There is therefore a steady market for refractory cement.
Demand for infrastructure improvement and construction drove emerging markets, particularly Asia, to ramp up their steel production. This results in an increase in demand for refractory cement for this sector further.
Such plants rank among the highest users of refractory cement materials across the world with regard to linings of the blast furnace, electric arc, and ladle furnaces with working temperatures in excess of 1500 oC. Refractory cement is also significantly useful in induction furnaces and casting molds in foundries as thesis also need high thermal resistance.
This part carries out analysis of industry such as construction and building elastomers, their segments as well as their emerging technologies in order to make up your mind on how to look for business opportunities therein.
It considers the developments in the fabricated goods manufacturing activity and finds out the new phenomena which can become the determining factors in this business for a significant time period in the future.
Domestic market players drastically change their strategies and broaden the product development capabilities in order to transform as a trusted provider for the compound requirements which is increasing in several applications and leading to the further usage of mine lubricant suppliers.
Other major players are also implementing partnership and joint venture strategy development of new modern product and strengthening their resource base.
In this regard, as it may be expected from the trend, the majority of key players are bringing new product lines into the market due to high market potential in terms of more advanced offerings in multiple end use industries.
Well reputed firms are opting the approach to geographic expansion strategy as well. Whether sector start-up interest and activity develops remains to be seen, and we are anticipated some market competition until 2034.
Industry Updates
Product Type included in the study are High-Alumina Cement, Calcium Aluminate Cement, Phosphate Bonded Refractory Cement, and Alumina-Magnesia Cement.
Form included in the study are Powder, Pre-formed Shapes (Bricks, Blocks), Paste or Slurry, and Dry Mixes.
Application segments included in the study are Metallurgical Industry (Steel Production, Aluminum Production, Non-ferrous Metals), Petrochemical Industry (Catalytic Cracking Units, Steam Reformers, Gasifiers), Glass Industry (Glass Melting Tanks, Regenerators, Feeders), Cement Industry (Rotary Kilns, Preheater Towers, Clinker Coolers), Power Generation, Ceramics Industry, Automotive Industry, Aerospace and Defense, and Others.
Regions considered in the study include North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and the Middle East and Africa.
The global market was valued at USD 22,751.8 million in 2023.
The global market is set to reach USD 23,821.1 million in 2024.
Global demand is anticipated to rise at 4.7% CAGR.
The industry is projected to reach USD 37,707.6 million by 2034.
High alumina cement segment dominate in terms of share.
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Refractory Cement Market
