Global Boiler Refractory Material Market Report and Forecast 2024-2032

Global Boiler Refractory Material Market Outlook

The global market for boiler refractory material is expected to grow at a CAGR of about 3.50% in the forecast period of 2024-2032, owing to the growing subsea drilling activities.

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Asia Pacific to be a Dominant Regional Market for Boiler Refractory Material

Asia Pacific is anticipated to be a dominant region for boiler refractory material market. Countries such as China and India in the region are the fastest-growing markets for boiler refractory material due to the increase in usage of refractories in cement, iron and steel, glass, non-ferrous metals, and other industries. The market in other countries in Southeast Asia such as Indonesia, Malaysia, Thailand, and Vietnam have also been expanding rapidly due to the rise in demand for iron and steel, cement, and glass. The proliferating demand for iron and steel from various end-use sectors such as industrial, construction infrastructure, automotive, and others, have led the iron and steel manufacturers to increase their production capacities where refractory material are widely used for temperature stability purposes. According to a report published by India Brands Equity Foundation (IBEF), India’s finished steel consumption is anticipated to increase to 230 metric tonnes by 2030-2031 from 86.3 metric tonnes in FY22 (till January). In addition to this, China's cement manufacturing sector is increasing rapidly which has forced the refractory material manufacturers to produce high quality refractory material for high temperature applications in kilns, furnaces, and incinerators.

Market Segmentations

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Refractory materials are those that are resistant to decomposition due to heat, pressure, or chemicals. Non-metallic or ceramic materials that are inorganic, heterogeneous, and porous, are used in the refractories sector. Refractories are used to line furnaces and acidic linings. They are used as kiln lining materials and as insulation to withstand high temperatures. Alpha-alumina, silicon dioxide bricks, aluminium oxide bricks, calcined alumina, white fused alumina, brown fused alumina, and other refractory materials are also used.

Based on chemical nature, the market can be divided into:

• Acidic
• Base or Alkaline
• Neutral

The various types of boiler refractory materials in the boiler refractory material market are:

• Fireclay Refractories
• High-Alumina Refractories
• Silica Refractories
• Basic Refractories
• Insulating Refractories
• Others

The regional markets for boiler refractory material can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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Increase in the Number of Power Plants Augmenting the Market Growth

The increasing demand for electricity worldwide has triggered a high demand for new power plants. An increasing number of conventional power plants around the world are stimulating high growth in the global boiler refractory material market. Technological advancements in material sciences and chemical sciences have positively influenced the global material market in the past few years. Integration and adoption of new and emerging technologies, such as artificial intelligence (AI) and machine learning (MI), to aid in the manufacturing and distribution processes, is also anticipated to add to the market growth in the years to come. Other factors complementing the upward trajectory of the global market include rising urbanisation, increasing globalisation, and increasing demands from emerging and developing economies. Further, the growth of end-user industries such as iron and steel and the increase in demand for high-performance furnaces and boilers are expected to drive the global boiler refractory material market in the coming years.

Key Players in the Global Boiler Refractory Material Market

The report gives a detailed analysis of the following key players in the global boiler refractory material market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds: 

• Green India Technologies
• TRL Krosaki 
• Delta Refractories, Inc.
• Resco Products, Inc. 
• CALDERYS France S.A.S.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report