The global Refractory Material Market size is expected to reach USD 4.50 Billion in 2028 and register a CAGR of 10.2% over the forecast period, according to the latest report by Reports and Data. Key factors such as increasing demand for durable, flexible, and lightweight materials in different end-use industries, and increasing focus on reducing electricity consumption during various industrial processes are driving market revenue growth. Refractory Material, also referred as Ceramic Wool or refractory material, is a type of small-dimension string or filament made of ceramic material. The material has different physical properties such as low thermal conductivity, corrosion resistance, chemical resistance, and heat-resistance.
Refractory Material is primarily used as an insulation material in industries such as metal, refining petrochemical, power generation and others. Refining petrochemical segment accounted for majority revenue share in the global market in 2020. This can be attributed to increasing demand for Refractory Materials in refining petrochemical sector due to increasing focus on minimizing operation costs, enhancing operational efficiency, and reducing energy consumption.
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Major players in the market report include Morgan Advanced Materials plc, Unifrax LLC, Luyang Energy Savings Material Co., Ltd., Ibiden Co., Ltd., Harbisonwalker International Inc., Isolite Insulating Product Co. Ltd., Nutec Fibratec, Yeso Insulating Product Co.Ltd., Rath Group, and FibreCast Inc.
Some of the major factors providing impetus to the global materials chemicals market revenue growth are fast-paced industrialization across the globe and growing demand for raw materials and chemicals in the buildings construction, pharmaceutical, food beverage, textile, and agriculture industries. Growing demand for essential consumer goods such as packaged foods beverages, personal care products cosmetics, and household hygiene products has driven revenue growth of this market to a significant extent over the recent past. Other key factors contributing to the global market revenue growth are increasing industrial applications of specialty chemicals, growing demand for high-performance, organic agrochemicals in the agriculture sector, increasing government spending on the materials chemicals industry, rising environmental awareness, and growing need for eco-friendly, environmentally sustainable raw materials and chemicals
Some Key Highlights From the Report:
- In September 2021, Enexor BioEnergy announced its partnership with the University of Tennessee. This partnership will help Enexor to test high-temperature ceramic filter technology and get information about energy and cost saving characteristics of Refractory Materials.
- RCF segment accounted for largest revenue share in the global market in 2020. This can be attributed to increasing construction activities, increasing production of iron, steel, and aluminum, and rising demand for durable and lightweight materials in various end-use industries.
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For the purpose of this report, Reports and Data has segmented the Refractory Material market based on type, product form, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Refractory Refractory Material (RCF)
- Alkaline Earth Silicate (AES) Wool
- Others
Product Form Outlook (Revenue, USD Billion; 2018-2028)
- Blanket
- Module
- Board
- Paper
- Others
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Metals
- Refining Petrochemical
- Power Generation
- Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
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