South Korea Refractory Materials Market Overview, 2029

South Korea's refractory material business is well-established, dating back to the early twentieth century, when the country began to industrialise. The industry initially concentrated on basic refractory products required by the growing steel and cement industries. As South Korea's industrial base grew, so did demand for advanced refractory materials, prompting major investment in research and innovation. By the late twentieth century, the country had established a thriving refractory industry capable of generating high-performance materials for a variety of high-temperature uses. In recent years, the government has prioritised fostering sustainable practices and energy efficiency, which aligns with larger environmental aims. This involves promoting the adoption of cutting-edge, high-performance refractories that reduce energy consumption and emissions. In response to rising demand for high-performance refractories in the 2020s, notably in the steel and cement industries, there has been a drive to create advanced monolithic refractories and refractory materials that are more resistant to thermal shock and corrosion. This trend indicates the industry's shift to meet the demands of new high-temperature processes. The epidemic caused a temporary drop in industrial activity, particularly in sectors that rely significantly on refractory materials, such as steel and cement. This drop in demand impacted revenue streams for refractory manufacturers. In response to the pandemic's problems, South Korean refractory companies have prioritised developing more robust supply chains and investing in digital transformation and automation technologies to mitigate future disruptions. According to the research report "South Korea Refractory Material Market Overview, 2029," published by Bonafide Research, the South Korea refractory material market is expected to reach a market size of more than USD 1,470 Million by 2029 There is an increasing emphasis on high-performance refractories that can withstand harsh temperatures and corrosive conditions. This trend is being pushed by the demand for increased durability and efficiency in high-temperature industrial applications. Manufacturers are investing in green technologies and materials that meet stringent environmental laws, in line with South Korea's overall goals of lowering greenhouse gas emissions and fostering sustainable industrial practices. There is a strong emphasis on research and development (R&D) to advance refractory technology. Refractory material innovations, such as nanotechnology and advanced composites, are being investigated to improve refractory performance and durability. While the steel sector continues to be the greatest user of refractories, demand is increasing in nonferrous metal production, glass manufacture, and the petrochemical industry. These industries necessitate the use of specialised refractories capable of withstanding specific circumstances, resulting in the development of tailored solutions. Dongkuk R&D Centre is a major player specialising in improved refractories for steelmaking and high-temperature processes. Dongkuk's devotion to R&D and technological developments establishes it as an industry leader. As South Korean businesses seek to grow their worldwide footprint, they invest in innovative refractory solutions to compete effectively in international markets. Global competitiveness encourages innovation and growth in the domestic market.

Shaped and unshaped refractory materials serve varied industrial purposes and applications in South Korea, each with their own set of benefits and applications. In South Korea, unshaped refractory materials are now the market leaders. This trend is driven by their versatility and the growing desire for tailored solutions that can be applied to a wide range of industrial equipment forms and sizes. Unshaped refractories' ability to be applied on-site, particularly in complex or irregularly shaped linings, makes them increasingly desirable in industries such as steelmaking, cement production, and petrochemicals. Samkwang Corporation offers a diverse spectrum of refractory materials, with a focus on unshaped refractories. Their goods are frequently used in the steel and cement industry. Shaped refractory materials, such as bricks, blocks, and tiles, are pre-formed to certain shapes and are commonly employed in high-temperature industrial operations that require precise dimensions and structural integrity. They are extensively used in blast furnaces, kilns, and other furnaces because of their durability and capacity to tolerate high temperatures and mechanical strains. These materials are especially useful in applications where consistent, long-term performance is required. Krosaki Harima, a market leader in South Korea, is well-known for its diverse range of shaped and unshaped refractory materials. The company is well-known for its high-quality products and developments in unshaped refractories, which meet a wide range of industrial applications. In South Korea, refractory materials are classified as basic, acidic, or neutral, with each serving a specific industrial requirement based on chemical characteristics and resistance to various slags and conditions. In South Korea, neutral refractories now dominate the market. This supremacy stems from their versatility and suitability to a wide range of industrial processes that require resistance to both acidic and basic slag. The increased demand for neutral refractories stems from their ability to function consistently across a wide range of applications, making them ideal for sectors with diverse and rigorous requirements. Krosaki Harima, a major player in the South Korean refractory sector, is well-known for producing innovative neutral refractories. The company's concentration on high-performance alumina-based materials and carbon refractories helps it maintain its market leadership. Acidic refractories include silica (SiO?) and fireclay. They are resistant to acidic slags and are commonly found in applications such as glass furnaces and acidic surroundings. Acidic refractories are good for applications that require resistance to acidic corrosion, although they are less efficient against basic slags. Basic refractories are generally made of magnesia (MgO) and dolomite. They are very resistant to alkaline slags and are widely utilised in steelmaking and basic oxygen furnaces. Basic refractories are preferred because of their ability to survive severe chemical attacks from basic slags and high temperatures, making them essential in industries that require durability and resilience. The refractory material market in South Korea includes a variety of materials such as fireclay, alumina, magnesia, silica, and other specialised varieties. Alumina refractories now dominate the South Korean market. They are in high demand due to their outstanding performance, durability, and versatility across a wide range of high-temperature applications. Alumina refractories are in high demand due to their ability to meet demanding industry standards and adapt to a variety of industrial processes. The Dongkuk R&D Centre focusses on the development of innovative refractory materials such as alumina and magnesia refractories, with an emphasis on innovation and quality. Fireclay refractories are manufactured from clay and include a high concentration of silica and alumina. They are prized for their strong thermal stability and moderate resistance to acidic slags, which make them ideal for use in furnaces, kilns, and other high-temperature situations. Magnesia refractories are made of magnesium oxide (MgO), which is highly resistant to basic slags and high temperatures. They are most commonly employed in basic oxygen furnaces and steelmaking processes because of their capacity to survive severe chemical attacks from basic slags. Their superior performance in harsh settings makes them essential for companies with stringent refractory requirements. Other refractory materials include specialised varieties such as carbon-based refractories and zirconia-based materials, which have distinct features such as excellent thermal shock resistance and chemical stability. These materials are utilised for specialised applications such as non-ferrous metal manufacturing and high-performance industrial operations.

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Manmayi Raval

Research Consultant

Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Refractory Material market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Form • Shaped • Unshaped

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By Chemistry • Basic • Acidic • Neutral By Chemical Composition • Fireclay • Alumina • Magnesia • Silica • Others By End Use • Metals & Metallurgy • Cement • Glass & Ceramics • Power Generation • Others The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Refractory Material industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.