Core Insights - The metallurgical refractory materials industry, crucial for high-temperature production in metallurgy, is facing challenges due to a downturn in the steel market, with a projected production decline of 3.73% in 2024, resulting in a total output of 22.07 million tons [1][6] - The industry is expected to shift from total growth to structural upgrades, focusing on green low-carbon transformation, technological advancements, and market optimization [1][10] Industry Overview - Metallurgical refractory materials are inorganic non-metallic materials with a refractoriness of at least 1580°C, essential for stable operation in high-temperature metallurgical processes [2][5] - The industry is characterized by a "large industry, small enterprises" structure, with the top five companies accounting for only 11.90% of total production [1][10] Market Performance - The overall market size for refractory materials in China is projected to reach 90.3 billion yuan in 2024, with a compound annual growth rate of -2.3% from 2020 to 2024 [1][7] - Metallurgical refractory materials account for approximately 70% of the total market size, with a projected scale of 63.21 billion yuan in 2024, reflecting a year-on-year decline of 1.74% [1][7] Product Segmentation - The market shows a clear differentiation in product performance: dense shaped refractory products are expected to decline by 6.07%, while thermal insulation products are projected to grow by 11.17% due to their low-carbon advantages [6][7] - The production of unshaped refractory materials is expected to see a slight decrease of 2.07%, indicating relative demand resilience [6] Industry Chain - The industry chain is tightly linked, with upstream raw materials like bauxite and magnesite affecting overall costs, while the midstream focuses on product development and manufacturing [8][9] - The downstream application is primarily in the steel industry, which accounts for over 65% of refractory material consumption [9] Competitive Landscape - The industry is fragmented with over 2,000 companies, where leading firms are focusing on high-end, green, and differentiated product development [10] - Major companies like Beijing Lier and Puyang Refractories are expanding their international presence and enhancing product offerings to adapt to market demands [10] Future Trends - The industry is expected to prioritize green low-carbon transformation, with a shift towards low-energy production processes and environmentally friendly products [11][12] - Technological advancements will focus on high-performance composite materials and smart manufacturing techniques to meet the evolving needs of the metallurgy sector [12][13] - Market consolidation is anticipated, with leading firms increasing their market share through mergers and acquisitions, while smaller companies will focus on niche markets [13]