Refractories Market to Touch USD 57.29 Billion by 2032; Increased Recycling of Refractory Materials to Augment Market Growth

The refractories market size was valued at USD 35.98 billion in 2024. The market is projected to grow from USD 37.88 billion in 2025 to USD 57.29 billion by 2032, exhibiting a CAGR of 6.0% during the forecast period.

Fortune Business Insights™ presents this information in its latest report titled “Refractories Market Size, Share & Industry Analysis, By Form (Bricks & Shaped and Monolithic & Unshaped), By Product (Clay and Non-Clay), By Alkalinity (Acidic & Neutral and Basic), By End-Use Industry (Iron & Steel, Non-Ferrous Metals, Glass, Cement, and Others), and Regional Forecast, 2025-2032”.

Refractory materials are technically advanced ceramic products that can endure chemical corrosion and extreme temperatures. They have played a vital role in developing critical production processes and have been a crucial part of sectors such as glass, iron & steel, cement, and pulp & paper. These factors are expected to help the market grow at a considerable pace.

The COVID-19 pandemic had a negative influence on the market’s progress as there was a severe shortage of vital raw materials due to supply chain disruptions faced by several industries. Since several construction and infrastructure activities had come to a sudden halt, the demand for raw materials, such as cement, decreased, which eventually reduced the production of refractory products, thereby hindering the refractories market growth.

RHI Magnesita Commenced Operation of Its R&D Center in India

RHI Magnesita announced that it had commenced the operation of its regional R&D center in India in November 2021. The company also invested USD 47.9 million to expand its manufacturing capacity of refractories in the country. This move is expected to help the firm increase its presence in Asia Pacific.

Increased Recycling of Refractory Materials to Augment Market Growth

End-use industries are becoming more conscious of the harmful effects of using unsustainable raw materials in their production processes. Moreover, the cost of raw materials is rising, which has compelled manufacturers to look for various ways to reduce their overall production costs. These factors are boosting the demand for recycled refractory products as they are eco-friendly and can decrease production expenses. Moreover, governments across the world are offering tax benefits to promote the recycling of waste. This scenario will also be instrumental in augmenting the adoption of recycled refractory materials in the coming years.

However, refractory materials have a carbon-intensive production process, which can have harmful effects on the environment, hampering the market’s expansion.

Market Players to Focus on Mergers, Acquisitions, and Capacity Expansions to Remain Dominant

The refractories market is highly fragmented due to the growing presence of growing and well-established companies. These firms are increasing their focus on signing various mergers and acquisition deals to expand their market presence and strengthen their product portfolios. They are also planning to expand their production capacity to cater to the ever-growing demand for refractory products in various industry verticals.

Notable Industry Development:

• February 2023 – Vesuvius Group announced that it had decided to invest USD 61 million to increase its refractory production bases in India within three to five years. This move is expected to increase the firm’s monthly manufacturing capacity by 35% with the expansion of its factory at the Taratala unit in Kolkata.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/refractories-market-103287

List of the Companies Profiled in the Report:

• Saint-Gobain (France)
• Imerys (France)
• RHI Magnesita (Austria)
• POSCO Future M Co., Ltd. (South Korea)
• KAEFER SE & Co. KG (Germany)
• Beijing Lier High-Temperature Materials Co., Ltd. (China)
• HarbisonWalker International (U.S.)
• Intocast Group (Germany)
• Alsey Refractories Co. (U.S.)
• Magnezit Group (Russia)
• Vesuvius (U.K.)
• Puyang Refractories Group Co., Ltd. (China)
• Refratechnik Holding GmbH (Germany)
• Ruitai Materials Technology Co., Ltd. (China)
• Plibrico Company, LLC (U.S.)

Further Report Findings:

• Asia Pacific dominated the global refractories market share as there is a high demand for these materials in the region’s iron & steel sector. Since India and China are the world’s leading producers of cement and cement-based products, the demand for refractory products is expected to rise further in the region during the forecast period.
• Europe might showcase promising growth in the global market as refractory materials offer several important advantages, such as high thermal insulation, great mechanical strength, and protection against corrosion. Moreover, the region has a large and well-established automotive sector, which will also boost the uptake of refractory products.
• Based on end-use industry, the iron & steel segment is anticipated to dominate the market as this sector is one of the world’s largest consumers of refractory materials.

Table of Segmentation