In 2021, the refractories market was worth around USD 27.8 billion, and it is projected to advance at a 4.7% CAGR from 2021 to 2030, hitting USD 42.2 billion in 2030, as per P&S Intelligence. This growth can be credited to the large-scale infrastructure expansion, snowballing utilization of non-ferrous materials, and growing glass industry.
 
This is due the industry being world's largest utilizer of refractory materials, holding nearly two-thirds of the overall consumption.
 
There is a wide range of vessels, including the electric arc furnace and the blast furnace, also the added maintenance- intensive components like, launders, and tapholes submerged entrance nozzles utilized in the primary and secondary steel-producing processes units. Thus, as the requirement for steel in the automotive, construction and other industries is growing, so does the demand for refractories.
 
The bricks and shapes category held the larger refractories market share, of approximately 60%, because of the heavy requirement for refractory items from the metal and non-metal sectors. The bricks are majorly required to shape the insulation layer inside the kilns and ovens, and they are changed after a regular interval of time as per the customer's need.
 
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In 2020, the People’s Republic generated around 1,053 million tons of raw steel and 1,325 million tons of steel items, progressing with a year-on-year growth of approximately 5% and 8%, respectively. Also, India produced approximately 100 million tons of steel. The market is mostly boosted by the domestic obtainability of raw materials, mainly iron ore, and inexpensive labor.
 
These are the major reasons for the supremacy of APAC in the global industry. Moreover, the increasing non-ferrous metal market in APAC is boosting the need for refractory items.
 
Hence, it is because of the large-scale infrastructure expansion, the growth of the refractories industry will power even further in the future.