Refractories Market Booms: Unlocking Growth Driven by Industrial Innovation & Rising Demand Through 2031 | Top Key Players - Shinagawa Refractories Co. Ltd, Krosaki Harima Corporation, Seven Refractories\n\n07-28-2025 | Chemicals & Materials\n\nThe Global Refractories Market is projected to grow at a CAGR of 3.6% during the forecast period 2024-2031. The growth is driven by rising demand from industries like steel, cement, and glass, along with rapid infrastructure development and technological advancements in high-performance refractories. The market comprises materials that withstand high temperatures and resist mechanical wear and chemical corrosion, essential for lining kilns, furnaces, and reactors in various industrial processes. Key players in the market include Refratechnik Holdings GmbH, Shinagawa Refractories Co. Ltd, Krosaki Harima Corporation, Seven Refractories, RHI Magnesita GmbH, and others. These companies are focusing on strategies like new product launches to penetrate emerging markets.\n\nIn the USA, HarbisonWalker International (HWI), a member of Calderys, announced investments in capacity-building at key facilities in July 2025. These efforts aim to strengthen the supply chain for the steel sector. Additionally, refractory companies are integrating AI technologies for diagnostics and predictive maintenance, aiming to reduce downtime and operational costs.\n\nIn Europe, the market reached significant milestones in 2025, with projections indicating growth driven by infrastructure projects and increased industrialization. The market size is expected to reach USD 55.22 billion by 2031.\n\nIn South America, the market is expected to grow due to increased industrial activities and demand for metals and minerals. The refractories market is expanding significantly due to rising demand from sectors like infrastructure and construction.\n\nIn Asia-Pacific, the market is anticipated to grow at a CAGR of 16.84% between 2024 and 2031, driven by demand from sectors such as infrastructure and construction. The market is expected to reach USD 18.58 billion by 2024 and USD 55.22 billion by 2031.\n\nKey developments in the market include ongoing investments and technological integrations aimed at enhancing efficiency and reducing operational costs. Companies are focusing on strategic expansions and innovations to meet rising demands and regulatory pressures.\n\nThe report highlights the importance of refractories in industries requiring high-temperature operations, emphasizing the need for advanced materials and technologies to meet growing demands and infrastructure developments.

Refractories Market Booms: Unlocking Growth Driven

The global refractories market is projected to grow at a CAGR of 3.6% from 2024-2031, driven by industrial demand in steel, cement, and glass, along with technological advancements. Key players include Shinagawa Refractories Co. Ltd, Krosaki Harima Corporation, and HarbisonWalker International. Investments in AI integration and capacity-building are enhancing efficiency, while regional markets in Europe, Asia-Pacific, and South America are expanding due to infrastructure and industrialization.