Peer Comparison

INDUSTRY OUTLOOK

📊 Market Size & Growth

• The Indian refractories market was valued at approximately ₹23,300 crore in 2024.

• It is projected to grow to around by 2030, reflecting a compound annual growth rate (CAGR) of ~8.3%.

• Growth is driven by rising demand from core sectors like steel (65% share), cement (15–20%), and glass/ceramics.

🏭 Key Demand Drivers

• Steel sector expansion: India's crude steel capacity was 198.5 million tonnes in 2024-25. India targets crude steel capacity of 300 million tonnes by 2030. Each tonne of steel consumes 10–12 kg of refractories, ensuring sustained demand.

• Cement and infrastructure growth: Massive infrastructure projects and housing demand are pushing cement production, further increasing refractory use.

• Emerging glass & renewable energy sectors: Solar panel production and float glass demand are emerging as new consumption verticals.

🔧 Industry Trends

• Shift to monolithic refractories:

• Domestic raw material push: India is working to reduce import dependency (currently ~50–65%) by tapping local reserves of bauxite, sillimanite, and chromite.

• Technology and automation: Major players are investing in smart linings, digital monitoring, and high-performance formulations.

• Sustainability & recycling: The recycled refractories market in India is estimated at ₹7,000 crore in 2024, with potential to cross ₹11,600 crore by 2030 (CAGR ~9.2%).

Conclusion

• India’s refractories industry is on a robust growth trajectory, expected to rise from ₹23,300 crore in 2024 to ₹37,700 crore by 2030. Demand will be fueled by infrastructure-led industrial growth, steel production targets, and a focus on domestic manufacturing. Strategic investments in technology, raw material security, and sustainability will be crucial to unlocking long-term value.

Latest Shareholding Pattern