The iron and steel industry dominated the market, with around 65% of the revenue, in 2021. This industry accounts for almost 60% of the total consumption of these materials around the world, as they are an important component of furnaces and kilns.

Bricks and shapes accounted for the larger share, of about 60%, because of the high requirement for these kinds of refractory products from the metal and non-metal sectors. Bricks are required for building the insulation layer within ovens and kilns, and they are regularly replaced for suiting the customer's insulation necessities.

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Similarly, India’s steel output was recorded at 100 million tons. The industry is mostly driven by the domestic obtainability of raw materials, chiefly iron ore, and profitable labor. These factors not only result demand for refractories in the iron and steel and glass sectors but also in a high demand for the end products, including iron rivets and rods and different grades of glass.

Moreover, the growing non-ferrous metal industries are fueling the requirement for refractory products around the world. One of the key end users in this regard is cement, which continues to boom with the expanding construction industry in APAC and almost everywhere else. The IEA estimates global cement production in 2021 at 4,300 metric tonnes, attributing the growth in output to the recovery of the real estate sector post the pandemic.

Hence, the resurgence in industrial and economic activities in the years to come will be key to the rise in the demand for refractories.