According to the World Refractory Association, the global refractory market is estimated to be about $26 billion in 2023 and is expected to further grow to more than $35 billion by 2028, with a compound annual growth rate of 5% over the forecast period 2023-2028.

1. The Asia-Pacific region is still the most important region in the global refractory market;

2. The market expansion opportunities of refractory materials enterprises that over-rely on the steel industry are limited;

3. The surge in steel used in the automotive industry will drive the growth of market demand for refractory materials.

Due to the wide application and irreplaceability of refractories, there is minimal threat of being replaced by substitutes in the near future. The production of one ton of steel requires about 10-15 kg of refractory material to be used as kiln lining. Without the protective properties of refractory materials, the furnace of the kiln cannot accommodate molten steel. The global refractory market is expected to show positive growth over the next five years.