Market Dynamics The Global market for refractories, in terms of revenue is expected to be valued at $42 billion and in terms of volume, is expected to grow at a rate of about 3.3%, surpassing 45,000 KT by 2022. Refractories find large application in heavy industries like automotive, aerospace, construction and industrial machinery. They are used to manage and control heat output and dissipation during power generation. Boilers that are used for extracting energy from coal are coated with refractories to provide resistance against thermal shock. With the rapid transition towards power plants fired by natural gas, the demand for refractories that offer high levels of heat-resistant is expected to witness considerable growth in the years to come.