The industrial refractory materials market is expected to surge with a CAGR of 3.45% to achieve a market size of US$27.593 billion by 2025, from US$22.507 billion in 2019.he market is expected to propel in the forecast period owing to the immense utilization of refractory materials in various end-use industries. The major industries include steel and foundry industry, glass, and cement among others.