As 2025 draws to a close, India’s core sectors—from heavy industry to urban infrastructure—are closing the year with a sharper focus on sustainability, energy efficiency, and strengthening local manufacturing under the Make in India vision. Rather than chasing scale alone, companies are investing in advanced materials, green technologies, and digital systems that reduce lifecycle costs and environmental impact, while building resilient, globally competitive supply chains. From refractories that improve the performance and efficiency of steel and cement plants, to elevators that enable safe, low‑carbon vertical mobility in rapidly growing cities, industry leaders are aligning capacity expansion with long-term climate goals and domestic value creation.
Speaking with Mr. Ish Mohan Garg, Senior Vice President, Calderys APAC region, he said, “2025 has been a defining year for India’s refractories market, driven largely by the strong expansion of the steel and cement sectors under the Make in India push. With the refractories market valued at USD 2.50 billion in 2024 and expected to grow to USD 3.40 billion by 2033 at a steady CAGR of over 3%, the industry is entering a phase where performance, reliability, and scale are becoming decisive differentiators. This growth is closely linked to India’s steel trajectory—crude steel production reached 151.1 million tonnes in FY 2024–25, with current capacity nearing 200 million tonnes and an ambitious target of 300 million tonnes by 2030–31.
As steelmakers expand capacity and modernise operations, the role of refractories is evolving from a consumable input to a critical enabler of productivity, efficiency, and operational continuity. Demand is clearly shifting toward advanced, high-performance refractory solutions and cost-effective monolithic systems that can withstand higher operating temperatures, longer campaigns, and more demanding production cycles. At Calderys, this shift has reinforced the need to strengthen local manufacturing and technical capabilities through focused investments aligned with India’s industrial roadmap.
As we move into 2026, Calderys is well positioned to support this next phase of growth through our CAPES facility in Odisha, which enhances our ability to deliver reliable, market-specific refractory solutions at scale. Alongside capacity expansion, we are steadily integrating energy efficiency and resource optimisation into our operations, ensuring that growth is both resilient and responsible. Our focus in the year ahead remains clear—partnering closely with India’s steel and industrial sectors to enable higher performance today while building readiness for the demands of tomorrow” said Mr. Ish Mohan Garg, Senior Vice President, Calderys APAC region.
Speaking with Mr. Umang Bansal, Chairman of Polo Elevators, he said, “In 2025, India’s elevator sector continued to climb on the back of rapid urbanization, high‑rise residential projects, Grade‑A commercial spaces, and sustained public infrastructure investments in metros, airports, and transit hubs. The market is increasingly defined by demand for energy-efficient, digitally connected, and safety-centric systems, with builders and facility owners prioritizing lifecycle costs, reliability, and design integration over basic transportation.
As a Make-in-India company, we at Polo Elevators see our journey as a reflection of this shift, built on innovation, engineering strength, and long-term customer trust. By 2030, we aim to expand our footprint nationwide, enhance our R&D capabilities, strengthen exports, and lead the luxury customized elevator category, while contributing to India’s manufacturing story. Looking ahead to 2026, the outlook for the sector remains robust, with most estimates pointing to a high single- to low double-digit CAGR driven by smart cities, housing for all, and the continued vertical expansion of Indian skylines. For elevator companies, 2026 will be about balancing speed of execution with customization, safety, and environmental responsibility, delivering solutions that can keep pace with India’s urban growth while reducing the overall carbon and energy footprint of vertical mobility. ” said Mr. Umang Bansal, Chairman of Polo Elevators.
Together, these perspectives from refractories and elevators underscore a common direction, growth that is anchored in technology, sustainability, and stronger domestic ecosystems. As India heads into 2026, the emphasis is clearly on building world‑class manufacturing and infrastructure while lowering energy use, emissions, and lifecycle costs. With committed industry leaders and an enabling policy environment, India is poised to convert this momentum into long-term, globally competitive industrial strength.
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