This shift is particularly visible in segments such as refractories and vertical mobility, where performance, reliability and environmental impact are becoming decisive factors. Speaking on the evolving refractories landscape, Ish Mohan Garg, Senior Vice President, APAC region, Calderys, noted that strong expansion in steel and cement has driven the market into a new phase focused on high-performance solutions. India’s refractories market, valued at USD 2.50 billion in 2024, is projected to reach USD 3.40 billion by 2033, supported by rising steel output and capacity targets of 300 million tonnes by 2030–31.
As steelmakers modernise operations, refractories are evolving from consumables into critical enablers of productivity and operational continuity. Demand is shifting towards advanced monolithic systems capable of withstanding higher temperatures and longer campaigns. In response, Calderys has strengthened local manufacturing and technical capabilities, including capacity expansion at its CAPES facility in Odisha, while integrating energy efficiency and resource optimisation into operations.
A similar transition is underway in India’s elevator industry. Umang Bansal, Chairman of Polo Elevators, observed that rapid urbanisation, high-rise construction and public infrastructure investments have driven demand for energy-efficient, digitally connected and safety-focused elevator systems. Buyers are increasingly prioritising lifecycle costs, reliability and design integration over basic functionality.
As a Make-in-India manufacturer, Polo Elevators is focusing on innovation, customised solutions and R&D-led growth, with plans to expand nationally, strengthen exports and lead the luxury customised elevator segment by 2030. Looking ahead, sector growth is expected to remain in the high single- to low double-digit range, supported by smart cities, housing expansion and vertical urban development, while placing greater emphasis on safety and environmental responsibility.
Together, these industry perspectives underline a common trajectory for India’s infrastructure growth—technology-led, sustainability-focused and rooted in stronger domestic ecosystems. As the country moves into 2026, the emphasis is firmly on building globally competitive manufacturing and infrastructure while reducing energy consumption, emissions and long-term operating costs.
