From steel to sustainability: Calderys bets big on Odisha to drive APAC growth

India’s $2-billion refractory market is poised to more than double by 2030, driven by a surge in infrastructure, manufacturing, and energy projects, says Ish Mohan Garg, Senior Vice President, Calderys-APAC region. Calderys, which operates in 30 countries and is a global leader in high-temperature refractory solutions, sees huge potential for its offerings in India. In an interview with ET Online, Garg discusses the importance of sustainability and India’s Make in India initiative as key components of Calderys’ growth strategy in the Asia-Pacific regions. He also outlines how the company’s upcoming CAPES facility in Odisha will serve as a global production hub. Edited excerpts:

ET: How would you assess the current market potential for refractories in India?
Ish Mohan Garg (IMG): India’s refractory market is currently valued at approximately $2 billion and is projected to grow to $3.4-4.5 billion by 2030, expanding at a CAGR of 7-9%. This growth will be fuelled by the rapid expansion of the infrastructure, manufacturing, and energy sectors, along with key drivers such as the Make in India initiative, Smart Cities, and a growing emphasis on renewable energy and energy-efficient solutions.

The iron & steel sector remains the dominant consumer, accounting for nearly 60-65% of demand. In terms of product trends, monolithic refractories are gaining increasing traction due to their cost efficiency, installation flexibility, and performance benefits.


As a leader with over 150 years of legacy, we are well-positioned in the Indian refractory segment, supported by a strong network of five manufacturing plants in the country. With the CAPES (Calderys Plant in East & South Asia) facility coming online, we are fully equipped to meet the rising demand and drive our growth ambitions in line with the evolving needs of the Indian market.


ET: What are Calderys’ core offerings, and how are they applied across different industrial sectors?
IMG: Calderys is a leading global provider for industries operating in high-temperature conditions. The group specialises in thermal protection for industrial equipment with a wide range of refractory products and advanced solutions to enhance steel casting, metallurgical fluxes, and moulding processes.

We serve all major players in high-temperature industries, such as iron & steel, foundry, aluminium, cement, boilers and incinerators, and glass. We help protect their equipment by selecting and tailoring the most effective products and by designing and applying our groundbreaking installation techniques.

Our product portfolio includes bricks, monolithic, ready shapes that withstand extremely high temperatures in our customers’ processes, and steel casting fluxes used in the continuous casting process in steelmaking. We also provide a comprehensive range of services tailored to customer needs. These include material selection and customised formulation for fluxes, as well as engineering, design, installation, dry-out, commissioning, maintenance, and refractory assessments. We also offer end-to-end project management to ensure seamless execution from start to finish, along with ongoing technical support and training to help customers maximise system performance and longevity.


ET: With over a century of experience in acidic monolithic refractories and bricks, how has Calderys’ long history contributed to its leadership in high-temperature industrial solutions today?
IMG: Calderys brings deep expertise through tailored formulations and advanced application systems that ensure high-density, low-permeability lining performance for demanding industrial environments. Our global network, supported by innovation and application labs and digital tools, enables optimised installation and continuous product enhancement.

Our comprehensive support services, spanning installation, inspection, and maintenance, have been further strengthened through strategic acquisitions, reinforcing our position as a global service leader.


ET: In what ways does the Odisha facility align with Calderys’ sustainability goals or green manufacturing standards?
IMG: The CAPES facility in Odisha is built with sustainability at its core. From renewable energy use to circular manufacturing practices, the plant sets new benchmarks in refractory production: every aspect is designed to reduce its ecological impact and support India’s decarbonisation goals.

Key features include water management (zero-effluent discharge system, rainwater harvesting), air quality control (advanced filters and emission systems), development of 33% green cover across the site, and circular models to reduce waste and boost resource efficiency.


ET: How does the Odisha plant contribute to Calderys’ growth strategy in the APAC region?
IMG: Our CAPES facility, located on a large greenfield site in Odisha, is set to become the world’s largest single-site refractory and flux plant once fully operational in late 2025. Strategically positioned to serve Eastern and Southern India as well as export markets across Southeast Asia, it features five production lines covering acidic & basic bricks, monolithics, ready shapes, and steel casting fluxes. This facility will ensure reliable, high-quality supply, faster time-to-market, and innovation leadership in monolithic, flux solutions, and basic bricks.


ET: What is India’s strategic importance within Caldery’s APAC growth plan, and what are the main drivers behind this?
IMG: India is a cornerstone market for Calderys in the Asia-Pacific region. It is the fastest-growing market in APAC, with a diverse and solid industrial base—steel, foundry, cement, glass, petrochemicals—requiring high-temperature lining solutions. Additionally, the Make in India infrastructure push is driving demand for locally sourced, advanced refractory products.

For us, India serves as both a production and export hub. The Odisha plant will not only meet the domestic needs but also will position Calderys to serve export markets across the region. With strong local production capabilities, technical leadership, and a clear sustainability focus, India firmly anchors Calderys’ ambition to be the high-temperature materials partner of choice across APAC.