December 2024
Vesuvius, the world's leading producer of refractory materials and advanced ceramics has set up two state-of-the-art manufacturing facilities in Visakhapatnam, India, for the manufacture of alumino-silicate and basic monolithic refractory materials for the iron and steel industries under the initiative of Make in India.
The newly commissioned plants are designed to sustain the surging demand for high-quality refractory solutions for the iron and steel industries. Hence, the increase in annual production capacity by 250,000 tonnes will make Vesuvius a controlling supplier for the region and also remain competitive in the Indian market.
These new factories are being built so that Vesuvius India Limited works towards being not only a leader but also a sustainable company that directly focuses on making the production process environmentally sound and energy efficient. It will also prove to be an additional boon to managing environmental concerns and goals.
The words of Mohinder Rajput, managing director: "The new factories have the latest waste management systems and energy efficient processes in line with the company's vision to be a sustainable and operationally excellent company."
The global refractory material market size was estimated at USD 29.67 billion in 2024 and is predicted to hit around USD 43.97 billion by 2033 and is poised to grow at a compound annual growth rate (CAGR) of 4.45% during the forecast period 2024 to 2033.
Major Strategic Growth Initiatives
The long-term investment of the company in India was reiterated by Vesuvius Group CEO Patrick Andre, who stated that one of the economic benefits of the new plants is job creation. In addition to job creation, these plants drive technological advancement and therefore contribute to the region's development.
According to Andre, those investments reflect the belief of the company in the Indian market and its good effect on the local community.
Vesuvius has been commissioned with the alumina-silica- and monolithic-producing plants in India after its recently inaugurated Mould Flux plant in April. This strategic expansion preserves Vesuvius as a global player in the refractory industry and also fortifies India's high-performance material manufacturing hub.
The opening of this new manufacturing facility at Vishakhapatnam has marked a historic landmark on the refractory materials market canvas. The facility is conceived, built, and commissioned as the epitome of efficiency, sustainability, and cost-effectiveness to meet the increased demand for advanced refractory products in the interest of pursuing national industrial development and environmental goals.
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December 2024
December 2024
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December 2024