Refractory cement, due to its resistance to high temperatures, corrosion, and abrasion, is widely used across various industries. Considering the availability of limestone required for its production in Hamedan Province, this study evaluates the feasibility of establishing a refractory cement plant in the region using a mixed-methods (quantitative–qualitative) approach. Data were collected through library research and semi-structured interviews with 16 industry experts. The research was conducted in three stages, including marketing studies, technical–technological assessments, and financial–economic analysis. Domestic and international market trends were forecast based on trade data using structured interviews and regression analysis. For estimating fixed and operating costs, statistical data and inquiries from reliable sources were used. Ultimately, the financial evaluation was carried out using COMFAR software. The results indicate that despite challenges related to the supply of high-purity alumina, refractory cement production in Iran has strong growth and export potential. The supply–demand gap shows a positive trend, increasing from 10,993 tons in 2023 to 32,054 tons in 2026. In addition, neighboring countries present a significant export capacity of approximately 458,000 tons. The total required investment is estimated at 27,590,511 million rials, and the project reaches its break-even point in the first year of operation at 11.55% of production capacity. The payback period is 4.67 years, the net present value (NPV) is 9,098,279 million rials, and the internal rate of return (IRR) is 42.51%, indicating that the project is financially and economically viable.