This really comes down to the question of how broadly you define ring theory. Special types of rings appear all over the place in physics, but often their focused study is given a more specialized name. The term "ring theory" is sometimes used to indicate the specific study of rings as a general class, and under that interpretation, the discipline seems to be closer to logic and set theory than questions of current physical relevance.
In any case, rings show up in the following contexts (this list is not comprehensive):
The representation theory of a finite or compact group $G$ can be studied from the optic of ring theory, since representations are modules over a (suitably topologized in the infinite case) group ring $\mathbb{C}[G]$.
Algebras of operators, such as C* algebras and von Neumann algebras, are rings. The ring of functions on a manifold is a commutative C* algebra, and geometric quantization is done by deforming the product structure on the ring of functions on a symplectic manifold (e.g., taking the ring of functions on the cotangent bundle of a configuration space to the ring of differential operators on the space).
Algebraic varieties such as Calabi-Yau varieties and Riemann surfaces show up in some string theory and conformal field theory papers. They are patched together using commutative rings of functions on open sets.
Cohomology and K-theory of a topological space form (graded-)commutative rings. I am told that string theorists sometimes view these rings as places where certain charges live.
If you like vertex algebras, their representation theory is captured by the module theory of a current algebra, which is a big ring.
I'm told that perturbative renormalization can be placed into Wightman's axiomatic framework in a mathematically rigorous fashion, if the framework is suitably generalized by replacing $\mathbb{C}$ with a formal power series ring in one ore more variables, such as $\mathbb{C}[[\lambda]]$, where the variables are the coupling constants, assumed to be infinitesimal. Objects like the Hilbert space of states are replaced with modules over this ring equipped with a sesquilinear form. Borcherds has a recent preprint establishing this.