As a chemical weapon (the original purpose) there was no
replacement, due to removal of chemical weapons from the inventory.
As a mortar, it was replaced by the current 81mm mortar, which has
a much longer range than the earlier 81mms.
There's also a 120mm smoothbore mortar which replaced some of
the 4.2 mortars. It's more commonly found in mechanized units, as
it would be quite cumbersome to carry by foot.