Saudi Arabia Refractories Market Size is Projected to Reach USD 254.6 Million by 2029 | At a CAGR of 6.4% (2022-2029)
Companies covered in Saudi Arabia refractories market are Saudi Refractory Industries (Dammam), AOSCO Refractory (Dammam, FSN Company (Dammam), Arabian Refractories Factory Company (Dammam), Q & E Company Ltd. (Al Jubail), Alfran (Amman), Thermal Insulation UAE (Sharjah) and Other Key Players.
Pune, India, Nov. 22, 2022 (GLOBE NEWSWIRE) — The Saudi Arabia refractories market size was valued at USD 160.2 million in 2021. The market is expected to grow from USD 164.8 million in 2022 to USD 254.6 million by 2029, exhibiting a CAGR of 6.4% during the forecast period.
Rising demand for steel & glass from the construction industry and the rapidly developing steel production industry are expected to enhance the market growth. Fortune Business Insights™ provides this information in its report titled “Saudi Arabia Refractories Market, 2022-2029.”
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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Major Players Deploy Research and Developments to Boost their Sales
The prominent companies operating in the market deploy research and development for the production of efficient products and services. This strategy may allow companies to enhance their sales, attract consumers, improve sales, and elevate their brand image. Furthermore, major players devise mergers to enhance their resources and improve their sales. Moreover, companies adopt industrial automation to enhance their resources, improve productivity, reduce costs and resource consumption, enhance sales, and achieve a remarkable market position.
Report Scope & Segmentation:
|Forecast CAGR||6.4 %|
|2029 Value Projection||USD 254.6 Billion|
|Saudi Arabia Refractories Market Size in 2021||USD 160.2 Billion|
|No. of Pages||60|
|Segments Covered||By Type, End-user and Regional Insights|
|Saudi Arabia refractories Industry Growth Drivers||Increasing Demand for Steel & Glass from the Construction Sector to Propel Market Progress|
|Rapid Developments in the Steel Production Industry to Propel Market Progress|
List of Key Players Profiled in the Refractories Report
- Saudi Refractory Industries (Dammam)
- AOSCO Refractory (Dammam
- FSN Company (Dammam)
- Arabian Refractories Factory Company (Dammam)
- Q & E Company Ltd. (Al Jubail)
- Alfran (Amman)
- Thermal Insulation UAE (Sharjah)
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Bricks & Shaped Segment to Dominate Backed by its Larger Adoption
By form, the market is segmented into bricks & shaped and monolithics & unshaped. The bricks & shaped segment is expected to dominate due to its larger adoption. Its efficiency and timely replacement is expected to enhance segmental growth.
Clay Segment to Dominate Attributable to Bulk Raw Material Availability and Cheap Availability
As per product type, the market is bifurcated into clay and non-clay. The clay segment is expected to dominate due to bulk raw material availability. Further, cheap availability of clay is expected to propel segmental growth.
Iron & Steel Industry to Grow Substantially Attributable to its Rising Applications
Based on end-use industry, the market is classified into iron & steel, non-ferrous metals, glass, cement, and others. The iron & steel segment is expected to dominate due to its applications in all vessels, furnaces, and reactors in the steel production process.
Drivers and Restraints
Rapidly Progressing Automotive and Construction Industries to Foster Market Progress
Refractories provide higher chemical resistance, abrasion, and temperature and are considered to be the best option for industrial applications, including glass, cement, and steel production. The rapidly progressing automotive and construction industry is expected to foster the demand for refractories. Furthermore, the rising demand for refractory materials from the steel production industry is expected to elevate the industry’s progress.
Moreover, the rapid spike in localized steel production is expected to enhance the product demand. Also, rising demand for high quality and resistant materials in automotive production is expected to enhance the Saudi Arabia refractories market share. Besides, the great slag resistance, cheap availability, and efficiency of the material are expected to enhance the adoption of refractories.
These factors are likely to drive the Saudi Arabia refractories market growth. However, strict regulations and high import dependency are expected to hamper the industry’s growth.
Declining Production Activities in the End-use Industry Hindered Market Progress During the Pandemic
This market was negatively affected during the COVID-19 pandemic due to declining production activities in the end-use industry. The alarming spike in COVID-19 infections provoked governments to impose strict restrictions on manufacturing, transport, and travel. This factor affected the industry severely. The restrictions on manufacturing resulted in reduced sales, lack of product availability, and supply chain disruptions.
Furthermore, transport and travel restrictions resulted in a lack of raw material availability. However, the post-COVID-19 phase enabled manufacturers to elevate their sales and recover their costs. These factors may enhance the market’s progress after the pandemic.
Browse Detailed Summary of Research Report with TOC:
Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Trends
- Latest Technological Advancement
- PEST Analysis
- PORTER’s Five Forces Analysis
- Supply Chain Analysis
- Qualitative Insights on Impact of COVID-19 on the Market
- Supply Chain Challenges
- Steps taken by Companies to Overcome this Impact
- Saudi Arabia Refractories Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast – By Form (Value and Volume)
- Bricks & Shaped
- Monolithics & Unshaped
- Market Size Estimates and Forecast – By Product Type (Value and Volume)
- Non Clay
- Market Size Estimates and Forecast – By End-Use Industry (Value and Volume)
- Iron & Steel
- Non-Ferrous Metals
- Company Profiles (Overview, Products & Services, Recent Developments, Strategies, Financials (based on availability))
- Saudi Refractory Industries
- Products & Services,
- Recent Developments,
- Financials (based on availability)
- Saudi Refractory Industries
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