Saudi Arabia Refractories Market is expected to grow at a 8.96% CAGR
Growing Infrastructure and Construction,
Art Steel Industry Growth has
significantly impacted the market growth.
According
to TechSci Research report, “Saudi
Arabia Refractories Market – By
Region, Competition, Forecast and Opportunities, 2018-2028”, the
Saudi Arabia Refractories Market is expected to register 8.96% CAGR
during the forecast period. The expansion of construction activities is
expected to further fuel the growth of the cement and iron and steel
industries. Additionally, the increasing demand from various end-use sectors is
anticipated to be a key driver for market growth. Furthermore, increased
investments in infrastructure development are poised to contribute to the
growth of the refractories market.
The increasing
adoption of renewable energy sources, particularly solar and wind power,
presents significant opportunities for refractory manufacturers. Solar panel
manufacturing entails high-temperature processes, and refractory linings are
essential in wind turbine components. As the capacity for renewable energy
continues to expand, there is a growing demand for specialized refractories
capable of withstanding the extreme conditions of these applications.
Moreover,
infrastructure development projects, including the construction of roads,
bridges, tunnels, and airports, offer prospects for refractory materials. These
projects often involve the utilization of refractories in the construction of
industrial furnaces, kilns, and cement plants. Providing refractory solutions
for critical infrastructure projects can result in increased demand and foster
market growth.
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over XX market data Figures spread through 86 Pages and an in-depth TOC on the "Saudi Arabia Refractories Market."
Based
on chemistry, the
Basic segment is expected to dominate the market during the forecast period.
The steel industry is experiencing global expansion, particularly in regions
such as Asia Pacific and the Middle East. Developing economies are increasing
their steel production capacities to meet both domestic and international
demand, thereby creating opportunities for basic refractory manufacturers to
supply lining materials for new steel plants. Continuous research and
development efforts in the basic refractories segment have resulted in material
formulations that enhance the performance and lifespan of refractory linings.
Manufacturers can leverage these advancements to offer high-quality, durable
products to various industries. With the tightening of environmental
regulations across sectors, there exists a window for basic refractory
manufacturers to develop eco-friendly refractory materials and processes. By
incorporating recycled materials and reducing carbon footprints, sustainable
refractories can attract environmentally conscious customers. In conclusion,
the basic refractories segment of the global refractories market demonstrates
strong ties to the steel industry, exceptional alkaline resistance, and
promising opportunities arising from emerging markets and technological
advancements.
Based
on end use, the Iron & Steel segment is projected to dominate the market
throughout the forecast period.
The
iron and steel industry represents a significant and crucial sector within the
global refractories market. Refractories play a vital role in this industry by
lining high-temperature equipment used in iron and steel production. The iron
and steel industry is a fundamental component of global manufacturing,
providing essential materials for construction, automotive production,
infrastructure development, and various other applications. As global steel
demand continues to increase due to economic development and urbanization, the
demand for refractories in this sector remains consistently high. There is a
noticeable shift in the steel industry towards electric arc furnaces as an
alternative to traditional blast furnaces. EAFs are more energy-efficient, environmentally
friendly, and have the ability to utilize a higher percentage of scrap steel.
This transition calls for specialized refractory linings, thereby creating
opportunities for manufacturers of advanced and high-quality refractories. With
the growing adoption of electric arc furnaces, refractory manufacturers have
the chance to develop and supply advanced materials that can withstand the
unique conditions of EAFs. These materials must exhibit excellent resistance to
thermal shock and chemical corrosion while maintaining mechanical strength.
Key
market players in the Saudi Arabia Refractories Market are:
-
- Harbisonwalker
International
- IFGL
Refractories Ltd
- Intocast
AG
- Krosaki
Harima Corporation
- Magnezit
Group
- Minerals
Technologies Inc.
- Puyang
Refractories Group Co., Ltd
- RHI
Magnesita GmbH
- Compagnie
de Saint-Gobain S.A.
- Shinagawa
Refractories Co. Ltd
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“The
global refractories market is primarily driven by factors such as robust
infrastructure and construction activities, the expanding steel industry,
industrialization in emerging economies, and advancements in manufacturing
technologies. As construction and infrastructure development continue to grow,
so does the demand for refractories in the production of construction
materials. The steel industry, a major consumer of refractories, benefits from
increased demand driven by sectors like construction, automotive, and
manufacturing. The ongoing industrialization of emerging markets fuels demand
for refractories in sectors such as petrochemicals and non-ferrous metals.
Additionally, stringent environmental regulations and the need for
energy-efficient technologies propel the development of advanced refractory
materials. Technological innovations, global trade opportunities, and the
resilience of end-use industries further support the growth of the refractories
market. These drivers collectively sustain the market's significance in various
industrial applications.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Saudi
Arabia Refractories Market Segmented By Chemistry (Acidic, Basic and Neutral),
By Chemical Composition (Alumina, Silica, Magnesia, Fireclay and Others), By
Form (Shaped and Unshaped), By End Use (Iron & Steel, Energy &
Chemicals, Non-ferrous Metals, Cement and Others), By Region, and By
Competition, 2018-2028,”
has evaluated the future growth potential of Saudi Arabia Refractories Market
and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Saudi Arabia Refractories
Market.
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