Refractory Materials Market for GCC Steel Industry to Record 37.78 MT Growth

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04 Jan, 2022, 17:00 ET

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NEW YORK, Jan. 4, 2022 /PRNewswire/ -- Refractory Materials Market for GCC Steel Industry: Facts at a Glance-

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According to the recent market study by Technavio, the Refractory Materials Market for GCC Steel Industry is expected to increase by 37.78 MT from 2020 to 2025, with an accelerated CAGR of 3.41%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.

Saudi Arabia will register the highest growth rate, occupying 62% of the total market share. The market growth in this region will be faster than the growth of the market in UAE, Qatar, and the Rest of the Middle East.

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Vendor Insights-The refractory materials market in GCC steel industry is fragmented. The growing focus on reducing imports by promoting local steel production among the GCC countries is expected to result in the high rate of entry of new players. This is likely to increase the competition among regional and global players operating in the GCC countries.

Chosun Refractories ENG Co. Ltd.: The company produces and distributes recovered refractory material used by steel mills and industrial furnaces.

Compagnie de Saint-Gobain SA: The company offers refractory materials under the brand, Hexoloy.

Dalmia Bharat Group: The company offers refractory materials to various industries including steel, cement, glass, copper, aluminum, and others.

Imerys SA: The company offers refractory materials in GCC through its subsidiary, Calderys.

Krosaki Harima Corp.: The company offers refractory materials such as refractory bricks, unshaped refractories, and functional refractories.

Find additional highlights on the vendors and their product offerings. Download Free Sample Report

Regional Market OutlookThe refractory materials market growth in Saudi Arabia will be significant during the forecast period. The thriving construction industry and the growing tourism industry will foster the growth of the refractory materials market in Saudi Arabia. The report also offers detailed insights into the market's growth across the UAE, Qatar, and the Rest of Middle East.

Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.

Latest Drivers & Trends Driving the Market-

The increase in the development activities across the construction and infrastructural sectors has significantly increased the demand for steel in GCC countries. For instance, steel consumption in Saudi Arabia has increased significantly over the years. This can be attributed to factors such as the booming construction sector, increasing investments in the real estate industry, and rapid growth in infrastructural development. Moreover, the construction industry in GCC countries is becoming more stable with the growing number of multi-billion-dollar projects and the presence of favorable government regulations on the import of steel. All these factors are creating significant demand for steel, which is driving the growth of the market.

In addition, increasing capacity of steel production and increasing R&D activities by vendors will further accelerate the growth of the market. However, the fluctuating cost of refractory materials and high energy consumption will reduce the growth potential in the market.

Find additional information about various other market Drivers & Trends mentioned in our FREE sample report.

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Refractory Materials Market For GCC Steel Industry Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 3.41%

Market growth 2021-2025

37.78 MT

Market structure

Fragmented

YoY growth (%)

2.72

Regional analysis

Saudi Arabia, UAE, Qatar, and the Rest of GCC

Performing market contribution

Saudi Arabia at 62%

Key consumer countries

Saudi Arabia, UAE, Qatar, and the Rest of Middle East

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Chosun Refractories ENG Co. Ltd., Compagnie de Saint-Gobain SA, Dalmia Bharat Group, Imerys SA, Krosaki Harima Corp., Refractarios ALFRAN SA, RHI Magnesita GmbH, Saudi Refractory Industries, Shinagawa Refractories Co. Ltd., and Vesuvius Plc

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/

SOURCE Technavio

http://www.technavio.com/