Refractories Present a $639.9 Million Market Opportunity in Saudi Arabia by 2029: Rising Demand for High-Performance Refractories and Sustainable Refractory Solutions


Dublin, Sept. 20, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Refractories Market, By Region, Competition, Forecast & Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.

Saudi Arabia's Refractories Market was valued at USD 379 million in 2023, and is anticipated to project robust growth during the forecast period, with a CAGR of 8.96% through 2029, reaching USD 639.93 million.

The market experiences substantial momentum driven by several pivotal factors. The vigorous expansion of iron and steel production in emerging nations, coupled with heightened output of non-ferrous materials, constitutes a significant driving force. Refractories find extensive application in internal lining functions across both iron steel and non-ferrous production sectors. Considerable demand stemming from the glass industry emerges as a principal impetus propelling overall market growth.



Key Market Drivers:

  • Rapid Industrialization and Infrastructure Development
  • Steel Industry Expansion and Technological Advancements
  • Thriving Non-Ferrous Metals and Foundry Industries

Key Market Challenges:

  • Environmental Regulations and Sustainability Concerns
  • Raw Material Supply Chain Vulnerability
  • Technological Innovation and Product Development

Key Market Trends:

  • Growing Demand for High-Performance Refractories
  • Transition to Sustainable Refractory Solutions

Regional Insights

In 2023, Riyadh stood out as a key player in Saudi Arabia’s refractories market due to several factors. Its strategic location serves as a hub for efficient transportation and distribution of refractory materials, supporting local industries and international trade. Riyadh's industrial base, with steel plants, cement factories, and petrochemical complexes, drives significant demand for refractories used in high-temperature applications.

The city’s role in the national economy, fueled by Vision 2030, has accelerated growth across manufacturing, construction, and infrastructure sectors, further increasing demand for refractory materials. Riyadh’s business-friendly environment attracts domestic and international investors, fostering collaborations and innovations that enhance its leadership in the market.

Riyadh’s dominance in the refractories market is anchored by its strategic position, industrial strength, and role as a key investment hub. As Saudi Arabia diversifies its economy, Riyadh is set to remain a leader in driving growth and innovation in the refractories industry.

Report Scope

In this report, the Saudi Arabia Refractories Market has been segmented into the following categories:

By Chemistry:

  • Acidic
  • Basic
  • Neutral

By Chemical Composition:

  • Alumina
  • Silica
  • Magnesia
  • Fireclay
  • Others

By Form:

  • Shaped
  • Unshaped

By End Use:

  • Metals & Metallurgy
  • Cement
  • Glass & Ceramics
  • Power Generation
  • Others

By Region:

  • Riyadh
  • Makkah
  • Eastern Province
  • Rest of Saudi Arabia

Key Attributes

Report AttributeDetails
No. of Pages88
Forecast Period2023-2029
Estimated Market Value (USD) in 2023$379 Million
Forecasted Market Value (USD) by 2029$639.93 Million
Compound Annual Growth Rate8.9%
Regions CoveredSaudi Arabia

A selection of companies mentioned in this report includes, but is not limited to:

  • HarbisonWalker International, Inc.
  • IFGL Refractories Limited
  • Intocast AG
  • Krosaki Harima Corporation
  • Magnezit Group
  • Minerals Technologies Inc.
  • Puyang Refractories Group Co. Ltd.
  • Saint Gobain Group

For more information about this report visit https://www.researchandmarkets.com/r/f72wk5

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Attachment

 
Saudi Arabian Refractories Market

Contact Data