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 Attribute | Details |
| No. of Pages | 88 |
| Forecast Period | 2023-2029 |
| Estimated Market Value (USD) in 2023 | $379 Million |
| Forecasted Market Value (USD) by 2029 | $639.93 Million |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Saudi 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
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