April 2, 2023

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 2022-2029. Increasing demand for steel & glass from the construction sector and rapidly developing steel manufacturing sector are expected to enhance the market’s progress. Fortune Business Insightsmentions this information in its report titled “Saudi Arabia Refractories Market, 2022-2029.

COVID-19 Impact:

Reduced Production Activities in the End-use Sectors Hampered Market Growth During the Pandemic

This market was negatively affected during the COVID-19 pandemic due to the closure of manufacturing in the end-use sector. The sudden spike in COVID-19 cases provoked governments to impose stringent restrictions on manufacturing, travel, and transport. This factor affected refractory metal sales severely. Manufacturing restraints reduced the supply chain, declined sales, and lack of product availability. Furthermore, transport and travel restrictions disrupted raw material availability. However, the post-COVID-19 phase enabled manufacturers to recover costs and elevate sales. These factors may boost the refractories industry growth after the pandemic.

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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 likely to dominate due to its larger adoption. Its efficiency and timely replacement are likely 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. Bulk raw material availability is expected to dominate the clay segment’s growth during the forecast period. Furthermore, cheap raw material availability is expected to enhance 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 lead due to its rising applications in furnaces, reactors, and vessels. The iron & steel segment is expected to dominate due to its applications in all vessels, furnaces, and reactors in the steel production process.

Report Coverage

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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Drivers and Restraints

Rapidly Developing Automotive and Construction Sectors to Boost Market Growth

Refractories offer abrasion, higher chemical resistance, and temperature and are held to be the best option for industrial applications, including cement, glass, and steel manufacturing. The rapidly progressing automotive and construction sector is likely to boost the adoption of refractory metals. Further, the increasing demand for refractory materials from the steel production industry is likely to elevate the market’s growth. Moreover, the sudden spike in localized steel production may enhance the adoption of refractory metals. Also, increasing adoption of high-quality and resistant materials for automotive production is likely to bolster the Saudi Arabia refractories market share. Besides, exceptional slag resistance, efficiency, and cheap material availability are likely to enhance the product demand. 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.

Competitive Landscape

Key Players Deploy Research and Developments to Boost their Sales

The prominent companies operating in the market devise research and development for the production of efficient refractories metals. This strategy may empower companies to elevate their sales, attract consumers, boost sales, and enhance their brand image. Further, major players deploy mergers to elevate their resources and improve sales. Moreover, companies adopt industrial automation to boost their resources, improve productivity, reduce costs, enhance resource consumption, elevate sales, and achieve a remarkable market position.

List of Key Players Profiled in the 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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