Refractory Materials Market for GCC Steel Industry to Record 37.78 MT Growth | Chosun Refractories ENG Co. Ltd., Compagnie de Saint-Gobain SA, and Dalmia Bharat Group emerge as dominant players | Technavio

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

• Total Pages: 120
• Companies: 10+ – Including 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.
• Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
• Segments: Form type (bricks and monolithic)
• Geographies: Saudi Arabia, the UAE, Qatar, and the Rest of GCC

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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.

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Regional Market Outlook
The 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-

• Refractory Materials Market for GCC Steel Industry Driver:
• Increasing demand from the construction and infrastructure sectors:

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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