Refractory Materials Market for Steel Industry in GCC to Grow by USD 30.2 Million From 2025 to 2029, Driven by Demand from Construction, Report on AI Impact - Technavio

NEW YORK, Feb. 13, 2025 /PRNewswire/ -- Report on how AI is redefining market landscape - The refractory materials market for steel industry in GCC and it is set to grow by USD 30.2 million from 2025 to 2029. However, the growth momentum will progressing at a CAGR of 3.2% during the forecast period, according to Technavio. The refractory materials market for steel industry in GCC is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market.  Adani Group, Allied Mineral Products LLC, CALDERYS France SAS, Chosun Refractories ENG Co. Ltd., Compagnie de Saint-Gobain SA, HarbisonWalker International Inc., IFGL Refractories Ltd., Imerys S.A., Kanthal AB, Krosaki Harima Corp., Magnezit Group, Minerals Technologies Inc., Morgan Advanced Materials Plc, Refractarios Alfran S.A, Refratechnik Holding GmbH, RHI Magnesita GmbH, Saudi Refractory Industries, Shinagawa Refractories Co. Ltd., and Trent Refractories Ltd are some of the major market participants -. To know about the vendor offerings - Request a sample report

Refractory Materials Market For Steel Industry in GCC 2025-2029: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The refractory materials market for steel industry in gcc report covers the following areas:

• Refractory Materials Market For Steel Industry in GCC Size
• Refractory Materials Market For Steel Industry in GCC Trends
• Refractory Materials Market For Steel Industry in GCC Industry Analysis
• Porter's Five Forces Analysis
• Customer Landscape

The refractory materials market for steel industry in gcc is fragmented, and the degree of fragmentation will accelerate. The mounting demand for refractory materials from construction and infrastructure sector will offer immense growth opportunities. However, the Fluctuating cost of refractory materials and high energy consumption will hamper the market growth

Refractory Materials Market For Steel Industry in GCC 2025-2029: Drivers & Challenges

The Gulf Cooperation Council (GCC) region is experiencing a significant increase in steel demand, driven primarily by growth in the construction and infrastructure sectors. This trend is expected to continue due to ongoing developmental activities, fueled by petrodollars and the diversification of oil-based companies. The construction sector's expansion, coupled with increasing investments in railway, infrastructure, and road projects, has made GCC an attractive business destination for international investors. Saudi Arabia is projected to be the largest consumer of steel in the GCC, with the industry's growth attributed to these factors: expanding construction activities, substantial infrastructure development, and dependable and affordable energy supplies.

The refractory materials market for the steel industry has experienced significant price volatility in recent years. The cost of these materials plays a crucial role in their final application. The price of a refractory product is determined by three primary factors: the cost of raw materials, production costs, and design and product testing expenses. The main raw materials used in refractory production include magnesite, alumina, bauxite, graphite, and zirconium. Fluctuations in their prices are primarily due to economic instability, political unrest, and the Eurozone economic downturn. Additionally, China's export policies have led to increased taxes on magnesite, high-grade aluminum, and bauxite exports, contributing to the price volatility.

To learn more about the global trends impacting the future of market research, download a PDF sample

This refractory materials market for steel industry in gcc report extensively covers market segmentation by  

• Product
• Bricks
• Monolithic
• Type
• Acidic And Neutral
• Basic
• Geography
• GCC

1.1 Bricks-  Refractory bricks are essential components in the steel industry, used primarily in kilns and furnaces due to their insulating properties. These bricks are manufactured with a balance of solid particles and air spaces to prevent heat conduction. Standard refractory bricks are commonly used in steel factories, while special shapes are customized for specific applications. The UAE's FDI law in 2018 has encouraged foreign investments in the steel sector, leading to expansions and increased production capacity. This growth can potentially boost the demand for refractory bricks. Refractory bricks come in various types, including magnesite and chrome magnesite bricks, fused magnesite-chrome grain bricks, and alumina bricks. The refractory market, worth over USD30 billion, is driven by industries requiring high temperatures, such as steel, glass, lime, cement, and ceramics. The construction industry, accounting for half of the global refractory market, is experiencing a product revolution due to technological advancements. This growth is expected to increase the demand for refractory bricks in the steel industry in the GCC region during the forecast period.

To learn more, request a FREE sample

Refractory Materials Market For Steel Industry in GCC 2025-2029: Key Highlights

• CAGR of the market during the forecast period 2025-2029
• Detailed information on factors that will assist refractory materials market for steel industry in gcc growth during the next five years
• Estimation of the refractory materials market for steel industry in gcc size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the refractory materials market for steel industry in gcc across GCC
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of refractory materials market for steel industry in gcc vendors

About US
Technavio 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 consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. 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.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio