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The Refractory Materials Market for Steel Industry in GCC Countries is forecast to increase by USD 27.59 million between 2023 and 2028. The market is estimated to grow at a CAGR of 3.03% during the forecast period.
The report includes a comprehensive outlook on the Refractory Materials Market for Steel Industry in GCC Countries offering forecasts for the industry segmented by Product, which comprises bricks and monolithic. Additionally, it categorizes Type into acidic, neutral, and basic. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments. The growth of the market is propelled by the increasing R&D activities by vendors, although its progress is hindered by the fluctuating cost of refractory materials and high energy consumption. Furthermore, there is a notable upward trend in the growth of migrant labors in the GCC
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Refractory materials are inorganic, nonmetallic, porous, and heterogeneous materials with high melting points and other properties that make them appropriate for heat-resistant barriers between high and low-temperature zones. They are extensively used in constructing high-temperature areas, particularly in furnaces or boilers, as they minimize heat loss through the structure.
The bricks segment is estimated to witness significant growth during the forecast period. The refractory bricks have standard dimensions. They are usually machine-pressed and possess identical properties. For some applications, such as kilns and furnaces, bricks with special shapes and dimensions are used and are generally hand-molded.
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The bricks segment was the largest and was valued at USD 92.29 million in 2018. Refractories, being one of the largest industrial minerals markets, are essential for production in several industries, such as steel, glass, lime, cement, and ceramics, which require high temperatures for their production processes. The producers of refractory products are facing significant challenges because of uncertain global trends. The production of steel, glass, lime, and cement, being the major markets for refractories, forms more than 85% of the global refractory market. The construction market drives around 50% of the global refractory market. In a recent study, the Organization for Economic Cooperation and Development (OECD) made it clear that there will be a product revolution because of the convergence of technologies, which includes new materials and processes that will transform production. Thus, growth in the construction industry will drive the demand for bricks and, in turn, will boost the growth of the refractory materials market for GCC steel industry through the bricks segment during the forecast period.
Increasing R&D activities by vendors is notably driving the market growth. Refractory materials play a key role in enhancing the efficiency of furnaces in steel manufacturing plants. Hence, several activities about research and development are being conducted related to the production of refractory materials. For instance, high-scale R&D activities are conducted to develop chrome-free refractory materials. The steel industry uses large quantities of refractory materials as structural containers, protective coatings, and fluxes, particularly in continuous casting. This makes the recycling or disposal of refractories problematic. Moreover, the players collaborate closely with public and private research institutions to improve their product features, such as longevity. The high-scale R&D activities on increasing the efficiency of refractory materials will positively impact the growth of the refractory materials market for the GCC steel industry during the forecast period.
Growth in migrant laborers in GCC is an emerging trend shaping the market growth. As GCC countries continue to witness rapid economic growth, potential immigrants worldwide are becoming more aware of the economic and employment opportunities available in GCC countries such as the UAE and Saudi Arabia. These GCC countries possess an abundance of capital, while the domestic labor capacity is low. According to the 2020 edition of the Population Division of the United Nations Department of Economic and Social Affairs (UNDESA), Arab countries hosted 41.4 million international migrants and refugees in 2020, accounting for approximately 15% of all migrants and refugees worldwide. Hence, the increase in the migrant construction labor population in the region can influence the construction sector's growth and thereby lead to the accelerated growth momentum of the market in focus during the forecast period.
The fluctuating cost of refractory materials and high energy consumption is a significant challenge hindering market growth. There has been high volatility in the price of refractory materials in the previous few years. The cost of refractory materials is a determining factor of their end-use. The cost of a refractory product involves three main factors: Cost of raw materials, production cost, and cost of design and product testing. Refractory products are energy-intensive resources. Most refractory raw materials must undergo more than one energy-intensive firing procedure to accomplish the expected results. The amount of energy essential for their manufacturing and the size of materials used up and sent for dumping are significant indicators of sustainability. These have a large impact on both manufacturers and consumers. Therefore, the above-mentioned factors will hamper the growth of the refractory materials market for GCC steel industry during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Chosun Refractories ENG Co. Ltd.- The company produces and distributes recovered refractory material used by steel mills and industrial furnaces.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including Adani Group, Allied Mineral Products LLC, CALDERYS France SAS, Compagnie de Saint Gobain, HarbisonWalker International Inc., IFGL Refractories Ltd., Imerys S.A., Kanthal AB, Krosaki Harima Corp., Minerals Technologies Inc., Morgan Advanced Materials Plc, Refractarios Alfran S.A, Refratechnik Holding GmbH, RHI Magnesita GmbH, Saudi Refractory Industries, Trent Refractories Ltd, Magnezit Group, and Shinagawa Refractories Co. Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Refractory Materials Market for Steel Industry in GCC Countries research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Refractory Materials Market for Steel Industry in GCC Countries Customer Landscape
Refractory Materials Market For Steel Industry In GCC Countries Scope |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.03% |
Market Growth 2024-2028 |
USD 27.59 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.88 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adani Group, Allied Mineral Products LLC, CALDERYS France SAS, Chosun Refractories ENG Co. Ltd., Compagnie de Saint Gobain, HarbisonWalker International Inc., IFGL Refractories Ltd., Imerys S.A., Kanthal AB, Krosaki Harima Corp., Minerals Technologies Inc., Morgan Advanced Materials Plc, Refractarios Alfran S.A, Refratechnik Holding GmbH, RHI Magnesita GmbH, Saudi Refractory Industries, Trent Refractories Ltd, Magnezit Group, and Shinagawa Refractories Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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