The refractory materials market share for the GCC steel industry is expected to increase by 37.78 MT, accelerating at a CAGR of 3.41% during the forecast period. The increasing demand from the construction and infrastructure sector is the major driver which offers immense growth opportunities to market vendors.
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The refractory materials market for the GCC steel industry is segmented by form type (bricks and monolithic) and geography (Saudi Arabia, UAE, Qatar, and the Rest of GCC). The rising popularity of monolithic refractories over shaped refractories is the major refractory materials market trend that will positively influence the market growth. However, the fluctuating cost of refractory materials and high energy consumption will be a major challenge for the market vendors.
62% growth will originate from Saudi Arabia. The refractory materials market growth for the GCC steel industry by the bricks segment will be significant during the forecast period. The outbreak of COVID-19 has negatively affected the demand for refractory bricks in the GCC steel industry during the forecast period.
The research report provides market share projections of each segment along with a detailed analysis of all the factors that are likely to boost growth within specific regions as well as global markets.
The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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 are some of the major refractory materials market vendors for the GCC steel industry.
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