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Saudi Arabia Refractories Market was Valued at USD 173.5 Million in 2022 and is Expected to Reach USD 300.7 Million by 2030 and Grow at a CAGR of 7.23% Over the Forecast Period.

Infograph - Saudi Arabia Refractories Market was Valued at USD 173.5 Million in 2022 and

By Infinium Global Research Feb, 2024

The Saudi Arabia refractories market was valued at USD 173.5 million in 2022 and is expected to reach USD 300.7 million by 2030 and grow at a CAGR of 7.23% over the forecast period. The refractories market in the Kingdom of Saudi Arabia (KSA) is experiencing a transformative phase driven by the strategic goals outlined in Vision 2030. With a focus on advancing the manufacturing sector and promoting local production of essential raw materials, refractory products have gained prominence across key industrial sectors, including steel, aluminum, cement, and petrochemicals. As a central figure in the region's steel production, KSA significantly influences the demand for refractory products, making it a critical player in shaping the nation's industrial landscape. The majority of demand for refractories in the Saudi Arabia is fulfilled by the imports of refractories.
The demand for refractories is poised for substantial growth, fueled by the recovery of the construction, infrastructure, and industrial sectors. The iron and steel industry constitutes the primary consumer in KSA. Refractory materials, recognized for their superior temperature, abrasion, and chemical resistance, are optimal choices for critical industrial operations, including steel, glass, and cement manufacturing. The growing demand for steel and glass in construction and automotive sectors positions the refractory industry for substantial growth in Saudi Arabia. In line with global technological advancements, KSA-based manufacturers are expected to adopt the latest refractory manufacturing practices, addressing environmental concerns, and fostering sustained growth in the Saudi Arabia refractories market. As the construction, infrastructure, and industrial sectors continue their recovery, the refractories market is poised to be a critical driver in shaping the trajectory of the Kingdom's industrial growth, emphasizing both economic and environmental sustainability.
The strategic initiative of Saudi government to reduce dependence on imports is prioritizing the development of local manufacturing industries. The steel industry, a key sector with over 41 operational players and an annual production capacity exceeding 18 million tons, is set to experience significant growth through increased localization. This aligns with Vision 2030's goals, contributing to market expansion, self-sufficiency, and resilience in the supply chain, thereby playing a pivotal role in advancing economic diversification and sustainability objectives outlined by the KSA government.

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