At 3.9% CAGR, the Middle East & Africa Iron Chromium Aluminum Alloy Wire Market is projected to be worth US$ 19.74 million by 2028, says Business Market Insights

According to Business Market Insights research, the Middle East & Africa iron chromium aluminum alloy wire market was valued at US$ 15.72 million in 2022 and is expected to reach US$ 19.74 million by 2028, registering a CAGR of 3.9% from 2022 to 2028. Growing use of iron chromium aluminum alloy wires in industrial furnaces and various advantages of iron chromium aluminum alloy wires are the critical factors attributed to the Middle East & Africa iron chromium aluminum alloy wire market expansion.

Industrial furnaces are highly used in many industries, including chemicals, ceramic, glass, and oil & gas. Industrial furnaces are made from different high-temperature (refractory) materials to hold the process material and hold in the heat without breaking down. Iron chromium aluminum alloy wires are used for industrial furnaces with the highest continuous operating temperature. These iron chromium aluminum alloy wires are highly used in industrial furnaces due to their advantages such as high resistance, low-temperature coefficient of electric resistance, high operating temperature, and many others. The glass industry is growing with the increasing demand for glass from the construction and automotive industries. The high-temperature furnaces and dry ovens are an integral part of ceramic manufacturing. Advanced ceramic manufacturing process includes sintering, reaction bonding and de-binding applications, hot isostatic pressing, rapid heating and high-temperature firing. This process requires furnaces consisting of FeCrAl wires for rapid heating upto 2550 degree Celsius. Further, the strong growth of the chemicals industry is mainly attributed to the rising demand for specialty chemicals from end-use industries such as food processing, personal care, home care, and many others. The growing industries such as glass, ceramic and chemicals propel the demand for industrial furnaces. Hence, the growing use of iron chromium aluminum alloy wires in industrial furnaces is driving the Middle East & Africa iron chromium aluminum alloy wires market growth.

On the contrary, volatility in prices of raw materials hampers the Middle East & Africa Iron Chromium Aluminum Alloy Wire Market.

Based on application, the Middle East & Africa iron chromium aluminum alloy wire market is segmented into electronic appliances, aerospace, industrial furnaces, metallurgical and machinery, and others. The industrial furnaces segment held 49.4% share of Middle East & Africa Iron Chromium Aluminum Alloy Wire Market in 2022, amassing US$ 7.76 million. It is projected to garner US$ 9.97 million by 2028 to expand at 4.3% CAGR during 2022–2028.

Based on country, the Middle East & Africa iron chromium aluminum alloy wire market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 39.9% share of Middle East & Africa Iron Chromium Aluminum Alloy Wire Market in 2022. It was assessed at US$ 6.28 million in 2022 and is likely to hit US$ 8.03 million by 2028, exhibiting a CAGR of 4.2% during the forecast period.

Key players dominating the Middle East & Africa iron chromium aluminum alloy wire market are Changzhou DLX Alloy Co Ltd; Donghai Electric Appliance Co Ltd; Jiangsu Nickel alloy Co Ltd; JLC Electromet Pvt Ltd; Kanthal AB; and Smith Therm Pvt Ltd, among others.

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