The ‘Saudi Arabia Structural Steel Market Growth, Size, Share, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the Saudi Arabia structural steel market, assessing the market on the basis of its segments like product type, end-use, usage, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Saudi Arabia Structural Steel Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.90%
The growth of the Saudi Arabia structural steel market is being propelled by the rise in construction spending, which is led by surging government investments, higher living standards, and increasing disposable income. The market’s expansion is accelerated by the rise in residential and non-residential construction activities along with the increase in product adoption due to its many benefits, including elasticity, ductility, lightweight design, ease of fabrication, high strength, uniformity, toughness, and recyclability.
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Additionally, the Saudi Arabia structural steel market is positively impacted by rising consumer awareness, rapid urbanisation and industrialisation, and the expansion of high-rise developments. New product introductions and technological developments that increase manufacturing efficiency offer market participants lucrative opportunities in the coming years. A strong network of domestic steel producers and distributors are further fostering market expansion by supplying a consistent flow of high-quality structural steel to the market.
Saudi Arabia Structural Steel Industry Definition and Major Segments
Structural steel is a special type of steel frequently utilised as a concrete reinforcement material and as the main material for the core structures of buildings. The material must adhere to requirements for dimensional tolerance and composition and be reliable. In order to be used in building and construction applications, structural steel must be optimised, strong, ductile, and support good machinability.
Based on product type, the market is segmented into:
- H-Type Beam
• 0-80 mm
• 80-200 mm
- I-Type Beam
• 0-80 mm
• 80-200 mm
• 0-80 mm
• 80-200 mm
• 0-80 mm
• 80-200 mm
On the basis of end-use the market is divided into:
• Warehouse by Type
Based on usage, the market is categorised into:
• Direct End-User
On the basis of region, the market is segmented into:
• Northern and Capital Region
• Western Region
• Eastern Region
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Saudi Arabia Structural Steel Market Trends
The key market trends that are anticipated to accelerate the production of structural steel and consequently increase the production volume are likely to be the increased investments in steel plants across Saudi Arabia. The construction sector’s major use for commercial and residential infrastructure building has a significant impact on the Saudi Arabia structural steel market.
Due to its high strength, structural steel is frequently used in industrial structures and buildings, which is advantageous for maintaining structural integrity along with minimising the need for potential repairs. Structural steel is also suited for building large bridges that can support the weight of vehicles due to its remarkable strength-to-weight ratio and high level of durability.
According to end use, a significant portion of the Saudi Arabia structural steel market is dominated by the residential sector. This can be attributed to the increasing investments in new residential construction projects, which are fuelled by rising living standards, supportive government policies, and the country’s rapid urbanisation.
Over the course of the projection period, it is anticipated that Saudi Arabia’s ambitious real estate and infrastructure development projects will increase the use of sturdy structural steel. Meanwhile, the nation’s booming commercial construction market is also contributing to the demand for structural steel.
Key Market Players
The major players in the Saudi Arabia structural steel market report are Saudi Iron and Steel Company (HADEED), Al Ittefaq Steel Products Co’s (ISPC), Alfanar Group, Zamil Structural Steel Co. Ltd., and POSCO, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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