Saudi Arabia Structural Steel Market to Grow at a CAGR of 4.90% During 2024-2032, Aided by Massive Investments In Construction Projects Under The Vision 2030 Programme

Since the inception of its Vision 2030 economic and social diversification strategy, Saudi Arabia has commissioned projects totalling USD 250 billion. In order to provide more jobs for its rapidly growing population, Riyadh's Vision 2030 programme aims to increase the nation's infrastructure, strengthen the Kingdom's industrial foundation, and advance industries like real estate, healthcare, and education. Such initiatives and investments in infrastructure development support the Saudi Arabia structural steel market growth.

Additionally, the growth in the travel and tourism industries and the investment supported by the Public Investment Fund, the sovereign investment arm of Saudi Arabia, including the USD 500 billion futuristic city of Neom and multibillion-dollar improvements in Riyadh and along the Red Sea coast, further contribute to the market demand.

Rapid infrastructure development for renewable and green energy fuels the market demand for structural steel in Saudi Arabia. As the country is actively strengthening its clean energy and decarbonisation collaborations, the demand for structural steel is increasing. Moreover, the country, in collaboration with ACWA Power, NEOM, and Air Products (NYSE: APD), is setting up the world’s largest green hydrogen facility to diversify its economy, further boosting structural steel demand.

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Market Analysis by Product Type, End Use, Usage, and Region:

• The market, on the basis of product type, can be divided into H-type beam, I-type beam, columns, and angles, among others.

• Based on end-use, the market can be divided into residential, institutional, commercial, and manufacturing.

• By usage, the market is segmented into direct end-users, and EPC-contractor, among others.

• The major regional markets for structural steel in Saudi Arabia include the Northern and Capital Region, Western Region, and Eastern Region, among others.

Key Findings of the Report:

• With the Vision 2030 project, the nation's strategy is to diversify its economy, lessen its reliance on oil, and grow its public service industries. Saudi Arabia is leading the way in mega-city construction, with more than 5,200 active projects totalling USD 819 billion. Such massive construction activities and ongoing investment drive the Saudi Arabia structural steel market expansion.

• To diversify the economy, the Saudi government undertook a massive programme to support agricultural research and training institutions, build rural roads, irrigation networks, storage, and export facilities, and promote modern farming technologies. Robust development in several sectors fosters the market growth.

• One of the significant market trends include growth in the urban population. Saudi Arabia's yearly rate of urban population growth rose by 1.4 percentage points in 2022 compared to 2021.

• Transportation development in Saudi Arabia, such as the construction of Abha International Airport and the construction of a new airport in the Asir region of Saudi Arabia, fuels the market expansion.

Key Offerings of the Report:

• The EMR report gives an overview of the Saudi Arabia structural steel market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the product types, end-uses, usage, and major regions of structural steel.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Saudi Arabia structural steel market 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 comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.