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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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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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by End-Use |
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Breakup by Usage |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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