Market Size of GCC Structural Steel Fabrication Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR (2024 - 2029) | > 4.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
GCC Structural Steel Fabrication Market Analysis
The GCC Structural Steel Fabrication Market is expected to register a CAGR of greater than 4% during the forecast period.
- With Saudi Arabia leading the way, followed by the United Arab Emirates, the market for structural steel production in the Gulf Cooperation Council is expected to grow strongly. Significant investments in infrastructure development, construction projects, and the development of waterfront cities have contributed to this growth. Moreover, the growing population of the Gulf Cooperation Council region has led to an increased focus on green building practices.
- Over the years, several factors have contributed to the growth of the Gulf Cooperation Council's iron and steel market, including increased infrastructure development, an increase in population, and urbanization.
- Annual demand for flat and long steel in GCC countries is expected to reach 38 million tonnes by 2030. There has been a significant increase in population and urbanization in GCC countries. The demand for structural steel is driven by a growing population and urbanization, which has increased housing demand.
- In the United Arab Emirates, the demand for structural steel has seen substantial growth, particularly in the realms of residential housing, commercial establishments, and infrastructure development projects. The use of structural steel enables rapid construction, a crucial factor in meeting the country’s accelerated urbanization and infrastructure needs.
- Supported by the country’s strong development agenda, including the Projects of the 50 initiative and a subsequent focus on industrial, transportation, and energy infrastructure with the aim of attracting nearly USD 150 billion in foreign direct investment by 2030, the UAE construction sector is expected to thrive at an encouraging pace.
