Market Size of Saudi Arabia GRC Cladding Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 16.35 % |
| 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?
Saudi Arabia GRC Cladding Market Analysis
The size of Saudi Arabia GRC Cladding Market is USD 321.1 million in the current year and is anticipated to register a CAGR of over 16.53% during the forecast period.
- Growing construction projects in Saudi Arabia, coupled with increasing government initiatives such as the National Transformation Program of 2020, aiming to implement smart city projects in 10 cities of Saudi Arabia, would increase the market demand for GFRC. Saudi Arabia's Vision 2030 transformation agenda has so far unleashed almost USD 1 trillion worth of infrastructure and real estate projects across the country.
- Adding cladding to the building's exterior provides an aesthetic choice that makes the completed structure all the difference. Not only will it look pleasing to the eye, but once buyers come forward to express interest, the cladding will also add monetary value to the property. This will help the market to grow. Saudi Arabia is leading the world in hotel supply growth. The growing hospitality sector will drive the market with 73,057 hotel rooms in the pipeline across the planning, final planning, and construction phases.
- Moreover, SASO has standard specifications regarding fire safety while building claddings. GRC is effective at fire resistance and incombustible, so these laws and regulations will benefit the market growth.
- Saudi is promptly becoming a highly popular investment place in terms of industrial improvement for foreign investors owing to various government programs to support various investments. This is attributed to government investments in huge infrastructure projects, rising disposable incomes of the citizens, increasing popularity of GRC claddings, fire safety regulations, and environmental protection targets.
