Qatar Metal Working Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Qatari metalworking market is expected to record a CAGR of 4.5% over the forecast period.

Key Highlights

• The metalworking industry intends to use more cutting-edge technology (sensors, Internet of Things, and artificial intelligence) to preserve competitive advantage while it works through some of the present industry problems. Similar to all industrial industries, metalworking will also face obstacles and overcome them while taking advantage of new chances.
• The market for metalworking suffered due to the COVID-19 pandemic. Government-imposed import/export prohibitions, social distancing measures, and many regulations meant to prevent the spread of the virus severely disrupted industrial processes and stopped the cross-border supply chains for raw materials, thus impacting the market. As a result, the market suffered a severe financial blow.
• On the plus side, governments have been compelled to permit the manufacturing of different healthcare goods, beds, and other items with a constrained labor force, which has increased the demand for metal working equipment. However, as the economy improves and governments remove limitations on manufacturing, demand for metal fabrication equipment is expected to increase in the future.
• Qatar's strong economic policies, favorable government regulations, and an increasing number of infrastructural projects have been the major drivers for the market. Companies like Frijns Steel Construction Middle East, Steel Master, and Pioneer Metal Company have benefited from the infrastructural growth.

Qatar Metal Working Market Trends

The Metalworking Market Expands Due to the Rising Demand from the Oil and Gas Sector

Due to travel bans, the COVID-19 pandemic significantly affected the Qatari oil and gas industry's shipping, transportation, and industrial operations, which had an immediate effect on the demand for oil and gas in the country. During the forecast period, growing domestic oil and gas production is anticipated to boost the Qatari oil and gas market. However, the introduction of renewable energy sources as part of measures to diversify the power-generating mix is anticipated to impede market expansion during the forecast period.

Since most of the nation's oil and gas-producing fields are located in the Persian Gulf, the upstream sector is predicted to dominate the market over the forecast period. The country's northern gas basins, which include the South Pars field, are produced by both Iran and Qatar.

According to recent research, the North Field's productive strata go deep into Qatari territory in Ras Laffan. This finding may provide an opportunity for future natural gas production projects in the north of Qatar, providing enormous prospects for market participants in the future.

Increased Utilization of Fabrication Techniques Boosting the Market

It is predicted that the growing need for effective fabrication techniques and machining will pave the way for the market's expansion. The market is also being driven ahead by the expanding need for programmed production procedures in the element fabrication sector, which help provide reliable manufacturing amenities by eliminating all risky activities like welding and cutting to cyborgs.

The increasing demand and supply for metal fabrication across several industries, including manufacturing, aerospace, military, and automotive, may further fuel the metal fabrication market in the country.

The growing need for pre-programmed manufacturing techniques in the element fabrication sector may propel the market's growth. The implementation of different cutting-edge technologies is also anticipated to enhance the supply chain, supporting the market's expansion.

The employment of cutting-edge technology has not changed much during the last two football world cups. The organizers use cutting-edge technology during every world cup to ensure the smooth functioning of the event. However, given the rapid development of AI and AR/VR technology, the 2022 FIFA World Cup in Qatar was anticipated to usher in a technological revolution.

Qatar Metal Working Industry Overview

The Qatari metalworking market is fragmented in nature. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Some of the major players are Eversendai Group, Qatar Blue Steel Factory WLL, CLIC Qatar Trading Company WLL, Qatar Reinforcement Company, and Pioneer Metal Company.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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