Saudi Arabia Structural Steel Market Report and Forecast 2024-2032

Saudi Arabia Structural Steel Market Report and Forecast 2024-2032

Market Outlook

According to the report the Saudi Arabia structural steel market is projected to grow at a CAGR of 4.9% between 2024 and 2032 to reach a value of about USD 18 billion by 2032. Aided by the extensive construction activities and mega-projects under the Kingdom's Vision 2030, alongside the nation's enduring commitment to infrastructure development, the market is expected to grow significantly by 2032.

Structural steel, an alloy primarily comprising iron and carbon, is fundamentally employed in the construction of buildings, bridges, tunnels, and other structures due to its high strength-to-weight ratio and ductility. Its recyclability and sustainability further render it as a preferred choice in the construction sector, aligning well with the contemporary shift towards green building solutions.

As per the Saudi Arabia structural steel market analysis, the country, with its ambitious national transformation plan, Vision 2030, is in the midst of a construction boom, thus amplifying the demand for structural steel. Key components of this vision include megaprojects like the Red Sea Project, NEOM City, and the Qiddiya Entertainment City. Each of these ventures necessitates a prodigious volume of structural steel, reflecting the buoyancy of its market.

Moreover, the nation's efforts to diversify its economy, transitioning from an oil-reliant model, have cascaded investments into non-oil sectors and further drive Saudi Arabia structural steel market growth. This diversification, particularly evident in infrastructure, transport, tourism, and entertainment sectors, is a powerful catalyst propelling the structural steel market's trajectory in Saudi Arabia.

The emphasis on local content development, as underlined in the Saudi Vision 2030, is expected to provide impetus to domestic steel producers. The country is keen on amplifying local manufacturing capabilities, thereby reducing its reliance on imports and fostering a self-reliant industrial ecosystem which also propels the Saudi Arabia structural steel market demand.

Furthermore, the government's sustainability initiatives, coupled with the global trend of green construction, are expected to shape the future dynamics of the structural steel industry. Steel, being 100% recyclable without any degradation of its properties, is at the forefront of sustainable building materials. Its attributes, in line with environmental sustainability goals, are projected to further galvanise its demand in construction endeavours and increase the overall value of the Saudi Arabia structural steel market size.

Market Segmentation

The market can be divided based on product type, end-use, usage, and region.

Market Breakup by Product Type

• H-Type Beam
• 0-80 mm
• 80-200 mm
• I-Type Beam
• 0-80 mm
• 80-200 mm
• Columns
• 0-80 mm
• 80-200 mm
• Angles
• 0-80 mm
• 80-200 mm
• Others

Market Breakup by End-Use

• Residential
• Institutional
• Commercial
• Small
• Medium
• Large
• Manufacturing

Market Breakup by Usage

• Direct End-User
• EPC-Contractor
• Others

Market Breakup by Region

• Northern and Capital Region
• Western Region
• Eastern Region
• Others

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Saudi Arabia structural steel market. Some of the major players explored in the report are as follows:

• Saudi Iron and Steel Company (HADEED)
• Al Ittefaq Steel Products Co's (ISPC)
• Alfanar Group
• Zamil Structural Steel Co. Ltd.
• POSCO
• Others