GCC Steel Manufacturing Market is Expected to Register a 5.53% CAGR Through 2030
Rapid Infrastructure Development & Urbanization and Industrial
Diversification & Economic Reforms are likely to propel the market during
the forecast period.
According to
TechSci Research report, “GCC Steel Manufacturing Market – By Country,
Competition, Forecast and Opportunities, 2020-2030F”, GCC Steel Manufacturing Market was valued at
USD 20.66 Billion in 2024 and is expected to reach USD 28.79 Billion by 2030
with a CAGR of 5.53% during the forecast period.
The
GCC region, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the
United Arab Emirates, has witnessed accelerated infrastructure development over
the past two decades. Driven by government-led initiatives like Saudi Arabia’s
Vision 2030 and the UAE’s Vision 2021, large-scale investments in
infrastructure, transportation, and real estate have significantly increased
the demand for steel. Mega-projects such as NEOM, the Red Sea Project, and the
Riyadh Metro in Saudi Arabia, as well as Expo 2020 legacy developments in
Dubai, require massive quantities of construction-grade steel, such as rebar,
beams, and structural sections.
Urbanization
has led to a surge in residential and commercial construction, increasing the
need for high-quality steel products that support modern architectural designs
and safety standards. Moreover, the region's focus on developing smart cities
and sustainable infrastructure has further boosted demand for specialized steel
materials with advanced properties, such as corrosion resistance and high
tensile strength.
The
steel industry in the GCC has responded to this demand by expanding production
capacity and adopting advanced manufacturing technologies. Local steel
producers are increasingly focusing on efficiency, quality control, and
customization to meet specific project needs. This has positioned steel
manufacturing as a strategic industry essential to national development goals.
Browse over XX Market
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Based
on Forming Technique, Shaping is a dominant process in the GCC steel
manufacturing market due to the region’s heavy focus on construction,
infrastructure development, and industrial expansion. Shaping involves forming
semi-finished steel products—such as billets, blooms, and slabs—into finished
products like beams, bars, sheets, and structural sections, which are essential
for large-scale projects. With billions of dollars being invested in
urbanization, transportation networks, and energy facilities, there is a
consistent and high demand for construction-grade steel components that require
precise shaping.
The
dominance of shaping is also linked to the prevalence of Electric Arc Furnace
(EAF) technology in the GCC, which typically produces steel in the form of
billets. These billets must then be shaped into usable forms through rolling
and other shaping methods. This makes shaping a critical downstream process in
the production cycle, especially for rebar, which is one of the most in-demand
steel products in the region due to its use in reinforced concrete structures.
GCC
countries are increasingly aiming to add value locally rather than export
semi-finished products. By investing in shaping capabilities, manufacturers can
cater to domestic demand and reduce reliance on imports of finished steel
goods. It also allows them to respond more flexibly to the specific size,
grade, and design requirements of individual projects. Additionally, the shift
toward customized, high-performance steel products—used in sectors like oil and
gas, transportation, and renewable energy—further emphasizes the need for
advanced shaping facilities. These sectors require steel components with
precise tolerances and specialized properties, which are achieved through
sophisticated shaping techniques.
Based
on country, The United Arab Emirates (UAE) is the fastest-growing country in
the GCC steel manufacturing market due to a combination of strategic
investments, industrial diversification, and strong infrastructure development.
The government’s proactive economic policies, particularly the UAE Industrial
Strategy 2031 and Operation 300Bn initiative, have prioritized domestic
manufacturing, including steel production, as a key pillar of sustainable
economic growth. These programs aim to boost local industrial output, reduce
dependency on imports, and strengthen the nation’s position as a global
manufacturing hub.
A
major driver of the UAE's steel market growth is the ongoing demand from the
construction and infrastructure sectors. Large-scale projects such as the
Etihad Rail network, the expansion of airports, smart city developments, and
new energy infrastructure require significant volumes of steel. The country’s
real estate sector also remains active, with continued investments in
residential, commercial, and hospitality developments, further fueling steel
consumption.
The
UAE's strategic geographic location and advanced logistics infrastructure
enhance its competitiveness. Ports like Jebel Ali serve as regional trade hubs,
facilitating the import of raw materials and the export of finished steel
products to Asia, Africa, and Europe. Additionally, the UAE’s focus on
sustainability and innovation has led to the adoption of electric arc furnace
(EAF) technology, which uses recycled scrap, reducing environmental impact and
aligning with global green steel trends. Furthermore, the presence of major
players such as Emirates Steel Arkan, along with increased foreign direct
investment and public-private partnerships, has strengthened the domestic steel
sector. These factors, combined with political stability, business-friendly regulations,
and access to affordable energy, have positioned the UAE as the most dynamic
and fastest-growing steel manufacturing market in the GCC. The country’s
forward-looking vision and investment-driven growth strategy continue to
attract both regional and global attention in the steel industry.
Major companies
operating in the GCC Steel Manufacturing Market are:
- Al-Ittefaq Steel
- Ezzsteel
- Al Yamamah Company
- Star Steel Manufacturing LLC
- Zamil Structural Steel Company Ltd.
- AIC Steel
- Al Azman Steel Company
- Al Naseer Industrial Enterprises LLC
- Attieh Steel
- Baghlaf Steel
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“The GCC steel manufacturing market
presents substantial growth opportunities driven by rapid infrastructure
development, economic diversification, and rising demand across key sectors
such as construction, energy, and transportation. Government-led initiatives,
including Saudi Vision 2030 and the UAE’s industrial strategy, are fostering
local production and reducing import dependency. Additionally, the shift
towards sustainable and high-value steel products, coupled with strategic
geographic positioning for exports, enhances the region’s global
competitiveness. With increasing investments in smart manufacturing, recycling,
and technological innovation, the GCC steel industry is well-positioned to
capitalize on regional demand and emerge as a key player in the global steel
value chain.,” said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based global management consulting firm.
“GCC Steel Manufacturing
Market, By Material (Iron Ore, and Scrap), By
Manufacturing Process (Blast Furnace, and Electric Arc Furnace), By Forming
Technique (Shaping, Machining, Joining, Coating, Heat Treatment, Surface
Treatment), By Country, Competition, Forecast & Opportunities, 2020-2030F”, has
evaluated the future growth potential of GCC Steel Manufacturing Market and
provides statistics & information on Market size, structure and future Market
growth. The report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the GCC Steel Manufacturing Market.
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