Saudi Arabia Turning Tools Market is Expected to Register a 6.18% CAGR Through 2030
Vision 2030 & Industrial Diversification and Expansion
of the Mining Sector are likely to propel the market during the forecast period.
According to
TechSci Research report, “Saudi Arabia Turning Tools Market – By Region,
Competition, Forecast and Opportunities, 2020-2030F”, Saudi Arabia Turning Tools Market was valued at USD 370
Million in 2024 and is expected to reach USD 534 Million by 2030 with a CAGR of
6.18% during the forecast period.
Saudi
Arabia's Vision 2030 initiative aims to diversify the nation's economy beyond
oil dependency. This strategic plan emphasizes the development of non-oil
sectors, including manufacturing, mining, and renewable energy. As part of this
vision, the government is investing heavily in infrastructure projects and
industrial zones, such as NEOM and the Red Sea Project. These developments
necessitate advanced manufacturing capabilities, thereby increasing the demand
for turning tools used in metalworking and precision engineering.
The
emphasis on localizing manufacturing processes to reduce import dependency
further propels the need for high-quality turning tools. Industries such as
automotive, aerospace, and defense are being encouraged to establish local
production facilities, which require sophisticated machining tools. The
government's support through policies and incentives for domestic manufacturing
enhances the market for turning tools, aligning with the broader goals of
Vision 2030.
Browse over XX Market
data Figures spread through XX Pages and an in-depth TOC on " Saudi Arabia Turning Tools Market.”
Based
on Industry, Construction and mining sectors are dominant in the Saudi Arabia
turning tools market due to the country’s substantial investments in
infrastructure and natural resource extraction. These industries require
robust, high-performance tools to meet the demands of large-scale projects and
the production of heavy-duty machinery components.
Saudi
Arabia's Vision 2030 is a driving force behind the rapid expansion of the
construction and mining sectors. The government's ambitious plans to diversify
the economy and reduce dependency on oil include massive investments in
infrastructure projects such as airports, railways, smart cities, and housing
developments. These projects require the manufacturing and maintenance of
various components, from construction equipment to structural elements, all of
which rely heavily on turning tools for precise and efficient machining.
The
mining sector in Saudi Arabia is also undergoing significant expansion. The
country is rich in mineral resources such as gold, phosphate, and bauxite, and
the government is working to unlock these reserves by attracting investment
into the mining industry. As the sector grows, there is an increasing need for
specialized mining equipment and machinery. Turning tools are critical for
producing high-performance parts like drill bits, conveyors, and crushers,
which are essential for mining operations. Furthermore, both industries involve
the production of large, high-volume parts that require rough turning tools
capable of removing material quickly and efficiently. The need for durable,
cost-effective tools that can handle tough materials like steel and alloys is
particularly high in these sectors, further driving demand for turning tools.
As
these sectors continue to expand, they create a stable, long-term demand for
turning tools, ensuring their dominance in the Saudi market. The construction
and mining industries not only provide volume but also support the growth of
local manufacturing capabilities, positioning them as the primary drivers of
the turning tools market in Saudi Arabia.
Based
on region, Dammam has emerged as the fastest-growing region in Saudi Arabia's
turning tools market, driven by its strategic location, robust industrial
infrastructure, and alignment with the nation's Vision 2030 objectives.
Situated
in the Eastern Province, Dammam benefits from proximity to key industrial zones
such as Jubail and Khobar. These areas are central to the Kingdom's
petrochemical, manufacturing, and logistics sectors, creating a high demand for
precision machining tools like turning tools. The presence of major ports
facilitates efficient import and export activities, further bolstering the
region's industrial capabilities.
Significant
investments in infrastructure are propelling Dammam's industrial growth.
Projects like the King Salman Energy Park (SPARK) and the expansion of King
Abdulaziz Port are enhancing the region's manufacturing and logistics
capacities. These developments necessitate advanced manufacturing equipment,
including turning tools, to meet the demands of large-scale industrial
operations.
Dammam's
manufacturing sector is increasingly adopting Industry 4.0 technologies such as
automation, artificial intelligence, and the Internet of Things. These
innovations improve production efficiency and product quality, driving the need
for high-performance turning tools capable of supporting advanced manufacturing
processes.
Major companies
operating in the Saudi Arabia Turning Tools Market are:
- Ingersoll
Werkzeuge GmbH
- Sandvik AB
- Mikron Tool SA
- NTK CUTTING
TOOLS Co., Ltd.
- WNT Tools India
Pvt Ltd.
- Kennametal Inc.
- Hanjiang Tool
Corporation Limited
- Shanghai Tool
Works Co.,Ltd.
- The Union Tool
Corporation
- ISCAR Ltd.
Download Free Sample Report
Customers can
also request 10% free customization on this report.
“The Saudi Arabia turning tools market
presents a significant growth opportunity driven by rapid industrialization,
infrastructure development, and the government's Vision 2030 strategy. As the
nation diversifies its economy, sectors such as automotive, aerospace, and
mining are expanding, increasing demand for precision machining tools.
Additionally, the adoption of Industry 4.0 technologies and the localization of
manufacturing processes create a robust environment for turning tool
manufacturers and suppliers. With limited domestic production capacity, there
is a strong opportunity for international players to enter or expand their
presence through strategic partnerships, localized manufacturing, and the
provision of high-performance, technologically advanced tooling solutions.”
said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Turning
Tools Market, By Type (Rough Turning Tools, Finish Turning
Tools), By Application (Conventional Lathe Machine, CNC Lathe Machine), By
Industry (Automotive, Electronics & Electrical, Aerospace, Construction &
Mining, Others) By Region, Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth
potential of Saudi Arabia Turning Tools 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
Saudi Arabia Turning Tools Market.
Contact
TechSci Research LLC
420 Lexington Avenue,
Suite 300, New York,
United States-
10170
Tel: +13322586602
Email: [email protected]
Website: www.techsciresearch.com