Saudi Arabia Rebar Steel Market to Register 13.97% CAGR through 2028
The
rising demand from the construction activities, government programs,
infrastructure developments is expected to drive the Saudi Arabia Rebar Steel
Market.
According to TechSci Research report, “Saudi
Arabia Rebar Steel Market - By Region, Competition Forecast &
Opportunities, 2028,”
the
growth in demand for rebar steel from the construction industry is largely
responsible for the development of the Saudi Arabia Rebar Steel Market, Saudi Arabia Rebar
Steel Market
expected to grow at a CAGR of 13.97% during the
forecast period owing to the rising demand from the construction activities,
government programmes, infrastructure developments, rising urbanization etc. Growth
in the construction sector is anticipated to remain a key market driver.
Infrastructure development, particularly as well as the diversification
initiatives in Saudi Arabia, have a positive impact on the demand for steel
rebar.
Based on Type, Deformed segment is the
dominant segment in Saudi Arabia Rebar Steel Market. The high demand for deformed
rebar steel can be attributed to its higher flexibility and malleability
compared to mild rebar steel and its deformed surface, which makes it easier
for materials to link together and reduces slippage in concrete.
Browse over 63 market data Figures spread through 175 Pages and an in-depth TOC
on "Saudi Arabia Rebar Steel Market”
Based on End Use, the
Saudi Arabia Rebar Steel Market is dominated by the commercial sector segment,
which held a 31.90% market share in 2022. The expansion of industrial
infrastructure is a major factor in the rise in demand for rebar steel. Rebar
steel is used as a raw material in industry and is utilized to increase the
tensile strength of concrete. Up to 500 international firms are expected to
establish regional headquarters in Riyadh over the next ten years thanks to
efforts of the Royal Commission for Riyadh, which was unveiled earlier in 2021.
Construction of commercial buildings has increased as a result, strengthening
the commercial sector.
In terms of regional analysis, Saudi
Arabia Rebar Steel Market is dominated by Riyadh, which held 35.35% market
share in 2022. Most of the developing provinces, such Al Khamasin, Ad Dawadimi,
Al Majmaah, and others, are located in Riyadh and offer profitable potential
for the rebar steel industry. The increased demand for rebar steel in Riyadh is
the result of growing urban population, which is directly related to the influx
of Saudi nationals and visitors from other regions of the country.
Additionally, a growth in the desire for apartments and townhouses rather than
villas shows that affordability worries are getting worse and that there are
more single-person households, both of which are jointly influencing demand
dynamics throughout the region.
Funding for public
housing helps the housing construction sector. Government subsidies and
assistance are given to low-income households. Low-interest home loans are
simpler to obtain thanks to these advantages. Rebar Steel high tension,
ductility, and ability to build columns and beams with precise concrete cover
can all be improved using thermomechanical technology. High-strength rebar
is preferred by governments worldwide for use in building projects. The global
market share of mild steel reinforcing bars has decreased as a result.
Key market players in the
Saudi Arabia Rebar Steel Market include:
- Saudi Iron
& Steel Company (HADEED)
- Al Ittefaq
Steel Products Co.
- Rajhi Steel
Industries Company Ltd.
- Watania
Steel Factory Corporation
- Al Yamamah
Company for Reinforcing Steel Bars
- Saudi
National Steel Factory
- Baghlaf
Steel
- Mass Steel
- Madar
Building Materials LLC
- Bahra Steel
Co.
- Attieh Steel
Limited
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With increased innovation
and advancement in the steel rebar industry, there will be considerable
commercial opportunities for both established and emerging market players.
Technological advancements and high-end applications promote steel rebar
innovation. Recent grades include Fe-500, Fe-550, and Fe-500D.
Corrosion-resistant, epoxy-coated, and earthquake-resistant applications use
modern rebar steel. The industry is anticipated to grow as a result of
increased public transit funding, rising urbanization, and expanding
infrastructure.
The use of deformed rebar
steel is increasing as a result of the demand for higher strength versions in
construction projects. Deformed rebar steel helps in saving money as less steel
is used in it, which is another benefit. Deformed steel rebar is more malleable
and ductile, tougher, has a higher yield strength, and is more resistant to
corrosion and earthquakes than mild steel products. It is affordable and has
many applications in bridges, as well as in commercial and residential
buildings and industrial constructions.
According to estimates from
the World Steel Association, Saudi Arabia would produce 8,191,000 tonnes of
crude steel in 2019.The supply chain may be impacted by rising prices for final
goods and raw materials as iron ore stocks are depleted. Demand for finished
steel products declined in 2020 and will continue to do so for some time due to
COVID-19. Megaprojects and government initiatives will spur future growth.
“Due to the use of steel
rebar in construction to improve infrastructures and lessen the effects of
stressors like temperature and strain, the Saudi Arabia Rebar Steel Market is
likely to perform well during the projected period, rising demand from the
construction activities, government programmes, infrastructure developments,
rising urbanization and many more elements will influence the market,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Saudi Arabia Rebar Steel Market By
Type (Deformed, Mild), By End Use (Residential Sector, Commercial Sector,
Industrial Sector, Public Sector), By Process (Basic Oxygen Steelmaking,
Electric Arc Furnace), By Finishing Type (Epoxy-Coated Rebar, Carbon Steel
rebar, Others), By Region,
Competition Forecast & Opportunities, 2028”, has evaluated the
future growth potential of Saudi Arabia Rebar Steel Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Saudi Arabia Rebar Steel Market.
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