Saudi Arabia Rebar Steel Market is Expected to Register a 13.97% CAGR Through 2029
Growing construction activities and mass housing
developments are the likely to propel the market during the forecast period.
According to
TechSci Research report, “Saudi Arabia Rebar Steel Market – By Region,
Competition, Forecast and Opportunities, 2019-2029F”, Saudi Arabia Rebar Steel Market was
valued at USD 4.90 Billion in 2023 and is anticipated to project robust growth
in the forecast period with a CAGR of 13.97% through 2029.
Infrastructure
development is a major driver of the Saudi Arabia rebar steel market, bolstered
by the country's ambitious Vision 2030 initiative. Vision 2030 aims to
diversify the Saudi economy away from oil dependency by investing heavily in
infrastructure, industrial sectors, and urban development. This includes
projects like NEOM, a futuristic mega-city, and the expansion of transportation
networks and utilities across the kingdom.
These
infrastructure projects require substantial quantities of rebar steel to
reinforce concrete structures, essential for building bridges, roads, airports,
and residential complexes. The demand for rebar steel is further propelled by
initiatives to modernize existing infrastructure and enhance urban living
standards, driving continuous growth in the market.
Vision
2030's emphasis on sustainable development and innovation in construction
techniques promotes the use of advanced rebar steel products. This includes
high-strength and corrosion-resistant varieties that ensure longevity and
safety in Saudi Arabia's harsh environmental conditions. Overall,
infrastructure development under Vision 2030 remains a pivotal driver, shaping
the Saudi rebar steel market's trajectory towards robust expansion and
modernization.
Saudi
Arabia's strategic focus on economic diversification and industrial growth
serves as another key driver for the rebar steel market. The government's
efforts to stimulate non-oil sectors, such as manufacturing, mining, and
construction, require extensive infrastructure development and urban expansion.
This, in turn, fuels demand for rebar steel across various industrial
applications.
The
establishment of industrial cities and economic zones, including King Abdullah
Economic City and Jubail Industrial City, necessitates significant construction
activities supported by rebar steel. These zones are pivotal in attracting
foreign investments and fostering local industrial capabilities, creating a
sustained demand for construction materials like rebar steel.
The
growth of downstream industries, such as automotive and manufacturing, adds to
the demand for rebar steel products. These industries utilize steel for various
applications, driving the market's expansion. Government policies promoting
local content and industrial development further stimulate the domestic
production and consumption of rebar steel, contributing to the market's growth
trajectory in Saudi Arabia..
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Based on End Use, The Public Sector held the
largest market share in 2023. Saudi
Arabia's Vision 2030 plan aims to diversify the economy and reduce dependence
on oil by significantly investing in infrastructure and public services. This
ambitious initiative includes massive projects such as NEOM, the Red Sea
Project, and the expansion of the Holy Mosques in Mecca and Medina. These
projects require substantial amounts of rebar steel to ensure structural
integrity and durability, thus driving the demand in the public sector.
The
Saudi government has committed extensive financial resources to developing
public infrastructure. The Public Investment Fund (PIF) is heavily involved in
financing large-scale projects that include roads, bridges, airports, and
public buildings. These investments are essential for modernizing the country's
infrastructure and improving the quality of life for its citizens, leading to a
high demand for rebar steel in the public sector.
Rapid
urbanization and population growth in Saudi Arabia necessitate the expansion of
public infrastructure such as schools, hospitals, transportation systems, and
utilities. The government's focus on building smart cities and enhancing urban
living standards further fuels the demand for robust construction materials,
including rebar steel, to support these developments.
Public
sector projects in Saudi Arabia are subject to stringent building codes and
standards that emphasize safety and longevity. Deformed rebar, known for its
superior mechanical properties and bonding strength, is often specified in
these regulations. Compliance with these standards is mandatory, ensuring that
public infrastructure projects predominantly use high-quality rebar steel.
As
part of its broader economic diversification strategy, the Saudi government is
promoting the development of industrial zones and economic cities. These
initiatives require extensive infrastructure development, further driving the
demand for rebar steel in the public sector.
Major companies
operating in the Saudi Arabia Rebar Steel Market are:
- 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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“The market
opportunity in the Saudi Arabia rebar steel market is substantial and driven by
several factors. With ongoing infrastructure developments aligned with Vision
2030 initiatives, including mega-projects like NEOM and Riyadh Metro, there is
a consistent demand for high-quality rebar steel. Economic diversification
efforts and industrial growth further bolster this demand across residential,
commercial, and public sectors. Additionally, stringent regulatory standards
and a focus on sustainable construction practices underscore the need for
innovative rebar steel solutions. These factors combine to create a robust
market opportunity characterized by steady growth, technological advanRebar
Steel, and increasing investment in infrastructure..,” said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based 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, By Competition Forecast & Opportunities 2019-2029F”,
has evaluated the future growth potential of Saudi Arabia Rebar Steel 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 Rebar Steel Market.
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