Saudi Arabia Steel Rolling & Casting Market is Expected to Register a CAGR of 5.20% Through 2029

Government initiatives & industrial policies and infrastructure development & construction activities are likely to propel the market during the forecast period.

According to TechSci Research report, “Saudi Arabia Steel Rolling & Casting Market – By Region, Competition, Forecast and Opportunities, 2019-2029F”, Saudi Arabia Steel Rolling & Casting Market was valued at USD 4.07 Billion in 2023 and is expected to reach USD 5.57 Billion by 2029 with a CAGR of 5.20% during the forecast period.  

In Saudi Arabia, government initiatives and industrial policies play a pivotal role in shaping the Steel Rolling & Casting market. The Saudi government has been proactive in promoting industrialization and diversification through its Vision 2030 plan, which aims to reduce the kingdom's dependence on oil revenues and develop a robust manufacturing sector. As part of this vision, the government has introduced various initiatives to support the steel industry, including investment incentives, infrastructure development projects, and regulatory reforms. One of the key initiatives is the establishment of industrial clusters and special economic zones (SEZs) dedicated to steel production and processing. These zones provide favorable regulatory environments, access to infrastructure, and logistical support, which attract local and international investors. Additionally, the government has implemented policies to enhance the competitiveness of the steel sector, such as subsidies for energy and raw materials, and measures to improve efficiency and sustainability in steel production processes.

Saudi Arabia's National Industrial Development and Logistics Program (NIDLP) focuses on enhancing the competitiveness of the industrial sector, including steel production, through technological advancements, skills development, and research and development (R&D) investments. These efforts aim to position the kingdom as a regional hub for steel manufacturing and export, leveraging its strategic location and abundant energy resources. Government initiatives and industrial policies are critical drivers of the Saudi Arabia Steel Rolling & Casting market, providing a supportive framework for growth, attracting investment, and fostering innovation and competitiveness in the sector.

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Based on Application, The Building & Construction held the largest market share in 2023.  the kingdom's rapid urbanization and population growth drive extensive construction activities, including residential, commercial, and industrial projects. Steel is indispensable in construction due to its strength, durability, and versatility. Structural steel beams, columns, and reinforcement bars (rebars) are essential components in building frameworks, providing structural integrity and supporting the weight of buildings and infrastructure. Saudi Arabia's ambitious infrastructure development projects, aligned with Vision 2030 objectives, further boost the demand for steel in construction. These projects include the development of transport networks, utilities, and industrial zones, all of which require substantial quantities of steel for bridges, pipelines, and other infrastructure elements. The kingdom's harsh climate, characterized by extreme temperatures and desert conditions, necessitates durable and weather-resistant construction materials. Steel, with its resistance to corrosion and ability to withstand environmental stresses, becomes an ideal choice for buildings and infrastructure in Saudi Arabia. The construction sector benefits from advancements in steel rolling technologies, which allow manufacturers to produce custom-shaped steel products tailored to architectural and engineering specifications. This flexibility in steel production supports innovative building designs and construction techniques, enhancing the aesthetic appeal and functionality of structures across the kingdom. Government policies and incentives promoting sustainable construction practices and energy-efficient buildings drive the adoption of steel as a preferred construction material. Steel's recyclability and potential for use in green building certifications contribute to its growing popularity in sustainable construction projects.

Based on region, Makkah is the fastest growing region in the Saudi Arabia Steel Rolling & Casting Market due to several key factors related to economic, infrastructural, and demographic developments. The region’s rapid growth can be attributed to its central role in the country’s religious, commercial, and development activities, particularly in the context of Saudi Vision 2030. Makkah, as the holiest city in Islam, attracts millions of pilgrims annually for Hajj and Umrah. This influx of people has resulted in major infrastructural developments, such as hotels, transportation networks, and religious facilities. These developments require substantial amounts of steel for construction, thus driving the demand for steel products like rolled and cast steel. The Saudi government’s Vision 2030 initiative focuses on diversifying the economy and investing heavily in infrastructure. Makkah, being a central hub for these efforts, is seeing rapid urban expansion, including new real estate projects, roads, bridges, and transportation systems like the Makkah Metro. These large-scale construction projects require significant quantities of steel, particularly rolled and cast steel products for structural frameworks, reinforcing bars, and other essential components. As part of Vision 2030, Makkah is benefiting from the economic diversification efforts of the government, which are also boosting industrial activity in the region. The development of new industrial zones, coupled with rising demand from various sectors such as construction, manufacturing, and transportation, increases the need for steel production and distribution.

Major companies operating in the Saudi Arabia Steel Rolling & Casting Market are:  

• Saudi Iron & Steel Company (HADEED)
• Al Ittefaq Steel Products Co.
• Rajhi Steel Industries Company Ltd.
• Watania Steel Factor Corporation
• Bahra Steel Co.
• Saudi Steel National Factory
• Baghlaf Steel
• Mass Steel

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“The market opportunity in the Saudi Arabia Steel Rolling & Casting market is substantial and driven by several factors. With ongoing industrialization efforts under Vision 2030, there is a significant demand for steel in infrastructure projects, construction, and manufacturing sectors. The kingdom's abundant energy resources and strategic location further enhance its competitiveness in global markets. Moreover, technological advancements and a focus on sustainable practices present avenues for innovation and growth. As Saudi Arabia continues to invest in expanding its steel production capacity and enhancing operational efficiency, the market offers lucrative prospects for domestic and international steel manufacturers looking to capitalize on these opportunities.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm. 

“Saudi Arabia Steel Rolling & Casting Market By Type (Steel Rolling & Steel Casting), By Application (Automotive & Transportation, Building & Construction, Industrial, Mining, Power, Others), By Region, Competition, Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of Saudi Arabia Steel Rolling & Casting 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 Steel Rolling & Casting Market.

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