Saudi Arabia Steel Rolling & Casting Market is Expected to Register a Robust CAGR through 2028

Rising infrastructure activities & growing demand in the automotive industries are driving the Saudi Arabia Steel Rolling & Casting Market.

According to TechSci Research report, “Saudi Arabia Steel Rolling & Casting Market - By Region, Competition Forecast & Opportunities, 2028,” the Saudi Arabia Steel Rolling & Casting Market is anticipated to have healthy expansion in the upcoming years as a result of significant infrastructure projects in the nation and the surge in building activities..

The market's expansion may be ascribed to the strong demand from the building and infrastructure sector as well as new application sectors like solar energy and the automotive and transportation industries. The market also saw considerable expansion in upcoming years because of “Saudi Vision 2030” and mega projects. For instance, Al Widyan, Aseer Development Project, Jeddah central projects, and many more are helping in the rise in demand for steel rolling & casting market in the Eastern, Central, Northern, Northwest, Midwest, and Southwest regions of Saudi Arabia. The Specialized Industrial Casting Company is one organization that places a significant focus on local content (SICAST). Both Saudi talent and a strong local supply chain are seen as essential for long-term success and sustainability. SICAST actively participates in a number of initiatives, such as IKTVA (a new program developed by Saudi Aramco to baseline, measure, and support increased levels of localization in the Kingdom) and Nusaned (its first integrated Localization Engine to realize Saudi Vision 2030). SICAST upholds the Saudi Vision 2030.

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Based on Application, Building & Construction is one of the leading segments in the Saudi Arabia Steel Rolling & Casting Market, followed by the automotive and transportation segment, which helps to contribute to market growth during the forecast period.. There are various ongoing projects inSaudi Arabia  namely, Jeddah economic city, Jeddah central projects, Jabal Omar, Jeddah metro, king Abdullah financial districts king Salman park among others, which are fueling thegrowth of steel rolling and casting  in the upcoming years . On the other hand, the automotive & transportation segment is growing owing to the demand for manufacturing aircraft components and turbine engine parts. Hence, the steel rolling & casting market is expected to experience significant growth in the automotive and transportation segment during the forecast period. Therefore, the Building & Construction application is anticipated to develop at a healthy CAGR throughout the projectedperiod, and the market growth of steel rolling & casting is expected to rise in the upcoming years.

The Kingdom's iron and steel sector is being bolstered, according to Saudi officials, who also announced plans to establish industrial zones and enhance local supply chains and logistics. In order to sustain the sector's expansion and improve its capabilities, the Saudi Arabian Ministry of Industry and Mineral Resources, through the National Center for Industrial Development, has announced that it is putting together a national plan to restructure the iron and steel industry. This plan is being done in partnership with government organizations, private iron producers, and international experts.

Al-Khorayef claims that the plan has 41 proposals that encourage the localization of steel goods and slash import costs by 50%. The minister announced three iron and steel projects with a combined production capacity of 6.2 million tonnes and a value above USD 9.3 billion while speaking to the second Saudi International Iron and Steel Conference in Riyadh on September 12, 2022. One of the projects is developing a 1.2 million tonne-per-year integrated iron sheet production complex with a focus on shipbuilding, oil pipelines and platforms, and enormous oil reservoirs.

In 2022, One of the projects is to establish a 1.2 million tonne per year integrated iron sheet production complex with an emphasis on shipbuilding, oil pipelines and platforms, and massive oil reservoirs. At the Saudi International Iron and Steel Conference, Al Khorayef gave the opening address and mentioned that another project is currently being discussed with foreign investors. The project calls for the construction of an integrated iron surface production complex with an annual capacity of four million tonnes of hot rolled iron, one million tonnes of cold rolled iron, as well as 200,000 tonnes of tin-plated iron and other products.The complex aims to provide services to the automobile, food packaging, home appliance, and water pipe industries. Khalid Al-Falih, the Saudi Arabian Minister of Investment, noted that the Kingdom has a top-notch infrastructure, which included a sizable network of 40 industrial cities, some of which are devoted to businesses that require a lot of energy. The minister stated that efforts are being made to establish four special economic zones as well as the "Attracting Global Supply Chains" strategic initiative, which aims to draw in foreign direct investment and link it with the Saudi private sector.

 

Key market players in the Saudi Arabia Steel Rolling & Casting Market include:

• Saudi Cyprus Foundry LimitedMetal Casting Company Limited
• Specialized Industrial Casting Company
• Saudi Cast
• Riyadh Foundry Company
• Al-Ittefaq Steel Co
• Ourini Steel
• Saudi Iron & Steel Co. (Hadeed)
• Steel Rolling Co
• Solb Steel

 

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“The stable demand from the construction and infrastructure sector and new application sectors like solar energy and the automotive and transportation industries may be responsible for the market's expansion. Additionally, the "Saudi Vision 2030" and enormous projects like Al Widyan, Aseer Development Project, and Jeddah Central Projects, among others, hich fueled the demand for steel rolling and casting in Saudi Arabia, also contributed to the market's enormous expansion in the upcoming years Said Mr.   Karan Chechi, Research Director with 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, 2028,” has evaluated the future growth potential of Saudi Arabia Steel Rolling & Casting 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 Saudi Arabia Steel Rolling & Casting Market.

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