Saudi Arabia Stainless Steel market is anticipated to register a robust CAGR in the forecast period owing to projects related to Saudi Vision 2030. Stainless steel is a low-carbon steel containing 10% by weight or more of chromium. It is the addition of chromium to carbon steel that gives it the ability to resist corrosion. The more chromium in low-carbon steel, the better these properties. These properties are further enhanced by further adding elements such as molybdenum, nickel and nitrogen. Another reason why stainless steel is preferred over others is because of its benefits and physical properties. The most popular being that it is corrosion resistance and is resistant to both high and low temperatures meaning that stainless steel can be used in a wide variety of applications and industries. Other reasons include the strength possess and has been one of the reasons why stainless steel is used in the building and construction industry. It stands out from the rest because it has a long lifespan, which makes it perfect for indoor use and lasts longer than others. Stainless steel is easy to maintain, and these reasons combined often make it the most cost-effective choice in life cycle cost comparisons. Being a 100% recyclable and eco-friendly material, new stainless steel typically contains about 50-80% recycled material. Stainless steel is undoubtedly a valuable material that has many uses in various industries.

Rise in Demand for Stainless Steel

The addition of nickel gives austenitic stainless-steel alloys significantly higher temperature strength than other alloys. Specifically, it has the ability to resist the tendency to slowly move or permanently deform under mechanical loads known as creep. These alloys are also much less likely to form detrimental brittle phases when exposed to temperatures above 300°C. Nickel also stabilizes the protective oxide film and prevents spalling during thermal cycling. The Austenitic alloys are therefore suitable for high temperature applications and where fire resistance is required.

Due to its strength, flexibility and corrosion resistance, stainless steel is now widely used in modern construction. It is used on the exterior of large buildings for high impact and can also be found indoors in the form of handrails, countertops and splashbacks. Stainless steel is easy to weld, has an attractive surface and requires little maintenance. This makes it a prominent feature in high-profile contemporary architecture. The trend towards sustainable construction is also increasing the demand for stainless steel, which is often composed of 90% recycled metal. Polished stainless steel helps to let natural light into the building, thereby reducing energy consumption. This is expected to propel the market growth in the forecast period.

Latest Developments in Saudi Arabia Stainless Steel Market

In 2022, Saudi Arabian Energy City King Salman Energy Park (SPARK) signed a deal with SeAH Gulf Special Steel to invest USD270 million (SAR 1 billion) to build a seamless stainless steel pipe factory. SeAH Gulf Special Steel is a joint venture between SeAH Steel and Saudi Arabian Industrial Investments Company (Dussur) in the United Arab Emirates.

South Korea`s Shiyachang Special Steel Co., Ltd. has partnered with Saudi Industrial Investment Company (Dussur), a major shareholder of Saudi Aramco, to establish a stainless steel seamless tube plant in Saudi Arabia. The total investment of the seamless stainless steel pipe factory project is up to USDp230 million, of which Shiyachang Special Steel and Saudi Industrial Investment Company jointly invested USD120 million. The rest of USD110 million will be supported by the Saudi Industrial Training Fund "SDF (Saudi Industrial Development Fund)" and local financial institutions. It covers an area of ​​about 50,000 square meters and has an annual design capacity of 17,000 tons. The project is expected to begin construction in early 2022 and enter commercial production by 2025.


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Market Segmentation

Saudi Arabia Stainless Steel market is segmented into Grade, Product, Application, Region and Competitive landscape. Based on Grade, the market is segmented into 200 Series, 300 Series, 400 Series, Duplex, Others. Based on Product, the market is segmented into Flat, and Long. Based on Application, the market is segmented into Consumer goods, Building and Construction, Automotive and Transportation, Heavy Industry, Others.


Market Players

Major market players in the Saudi Arabia Stainless Steel market are Saudi Al-Hidaya Company Limited, Shaaban Steel, AL-Najim Saudi International Co Ltd, Baghlaf Steel, Alkafaa Company, Kaisab Company Limited, Sang Lee Stainless Steel Company, Hexa United LLC, Al-Nafie Steel, Armetal Stainless Pipe.


Attribute

Details

Base Year

2022

Historic Data

2018– 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Grade

Product

Application

Regional scope

Makkah, Riyadh, Eastern Province, Rest of Saudi Arabia

Key companies profiled

Saudi Al-Hidaya Company Limited, Shaaban Steel, AL-Najim Saudi International Co Ltd, Baghlaf Steel, Alkafaa Company, Kaisab Company Limited, Sang Lee Stainless Steel Company, Hexa United LLC, Al-Nafie Steel, Armetal Stainless Pipe.

Customization scope

10% free report customisation with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customised purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, Saudi Arabia Stainless Steel Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

       ·         Saudi Arabia Stainless Steel Market, By Grade:

o   200 Series

o   300 Series

o   400 Series

o   Duplex

o   Others

·         Saudi Arabia Stainless Steel Market, By Product:

o   Flat

o   Long

·         Saudi Arabia Stainless Steel Market, By Application:

o   Consumer goods

o   Building and Construction

o   Automotive and Transportation

o   Heavy Industry

o   Others

·         Saudi Arabia Stainless Steel Market, By Region:

o   Makkah

o   Riyadh

o   Eastern Province

o   Rest of Saudi Arabia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia Stainless Steel market.

Available Customizations:

Saudi Arabia Stainless Steel market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

·         Detailed analysis and profiling of additional market players.

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1.    Product Overview

2.    Research Methodology

3.    Executive Summary

4.    Impact of COVID-19 on Saudi Arabia Stainless Steel Market

5.    Voice of Customers

5.1.  Brand Awareness

5.2.  Factors Considered while Selecting Vendor

5.3.  Key Satisfaction Level

6.    Saudi Arabia Stainless Steel Market Outlook

6.1.  Market Size & Forecast

6.1.1. By Value

6.2.  Market Share & Forecast

6.2.1. By Grade (200 Series, 300 Series, 400 Series, Duplex, Others)

6.2.2. By Product (Flat, Long)

6.2.3. By Application (Consumer goods, Building and Construction, Automotive and Transportation, Heavy Industry, Others)

6.2.4. By Region

6.2.5. By Company

6.3.  Market Map

7.    Makkah Stainless Steel Market Outlook

7.1.  Market Size & Forecast

7.1.1.By Value

7.2.  Market Share & Forecast

7.2.1. By Grade

7.2.2.By Product

7.2.3.By Application

8.    Riyadh Stainless Steel Market Outlook

8.1.  Market Size & Forecast

8.1.1.By Value

8.2.  Market Share & Forecast

8.2.1.By Grade

8.2.2. By Product

8.2.3.By Application

9.    Eastern Province Stainless Steel Market Outlook

9.1.  Market Size & Forecast

9.1.1.By Value

9.2.  Market Share & Forecast

9.2.1.By Grade

9.2.2. By Product

9.2.3. By Application

10. Market Dynamics

10.1.   Drivers

10.1.1.Mixture of Nickel

10.1.2.Use in Construction Industry

10.2.   Challenges

10.2.1.Welding Problems

11. Market Trends & Developments

11.1.   Saudi Arabian Energy City King Salman Energy Park (SPARK) deal with SeAH Gulf Special Steel

11.2.   Shiyachang Special Steel Co., Ltd. partnership with Saudi Industrial Investment Company

12. Company Profiles

12.1.   Saudi Al-Hidaya Company Limited  

12.1.1.             Business Overview

12.1.2.             Key Revenue and Financials (If available)

12.1.3.             Recent Developments

12.1.4.             Key Personnel

12.1.5.             Key Product/Services

12.2.   Shaaban Steel

12.2.1.             Business Overview

12.2.2.             Key Revenue and Financials (If available)

12.2.3.             Recent Developments

12.2.4.             Key Personnel

12.2.5.             Key Product/Services

12.3.   AL-Najim Saudi International Co Ltd  

12.3.1.             Business Overview

12.3.2.             Key Revenue and Financials (If available)

12.3.3.             Recent Developments

12.3.4.             Key Personnel

12.3.5.             Key Product/Services

12.4.   Baghlaf Steel  

12.4.1.             Business Overview

12.4.2.             Key Revenue and Financials (If available)

12.4.3.             Recent Developments

12.4.4.             Key Personnel

12.4.5.             Key Product/Services

12.5.   Alkafaa Company  

12.5.1.             Business Overview

12.5.2.             Key Revenue and Financials (If available)

12.5.3.             Recent Developments

12.5.4.             Key Personnel

12.5.5.             Key Product/Services

12.6.   Kaisab Company Limited

12.6.1.             Business Overview

12.6.2.             Key Revenue and Financials (If available)

12.6.3.             Recent Developments

12.6.4.             Key Personnel

12.6.5.             Key Product/Services

12.7.   Sang Lee Stainless Steel Company

12.7.1.             Business Overview

12.7.2.             Key Revenue and Financials (If available)

12.7.3.             Recent Developments

12.7.4.             Key Personnel

12.7.5.             Key Product/Services

12.8.   Hexa United LLC

12.8.1.             Business Overview

12.8.2.             Key Revenue and Financials (If available)

12.8.3.             Recent Developments

12.8.4.             Key Personnel

12.8.5.             Key Product/Services

12.9.   Al-Nafie Steel

12.9.1.             Business Overview

12.9.2.             Key Revenue and Financials (If available)

12.9.3.             Recent Developments

12.9.4.             Key Personnel

12.9.5.             Key Product/Services

12.10.Armetal Stainless Pipe

12.10.1.          Business Overview

12.10.2.          Key Revenue and Financials (If available)

12.10.3.          Recent Developments

12.10.4.          Key Personnel

12.10.5.          Key Product/Services

13. Strategic Recommendations

13.1.   More focused on 300 series segment

13.2.   More focused on Riyadh region

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