Market Size of Saudi Arabia Structural Steel Fabrication Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 2.21 Billion |
| Market Size (2029) | USD 3.76 Billion |
| CAGR (2024 - 2029) | 11.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Structural Steel Fabrication Market Analysis
The Saudi Arabia Structural Steel Fabrication Market size is estimated at USD 2.21 billion in 2024, and is expected to reach USD 3.76 billion by 2029, growing at a CAGR of 11.30% during the forecast period (2024-2029).
- Steel buildings already have a reputation in the construction business for having a lightning-fast manufacturing and assembly process, and it will only get faster. As life becomes more frantic, the technology used to manufacture and assemble steel structures will continue to evolve to meet the demand for more efficiency.
- To stay up with the demand to speed up production and assembly, experienced construction professionals will use the latest equipment and most forward-thinking tactics. With better data access, firms can greatly improve estimating and planning processes as design technology advances to 4D, 5D, and even 6D capabilities.
- Saudi Arabia's bedrock of megaprojects and increasing investment opportunities demonstrate how infrastructure development has become a national priority for Saudi Arabia. As a result, Saudi Arabia is home to some of the region's most significant infrastructure projects, including the upcoming Riyadh Metro, Jeddah Metro, Makkah Public Transport Programme, AlUla International Airport, and Red Sea International Airport. Furthermore, the kingdom's infrastructure is undergoing a transformation, which is aided by the establishment of the new National Infrastructure Fund (NIF).
- The lockdown harmed the labor-intensive sector. This was due to migrant workers being stuck at construction sites, and the halting of construction activity hampered the market's expansion. Travel restrictions had an impact on the construction materials trade all around the world. As a result, construction material supply and demand nearly halted. As a consequence, the structural steel market witnessed unanticipated outages, whipsaw pricing, and supply chain disruption.
Saudi Arabia Structural Steel Fabrication Industry Segmentation
Structural steel fabrication is the process of bending, cutting, and modeling steel to create a structure. For structural steel fabrication, steel parts are often put together to create different structures of predefined sizes and shapes.
The Saudi Arabia structural steel fabrication market is segmented by end-user industry (manufacturing, power and energy, construction, oil and gas, and other end-user industries) and product type (heavy sectional steel, light sectional steel, and other product types).
The report offers the market sizes and forecasts for the Saudi Arabia structural steel fabrication market in value (USD) for all the above segments.
| By End-Use Industry | |
| Manufacturing | |
| Power & Energy | |
| Construction | |
| Oil & Gas | |
| Other End-Use Industries |
| By Product Type | |
| Heavy Sectional Steel | |
| Light Sectional Steel | |
| Other Product Types |
Saudi Arabia Structural Steel Fabrication Market Size Summary
The Saudi Arabia structural steel fabrication market is poised for significant growth, driven by the country's ambitious infrastructure projects and national development strategies. As Saudi Arabia continues to prioritize megaprojects, such as the Riyadh Metro and various airport developments, the demand for efficient and cost-effective construction solutions like structural steel is on the rise. The market is characterized by rapid technological advancements, with the adoption of sophisticated design technologies enhancing the efficiency of steel structure manufacturing and assembly. This evolution is further supported by the establishment of the National Infrastructure Fund, which aims to transform the kingdom's infrastructure landscape. Despite challenges posed by the pandemic, such as supply chain disruptions and labor shortages, the market is rebounding with a focus on smart building technologies and prefabricated solutions to address the growing need for affordable housing.
The competitive landscape of the Saudi Arabian structural steel fabrication market is highly fragmented, with numerous small and medium-sized enterprises vying for market share. Key players like Attieh Steel and Gulf Specialized Works are expanding their geographic reach and forming strategic partnerships to enhance their service offerings and reduce costs. The market's competitiveness is further fueled by the entry of new players offering customized services tailored to industry-specific needs. Recent developments, such as the joint venture between Eversendai Resources and Algihaz, highlight the ongoing efforts to capitalize on the burgeoning demand for structural steel projects. As the kingdom aligns its housing policies with global trends, the integration of structural steel in residential developments is expected to play a crucial role in meeting the country's housing demands efficiently.
Saudi Arabia Structural Steel Fabrication Market Size - Table of Contents
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1. MARKET INSIGHTS & DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Infrastructure
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1.2.2 Vision 2030
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1.2.3 Increasing Tourism
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1.3 Market Restraints
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1.3.1 Increasing Price of Steel
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1.3.2 Lack of Skilled Worker
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1.4 Market Opportunities
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1.5 Value Chain / Supply Chain Analysis
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1.6 Porter's Five Forces Analysis
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1.6.1 Threat of New Entrants
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1.6.2 Bargaining Power of Buyers/Consumers
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1.6.3 Bargaining Power of Suppliers
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1.6.4 Threat of Substitute Products
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1.6.5 Intensity of Competitive Rivalry
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1.7 Technological Snapshot
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1.8 Government Regulations & Key Initiatives
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2. MARKET SEGMENTATION
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2.1 By End-Use Industry
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2.1.1 Manufacturing
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2.1.2 Power & Energy
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2.1.3 Construction
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2.1.4 Oil & Gas
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2.1.5 Other End-Use Industries
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2.2 By Product Type
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2.2.1 Heavy Sectional Steel
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2.2.2 Light Sectional Steel
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2.2.3 Other Product Types
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Saudi Arabia Structural Steel Fabrication Market Size FAQs
How big is the Saudi Arabia Structural Steel Fabrication Market?
The Saudi Arabia Structural Steel Fabrication Market size is expected to reach USD 2.21 billion in 2024 and grow at a CAGR of 11.30% to reach USD 3.76 billion by 2029.
What is the current Saudi Arabia Structural Steel Fabrication Market size?
In 2024, the Saudi Arabia Structural Steel Fabrication Market size is expected to reach USD 2.21 billion.
