Market Forecast by Countries (Saudi Arabia, UAE, Qatar, Kuwait, Oman, Bahrain and Turkey), Market Forecast By Types (Flat Steel, Long Steel), By Product Type (Structural Steel, Prestressing Steel, Bright Steel, Welding Wire/Rod, Iron Steel Wire, Ropes, Braids), By Applications (Building & Construction, Electrical Appliances, Metal Products, Domestic Appliances, Mechanical Equipment, Automotive, Others) And Competitive Landscape
Product Code: ETC060037 | Publication Date: Feb 2023 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 |
Middle East Steel Market is experiencing robust growth owing to the several latest developments in the industry which include increased demand for construction and infrastructure projects, particularly in countries such as Saudi Arabia and the United Arab Emirates. Also, the efforts to expand the production capacity and efforts to diversify economies away from oil and towards manufacturing have helped to drive demand for steel in the country. The region has also been investing in expanding its steel production capabilities and has plans to become a major exporter in the global market. Additionally, there have been several partnerships and collaborations between Middle Eastern countries and international steel companies which aims at increasing efficiency and competitiveness in the global market.
The region is also exploring alternative steel production methods, such as electric arc furnace technology, to reduce costs and increase sustainability. Moreover, the growing competition compels steel producers to shift their focus on improving the quality of their products to attract more customers. Furthermore, the steel producers are diversifying their product portfolio to include value-added products such as coated steel, to cater to the growing demand for specialized steel products.
Middle East Steel Market is expected to register growth in the coming time zone. Strong government expenditure, buoyed by high energy prices will continue to spur construction lead steel demand for the region. In addition, with all eyes on the Middle East, it has great potential to develop its manufacturing industry which will pull the demand in subsequent years. GCC steel producers must focus on improving the supply chain process and reducing operating costs besides improving customer services in order to be efficient producers and overcome the market challenges which include global protectionism, a surge of raw material prices, slugging demand and a drop in selling prices. Companies including Quatal steel, Emirate’s steel, SABIC steel, and Bahrain steel are reinforcing their competitive advantage in the steel business and focusing on securing new growth engines driven by innovative technologies including IoT, AI, and big data which have been forecasted to infuse a or bust growth in the long and flat steel market during the coming year. Due to the Covid-19 impact, the construction industry in the GCC has suffered much in 2020 with economic stocks of covid-19 and tumbling oil prices that left demand for construction materials such as rebar weaker for more than a year.
According to 6Wresearch, the Middle East Steel Market is likely to grow during 2021-2027. Gross domestic product growth should be an overall benefit for all businesses, and getting closer to the 2020 Expo in Dubai should be particularly beneficial for our galvanized sector because demand for steel only comes towards the completion of a construction project. Iran recorded the highest crude steel output in the region with 21.726 million tons of output. The country ranked as the 13th largest steel-producing nation in 2017. Saudi Arabia produced 4.77 million tonnes of crude steel in 2017. Qatar produced 2.64 million tonnes of crude steel in 2017.
In recent years UAE structural steel market industry trends, share, size, growth, opportunity and forecast for 2021-2026 find that UAE structural steel market reached a value of US$ 1,055 Million in 2020. The Qatar metal working market was valued at USD 1766.48 million in 2018 and is expected to grow with a CAGR of 4.84% over the forecast period of 2019-2024. The Saudi Arabia structural steel market reached a value of US$ 1577.5 million in 2020. In long products, rebar dominates finished steel consumption in UAE. Similarly, flat products have been segmented into coils, strips and plates. Qatar steel's main business is the production of Reinforcement bars, wire rods of different grades, hot briquetted iron and billets. Turkey produces pipes and tubes.
The Middle East steel market report thoroughly covers the market by product type, distribution channels, and countries including Saudi Arabia, UAE, Qatar, Kuwait, Oman, Bahrain, Turkey and the rest of the Middle East. The Middle East steel market outlook report provides an unbiased and detailed analysis of the ongoing Middle East steel market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The COVID-19 pandemic has had a significant impact on the Middle East Steel Market. The widespread disease has led to disruptions in the global supply chain and reduced demand for steel in the country, causing a decline in steel prices. The energy sector, a major consumer of steel in the Middle East, was also negatively impacted by the pandemic. Additionally, the restrictions on trade and transportation caused by the pandemic have made it more difficult for steel companies in the region to export their products. Despite these challenges, the Middle East Steel Industry is expected to recover as economies gradually reopen and demand steel increases.
The report provides a detailed analysis of the following market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Middle East Steel Market Overview |
3.1 Middle East Regional Macro Economic Indicators |
3.2 Middle East Steel Market Revenues & Volume, 2020 & 2027F |
3.3 Middle East Steel Market - Industry Life Cycle |
3.4 Middle East Steel Market - Porter's Five Forces |
3.5 Middle East Steel Market Revenues & Volume Share, By Countries, 2020 & 2027F |
3.6 Middle East Steel Market Revenues & Volume Share, By Types, 2020 & 2027F |
3.7 Middle East Steel Market Revenues & Volume Share, By Product Type, 2020 & 2027F |
3.8 Middle East Steel Market Revenues & Volume Share, By Applications, 2020 & 2027F |
4 Middle East Steel Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Middle East Steel Market Trends |
6 Saudi Arabia Steel Market, 2017 - 2027 |
6.1.1 Saudi Arabia Steel Market, Revenues & Volume, By Types, 2017 - 2027 |
6.1.2 Saudi Arabia Steel Market, Revenues & Volume, By Product Type, 2017 - 2027 |
6.1.3 Saudi Arabia Steel Market, Revenues & Volume, By Applications, 2017 - 2027 |
7 UAE Steel Market, 2017 - 2027 |
7.1 UAE Steel Market, Revenues & Volume, By Types, 2017 - 2027 |
7.2 UAE Steel Market, Revenues & Volume, By Product Type, 2017 - 2027 |
7.3 UAE Steel Market, Revenues & Volume, By Applications, 2017 - 2027 |
8 Qatar Steel Market, 2017 - 2027 |
8.1 Qatar Steel Market, Revenues & Volume, By Types, 2017 - 2027 |
8.2 Qatar Steel Market, Revenues & Volume, By Product Type, 2017 - 2027 |
8.3 Qatar Steel Market, Revenues & Volume, By Applications, 2017 - 2027 |
9 Kuwait Steel Market, 2017 - 2027 |
9.1 Kuwait Steel Market, Revenues & Volume, By Types, 2017 - 2027 |
9.2 Kuwait Steel Market, Revenues & Volume, By Product Type, 2017 - 2027 |
9.3 Kuwait Steel Market, Revenues & Volume, By Applications, 2017 - 2027 |
10 Oman Steel Market, 2017 - 2027 |
10.1 Oman Steel Market, Revenues & Volume, By Types, 2017 - 2027 |
10.2 Oman Steel Market, Revenues & Volume, By Product Type, 2017 - 2027 |
10.3 Oman Steel Market, Revenues & Volume, By Applications, 2017 - 2027 |
11 Bahrain Steel Market, 2017 - 2027 |
11.1 Bahrain Steel Market, Revenues & Volume, By Types, 2017 - 2027 |
11.2 Bahrain Steel Market, Revenues & Volume, By Product Type, 2017 - 2027 |
11.3 Bahrain Steel Market, Revenues & Volume, By Applications, 2017 - 2027 |
12 Turkey Steel Market, 2017 - 2027 |
12.1 Turkey Steel Market, Revenues & Volume, By Types, 2017 - 2027 |
12.2 Turkey Steel Market, Revenues & Volume, By Product Type, 2017 - 2027 |
12.3 Turkey Steel Market, Revenues & Volume, By Applications, 2017 - 2027 |
13 Rest of Middle East Steel Market, 2017 - 2027 |
13.1 Rest of Middle East Steel Market, Revenues & Volume, By Types, 2017 - 2027 |
13.2 Rest of Middle East Steel Market, Revenues & Volume, By Product Type, 2017 - 2027 |
13.3 Rest of Middle East Steel Market, Revenues & Volume, By Applications, 2017 - 2027 |
14 Middle East Steel Market Key Performance Indicators |
15 Middle East Steel Market - Opportunity Assessment |
15.1 Middle East Steel Market Opportunity Assessment, By Countries, 2020 & 2027F |
15.2 Middle East Steel Market Opportunity Assessment, By Types, 2020 & 2027F |
15.3 Middle East Steel Market Opportunity Assessment, By Product Type, 2020 & 2027F |
15.4 Middle East Steel Market Opportunity Assessment, By Applications, 2020 & 2027F |
16 Middle East Steel Market - Competitive Landscape |
16.1 Middle East Steel Market Revenue Share, By Companies, 2020 |
16.2 Middle East Steel Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Company Profiles |
18 Recommendations |
19 Disclaimer |