Saudi Arabia Carbon Steel Wire Rod Market (2023-2029) | Size, Growth, Industry, Revenue, Forecast, Value, Analysis, Share, Trends, Outlook & COVID-19 IMPACT

Saudi Arabia Carbon Steel Wire Rod Market Synopsis

The Saudi Arabia Carbon Steel Wire Rod Market is expected to show strong growth over the coming years on account of growing construction, transportation and infrastructure sectors, which have major application of wire rod such as in making of stirrups and tie bars for reinforcements and other structural members of the building. Moreover, infrastructural projects in sports, entertainment, hospitality and tourism industry in the kingdom is expected to provide necessary impetus to wire rod market, the Saudi Arabia Government in December 2019 had established a fund linked with National Development fund to invest in water, transportation, energy, education, health, digital infrastructure, and communication and enhance the overall capacity through infrastructure development. Also, the PIF (Public Investment Fund) is aiming to manage assets over $1 trillion by 2030 further boosting the ambitious Saudi Vision 2030 with major giga projects such as Neom, Red Sea, Qiddiya and Roshn underway, which would further increase the demand for building material hence boosting the carbon steel wire rod market in Saudi Arabia.

According to 6Wresearch, Saudi Arabia Carbon Steel Wire Rod market size is projected to grow at a CAGR of 4.4% during 2023-2029. The growth would be primarily driven by rising public as well as private investment in infrastructure, real estate and other metro and roadway projects. In order to diversify its economy and lowering dependence on revenue from oil sector the Kingdom of Saudi Arabia is transforming non-oil industries such as hospitality, healthcare, tourism for sustainable and continuous growth. Projects worth $400 billion are sanctioned which add to 40% of total projects under the pipeline with total value of $1.1 trillion. Moreover, it is estimated that projects worth $569 billion would be awarded during 2021-2025 and of which between 2021-2022 (October) projects worth $85 billion has already been awarded and these major investments are for building private and public infrastructure and other futuristic buildings and commercial centers which would propel the market for Saudi Arabia carbon steel wire rod market. 

Market by Carbon Steel Type

With its major application in construction and related activities, low carbon steel type dominates the market and with several giga projects such as NEOM and The Red Sea in pipeline its consumption would remain high in Saudi Arabia carbon steel wire rod market.

Market by Product Type

Rebar holds the largest revenue and volume share in Saudi Arabia carbon steel wire rod market on the back of its higher applications in RCC structures as a reinforcing material to provide tensile strength to the concrete. Also, rising adoption of techniques and designs to make buildings earthquake proof give higher consumption prospect to the rebars, which would further push the rebar type to hold the dominant share in coming years as well.

Market by Rebar Type

In Saudi Arabia carbon steel wire rod market, rebar types of sizes 8 mm and 10 mm would grow at the fastest pace on the back of their higher applications in RCC structures such as to make main rebars stable and in fixed position to avoid deformity in structures and growing RCC structures in construction sector would propel the growth of these two sizes”

Market by Plain Type

Having its wider applications in automotive sector along with manufacturing of spokes, fasteners, barbed wires, agriculture wires and crane wires etc. the 6.5mm plain wire rod would witness the steepest growth followed by 7mm and 8mm plain wire rods respectively.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Saudi Arabia Carbon Steel Wire Rod Market Overview
• Saudi Arabia Carbon Steel Wire Rod Market Outlook
• Saudi Arabia Carbon Steel Wire Rod Market Forecast
• Historical Data and Forecast of Saudi Arabia Carbon Steel Wire Rod Market Revenues for the Period 2019-2029F
• Historical Data and Forecast of Saudi Arabia Carbon Steel Wire Rod Market Revenues, By Carbon steel Type, for the Period 2019-2029F
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• Historical Data and Forecast of India Biological Safety Cabinets Market Revenues, By By Plain Type, By Size and Applications, for the Period 2019-2029F
• Historical Data and Forecast of India Biological Safety Cabinets Market Revenues, By Rebar Type, By Size and Applications, for the Period 2019-2029F
• Market Drivers and Restraints
• Industry Life Cycle
• Porter’s Five Force Analysis
• Impact Analysis of COVID-19
• Market Trends
• Saudi Arabia Carbon Steel Wire Rod Market Export-Import Analysis
• Saudi Arabia Carbon Steel Wire Rod Market Key Project Analysis
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Carbon Steel Type

• Low Carbon
• Medium Carbon
• High Carbon

By Product Type

• Plain
• Rebar

By Rebar Type

• By Size
  • 6mm to 14mm
  • Construction

By Plain Type

• By Size
  • 5.5mm to 16mm
  • Industrial

Frequently Asked Questions About the Market Study (FAQs):