GCC Structural Steel Fabrication Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

GCC Structural Steel Fabrication Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The GCC structural steel fabrication market is estimated to be around USD 3.5 billion in 2018 and grow at a CAGR of approximately 4.7% during the forecast period.

Key Highlights

• Owing to the increased steel consumption and the proposal of infrastructural projects, Saudi Arabia is estimated to be the largest market for structural steel fabrication among the GCC countries followed by UAE in 2018.
• Increasing construction activities in the GCC region is one of the major factor for the growth of structural steel fabrication market in the GCC region.
• Due to economic diversification and the growing focus towards improving tourism among the GCC countries, the construction activities and the investment in infrastructure developments such as roads and railway projects are experiencing a surge in the region.

Key Market TrendsIncreasing Investments in the Construction and Infrastructure Sector

• The construction and manufacturing sectors that one of the growth areas for structural steel fabrication among the GCC countries are expected to grow more than 3% on average from 2017 to 2020
• The GCC countries are investing more than USD 100 billion in airports expansions as the Middle East passengers are projected to double by 2035 in the region. Also, more than 1,200 construction contracts worth approximately USD 544 million were awarded in 2016.
• For the Dubai Expo 2020, more than 45 contracts that were worth USD 3 billion were awarded in 2017 by the government of Dubai. These facts show the increasing investment on Construction and infrastructure development in the GCC region.
• Kuwait’s investment of USD 15.6 billion for infrastructure development, Bahrain’s Diyar Al Muharraq’s USD 2.5 billion to construct a waterfront city at Bahrain Bay comprising of seven islands, Qatar’s investment of up to USD 13 billion in major infrastructure projects are expected to boost the market for structural steel fabrication primarily in the construction sector for the next few years.

Rising demand for prefabricated buildings

• As per recent study, steel buildings account for the majority of the prefabricated buildings in the GCC region.
• The focus towards environmental friendly construction coupled with the rising population in the GCC region is increasing the demand for prefabricated buildings as they are more affordable and environmental friendly than conventionally constructed buildings and also do not generate any on-site waste.
• The increasing tourism activities in the region due to the development of infrastructural activities have increased the demand for prefabricated buildings in the region primarily in the UAE and Saudi Arabia.
• The UAE Expo 2020 and FIFA world Cup 2022 in Qatar are few of the major factors that are expected to boost the market for modular construction and prefabricated buildings in the GCC region.

Competitive Landscape

The report covers the major players operating in the GCC structural steel fabrication market. In terms of market share, the companies in the region compete heavily with no major share as the market is majorly occupied by small and medium sized players and hence the market is highly competitive and fragmented.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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