It is anticipated that the flat steel market in Turkey and the GCC will experience a substantial compound annual growth rate (CAGR) of 5.22% during the review period.
The construction industry's expansion in Saudi Arabia is substantially increasing the demand for flat steel products in the GCC region and Turkey. The demand for durable construction materials, primarily flat steel, has increased as Saudi Arabia undertakes extensive infrastructure projects and economic reforms. This demand is also being influenced by the modernization of manufacturing facilities and the expansion of the industrial sector, as flat steel is indispensable for a variety of applications, such as structural components and building frameworks. Crown Prince Mohammed bin Salman's ambitious Vision 2030 initiative is a significant factor in the expansion of construction activities. Vision 2030 aims to establish Saudi Arabia as a global investment leader by diversifying the Saudi economy and reducing its reliance on hydrocarbon revenues. With a particular emphasis on the infrastructure, tourism, and entertainment sectors, the strategy incorporates more than USD 1.25 trillion in projects.
Market Segmentation
The Turkey & GCC flat steel market has been segmented into four categories: Hot-Rolled Sheets, Cold-Rolled Sheets, Plates & Strips, and Others. This breakdown is based on type.
The market has been segmented into API Grades, Structural Grades, High-Strength Low-Alloy (HSLA) Grades, Stainless Steel Grades, and Others, based on grade.
The market has been segmented into three categories: Below 3 mm, between 3 mm to 20 mm, and Above 20 mm, based on thickness.
The Turkey & GCC flat steel market has been segmented into three categories based on width: 1 to 3 meters, 3 to 6 meters, and Above 6 meters.
The market has been divided into Basic Oxygen Furnace and Electric Arc Furnace based on the production procedure.
The Turkey & GCC flat steel market has been segmented into the following categories based on end-use: Building & Construction, Automotive & Transportation, Mechanical Equipment, Electronics, Consumer Goods & Appliances, Oil & Gas, Energy, and Others.
Major Players
Erdemir, Tatmetal, Çolakoglu Metalurji A.S., Tosyalı Holding, Hadeed, Borçelik, Mitwalli Steel, Yıldız Demir Çelik, and HABAŞ are the primary participants in the flat steel market of Turkey and the GCC.
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