Saudi Arabia Structural Steel Market Report and Forecast 2024-2032

Saudi Arabia Structural Steel Market Size

Saudi Arabia structural steel market size is projected to grow at a CAGR of 4.9% between 2024 and 2032.

Key Takeaways:

• According to the World Bank in 2022, the value added of industrial sector (including construction) constitutes 53.2% of the Saudi Arabian GDP invested.

• Demand for structural steel in Saudi Arabia is increasing due to its ability to be recycled – both partially and completely.

• IMF notes regulatory and business enhancements driving diversification. New laws fostering entrepreneurship, safeguarding investor rights, and cutting business costs spurred significant investment growth in 2022 thus boosting the Saudi Arabia structural steel market growth.

Structural steel is hailed as a versatile and essential construction material, valued for its strength, durability, and adaptability in various architectural and engineering applications. Primarily composed of iron and carbon, with minor elements included, this steel attains its exceptional qualities through a precise manufacturing process involving specific heating and cooling techniques. Its remarkable tensile strength and flexibility enable the creation of robust frameworks and load-bearing structures such as buildings, bridges, and industrial facilities.

The malleability of structural steel allows for easy shaping and customization, empowering architects, and engineers to design intricate and innovative structures. Furthermore, its resistance to corrosion and fire enhances its reliability and longevity. As an environmentally friendly and recyclable material, structural steel plays a pivotal role in modern construction, contributing significantly to the efficiency and safety of a wide range of projects.

According to World Bank in 2022, the industrial sector in Saudi Arabia, including construction, is experiencing rapid growth. A significant portion, 53.2% of the GDP, is being invested in this sector, which has contributed to Saudi Arabia structural steel market.

Key Trends and Developments

The Saudi Arabia structural steel market growth is propelled by robust advances in the industrial sector, the adoption of sustainable construction practices, cost efficiency, and rising investments.

October 2023

Eversendai collaborated with Algihaz Holding Construction to create Eversendai Algihaz Structures, focusing on securing and executing major structural steel projects within the Kingdom of Saudi Arabia.

October 2023

Essar launched a $4 billion Saudi steel plant. This investment was aimed at constructing a low-carbon steel facility with an annual production capacity of 4 million tons in Ras Al-Khair, Saudi Arabia.

September 2022

The Minister of Industry and Mineral Resources unveiled Saudi Arabia's plan to revitalize the iron and steel sector, focusing on sustainable growth through global expertise and governmental collaboration.

February 2022

Trimble revealed that Zamil Steel opted for its software solutions, including Tekla PowerFab, to modernize steel fabrication across its facilities in India, Saudi Arabia, Egypt, and Vietnam.

Strong industrial sector growth

Under the Ministry of Industry and Mineral Resources and the National Industrial Development and Logistics Program, Saudi actively promotes advanced, clean manufacturing standards, supporting private sector competitiveness regionally and globally, thus boosting the Saudi Arabia structural steel market due to major construction projects.

Sustainable building methods

Saudi Arabia structural steel market developments is attributed to the growing focus on sustainability. As per the American Institute of Steel Construction, Structural steel boasts a 93% recycled content and is fully recyclable, rendering it a perpetually sustainable material. Disused bridges and buildings are reintegrated into the supply chain, contributing to a continuous loop of steel recycling.

Cost-effectiveness

Engineered to exact measurements, structural steel minimizes material wastage, leading to cost efficiency. Additionally, its installation requires fewer workers, reducing labour expenses compared to alternative construction materials, making it a financially prudent choice.

Increasing investments

As per the Saudi Arabia structural steel market analysis, the improvements in regulatory and business environments drove diversification in the country. New laws promoting entrepreneurship, protecting investor rights, and reducing business costs led to a 95% increase in new investment deals and a 267% rise in licenses in 2022.

Saudi Arabia Structural Steel Market Trends

As per the Saudi Arabia structural steel market report, structural steel beams featuring web openings enable an open-plan layout with fewer columns and efficient circulation space. This flexibility allows for easy modifications to internal walls and fixtures, making the building adaptable for various purposes.

A significant advantage of structural steel is the capacity to maximize space. Integration of mechanical ventilation in commercial buildings can be seamlessly done without altering the original layout or floor depth. This proves especially advantageous in adhering to building height restrictions.

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Market Segmentation

Saudi Arabia Structural Steel Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• H-Type Beam

• I-Type Beam

• Columns

• Angles

• Others

Market Breakup by End-Use

• Residential

• Commercial

• Manufacturing

Market Breakup by Usage

• Direct End-User

• EPC-Contractor

• Others

Market Breakup by Region

• Northern and Capital Region

• Western Region

• Eastern Region

• Others

In the Saudi Arabia structural steel market, the H-type beam segment holds a notable share based on product type

H-type beams are favoured for their ability to withstand heavier loads, making them suitable for large residential and commercial buildings. The reliability of H-type beams stems from their thick central web, expansive cross-sectional area, and broad flanges. The segment's growth is fuelled by substantial demand for H-type beam structural steel in large-scale construction projects.

The I-type beam segment is projected to grow rapidly due to its cost-effective nature. Additionally, I-type beams offer precise engineering and minimal residual stress, key advantages driving their popularity in the forecast period.

The residential sector commands a significant portion of Saudi Arabia structural steel market share based on its end use

The growth in this segment can be credited to the rising investments in new residential construction, driven by improving living standards, government policies, and rapid urbanization.

Additionally, the robust commercial construction industry is boosting demand for structural steel in the commercial segment.

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Competitive Landscape

The Saudi Arabia structural steel market is expanding through market players, with companies specializing in various steel products that are utilized in a wide range of commercial and residential projects across the country.

Saudi Iron and Steel Company (HADEED), a prominent integrated steel facility situated in Al Jubail, Saudi Arabia, was established in 1979 and commenced operations in 1983. Its steel products find application in diverse commercial and residential projects nationwide.

Al Ittefaq Steel Products Co (ISPC) is a significant steel manufacturer located in Saudi Arabia, specialising in a range of products such as welding electrodes, steel mesh, bolts, springs, and wires. The company, headquartered in Dammam, Saudi Arabia, also manufactures rebar coils, including standardized deformed rebar coils, serving diverse end-use sectors.

Alfanar Group, a well-known Saudi construction firm headquartered in Riyadh, specializes in producing electrical construction components, EPC solutions, and a variety of engineered products. Operating in the Middle East, Asia, Africa, and Europe, the company serves the needs of various end-use sectors.

Zamil Structural Steel Company Limited established in 1983, specializes in fabricating and installing structural steel and plate works for diverse industrial and commercial needs. They cater to power and desalination plants, petrochemical facilities, the oil and gas sector, cement plants, steel mills, high-rise buildings, and various industrial and commercial complexes.

Other key players in the Saudi Arabia structural steel market include Arabian Metal Product Organization, and Isam Khairi Kabbani Group among others.

Saudi Arabia Structural Steel Market by Region

Saudi Arabia structural steel market growth is predominantly led by the Northern and Capital regions. These regions have seen a surge in corporate investments for business establishment, spurred by the presence of a strategic regional development office.

The market demand in the Eastern and Western regions of Saudi Arabia is on the rise due to the expanding construction sector, infrastructure development, and business activities. Additionally, investments are increasing due to Vision 2030 initiatives.

Key Highlights of the Report

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Saudi Arabia Structural Steel Market Report Snapshots

Saudi Arabia Structural Steel Market Size

Saudi Arabia Structural Steel Market Trends

Saudi Arabia Structural Steel Companies

Saudi Arabia Structural Steel Market Regional Analysis