Growing Infrastructure and Construction Sector is expected to Drives the Growth of the GCC Flat Steel Market

The GCC nations are witnessing rapid urbanization and population growth, leading to a surge in infrastructure development. There is a substantial demand for residential and commercial spaces. This fuels the construction industry's growth, making flat steel indispensable for various applications such as roofing, cladding, and structural components.

The expansion of the infrastructure and building industries in the GCC is closely associated with the growth of the market. Strong demand for flat steel goods results from continued urbanization, government investments, economic diversification, and the expansion of the tourism sector. While the Gulf Cooperation Council (GCC) persists in emphasizing infrastructure development and economic diversification, the region's demand for flat steel is anticipated to rise steadily, offering substantial prospects for steel producers and suppliers. The Gulf Cooperation Council (GCC) region, comprising countries such as Saudi Arabia, U.A.E, Qatar, Kuwait, Bahrain, and Oman, has experienced significant economic growth in recent years. Thus, the growing infrastructure and construction sector is driving the market growth.

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Data Bridge Market Research analyzes that the GCC Flat Steel Market is expected to grow with a CAGR of 5.96% from 2023 to 2030 and is expected to reach USD 13,710,695.66 thousand by 2030.

Key Findings of the Study

Expansion of Energy Sector is Driving the Market Growth

The Gulf Cooperation Council (GCC) countries, including Saudi Arabia, U.A.E., Qatar, Kuwait, Oman, and Bahrain, have been recognized for their rich oil and gas reserves. However, these countries are growing their energy sectors beyond fossil fuels and diversifying their economies more.

The expansion of the energy sector in the GCC region represents a significant driver for the market. The increasing focus on renewable energy, nuclear power, oil and gas development, and the associated infrastructure projects leads to a growing demand for flat steel. This trend diversifies the region's economy and provides substantial opportunities for flat steel manufacturers and suppliers. The demand for flat steel is expected to remain on an upward trajectory as long as the GCC countries continue to invest and expand their energy sectors. Thus, the expansion of the energy sector is boosting the market growth.

Report Scope and Market Segmentation

Segment Analysis

The GCC flat steel market is segmented into three notable segments based on type, specification, and industry.

• On the basis of type, the market is segmented into Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), coated steel, coil plate, reversing mill plate, and others.

In 2023, the Hot Rolled Coil (HRC) segment of type is anticipated to dominate the GCC flat steel market

In 2023, the Hot Rolled Coil (HRC) segment is expected to dominate the market with a 32.39% market share due to its cost-effectiveness and versatility, meeting strong demand for construction and infrastructure projects in the region.

• On the basis of specification, the market is segmented into sheets, bars, pipe, wire, and foils.

In 2023, the sheets segment of specification is anticipated to dominate the GCC flat steel market

In 2023, the sheets segment is expected to dominate the market with a 37.41% market share due to common use in the construction, manufacturing, and automotive sectors, making them a preferred choice for various applications.

• On the basis of industry, the market is segmented into building frames/construction, energy industry, industrial, automotive, railways, packaging, home appliances, defense, transportation containers, shipbuilding components, agricultural equipment, and ornamental/artistic pieces, In 2023, the building frames/construction segment is expected to dominate the market with a 42.87% market share.

Major Players

Data Bridge Market Research analyzes SABIC (Saudi Arabia), Al-Rajhi Steel (Saudi Arabia), HYUNDAI STEEL (India), JFE Steel Corporation (India), Attieh Steel (Jeddah) as the major players of GCC flat steel the market.

Market Developments

• In October 2023, Following the completion of its USD 4.5 billion integrated steel project, Indian conglomerate Essar Group is planning another round of mega investments in Saudi Arabia, including a port-related project in Ras Al-Khair and additional investments in its technology solutions company Black Box to further expand its business in the kingdom and GCC. The infrastructure-to-energy company also plans to establish a regional base in Riyadh, Saudi Arabia, as part of its ambitious aspirations to develop several of its companies in the country and the region.
• In September 2023, Essar will go 'global' to gather funds to help finance its forthcoming USD 4.5 billion green integrated steel factory in Saudi Arabia, Green Steel Arabia (GSA), which is being addressed as one of the largest Indian investments in the Middle East in recent years. Essar will build a 4.0 million tons (MTPA) integrated flat green steel complex and a port facility in Saudi Arabia's Ras Al-Khair Industrial City.
• In November 2021, The Red Sea Development Company (TRSDC) and SABIC subsidiary Hadeed signed a Memorandum of Understanding (MoU) to begin negotiations on the feasibility of steel supplies and solutions for the Red Sea project, as well as to establish a framework for knowledge sharing. This enables SABIC to contribute to the effective implementation of Saudi Vision 2030 while stimulating the national economy.
• In April 2021, NIPPON STEEL CORPORATION introduced ZAM-EX, highly corrosion-resistant coated steel sheets for export. Customers will be pleased with the increased adaptability of highly corrosion-resistant coated steel sheets. This new product assists the firm in gaining a competitive advantage over other companies' rival products in the relevant sector.
• In December 2020, JFE Steel Corporation reported that its 1.5 GPa-grade (1470 MPa) high-tensile strength cold-rolled steel sheets are currently used in car body structural elements, marking the world's first deployment in a cold press forming application. This is the greatest strength achieved by cold press forming vehicle body structural elements. Automakers use steel sheets in various applications, and JFE Steel has begun distributing these sheets to car parts suppliers. This assists the organization in gaining client recognition and attraction.

Regional Analysis

Geographically, the countries covered in the GCC flat steel market report are KSA, United Arab Emiretes, Qatar, Kuwait, Oman, and Bahrain.

As per Data Bridge Market Research analysis:

KSA is the dominant and be the fastest-growing country in the GCC flat steel market in the forecasat period of 2023-2030

KSA is expected to dominate and fastest the GCC flat steel market due to its growing usage of it in different industries.

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