GCC Flat Steel Market, By Type (Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), Coated Steel, Coil Plate, Reversing Mill Plate, and Others), Specification (Sheets, bars, Pipe, Wire, and Foils), Industry (Building Frames/Construction, Energy Industry, Industrial, Automotive, Railways, Packaging, Home Appliances, Defense, Transportation Containers, Shipbuilding Components, Agricultural Equipment, and Ornamental/Artistic Pieces)-Industry Trends and Forecast to 2030.
GCC Flat Steel Market Analysis and Size
The GCC flat steel market is expected to grow significantly in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 5.96% in the forecast period of 2023 to 2030 and is expected to reach USD 13,710,695.66 thousand by 2030. The major factor driving the growth of the market is the increasing infrastructure and construction sector in GCC regions.
Flat steel, also known as flat bar or flat metal, is a type of steel product that is characterized by its flat, rectangular cross-section. It is a versatile and widely used form of steel in various industrial applications, construction, and fabrication. Flat steel is produced in various sizes and thicknesses to suit different needs. The growth of the construction industry, driven by urbanization and infrastructure development, is a significant driver for the flat steel market. Also, the demand for automobiles and advancements in automotive technology can impact the flat steel market.
The GCC flat steel market report provides details of market share, new developments, and the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an analyst brief. Our team will help you create a revenue-impact solution to achieve your desired goal.
|
Report Metric
|
Details
|
|
Forecast Period
|
2023 to 2030
|
|
Base Year
|
2022
|
|
Historic Years
|
2021 (Customizable to 2015 - 2020)
|
|
Quantitative Units
|
Revenue in USD Thousand and Volume in Metric Tons
|
|
Segments Covered
|
Type (Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), Coated Steel, Coil Plate, Reversing Mill Plate, and Others), Specification (Sheets, bars, Pipe, Wire, and Foils), Industry (Building Frames/Construction, Energy Industry, Industrial, Automotive, Railways, Packaging, Home Appliances, Defense, Transportation Containers, Shipbuilding Components, Agricultural Equipment, and Ornamental/Artistic Pieces)
|
|
Countries Covered
|
KSA, United Arab Emiretes, Qatar, Kuwait, Oman, and Bahrain
|
|
Market Players Covered
|
SABIC, Al-Rajhi Steel, HYUNDAI STEEL, JFE Steel Corporation, Attieh Steel, thyssenkrupp AG, Mitwalli Steel Products Factory Co., JINDAL STAINLESS, ArcelorMittal, AL ITTEFAQ STEEL PRODUCTS CO., Tata Steel, NIPPON STEEL CORPORATION, Riyadh steel Co, UNICOIL, Alleima, United iron & Steel Company LLC, DANA STEEL, Essar and among others
|
GCC Flat Steel Market Definition
Flat steel is a broad term for a range of steel products characterized by their flat, thin, and rectangular shape. These steel sheets and plates are typically produced through rolling processes and can vary in thickness. Flat steel finds extensive use in various industries, including construction, automotive, manufacturing, and shipbuilding. It is a fundamental raw material for creating an array of products, from structural components in buildings to automobile body panels and appliances.
GCC Flat Steel Market Dynamics
Drivers
- Growing Infrastructure and Construction Sector
The Gulf Cooperation Council (GCC) region, comprising countries such as Saudi Arabia, U.A.E, Qatar, Kuwait, and Oman, has experienced significant economic growth in recent years. One of the primary drivers of this growth is the booming infrastructure and construction sector. This burgeoning industry plays a pivotal role in stimulating demand for flat steel products, positively impacting the market.
The GCC nations are witnessing rapid urbanization and population growth, leading to a surge in infrastructure development. With more people moving to cities and towns, there is a substantial demand for residential and commercial spaces. This, fuels the construction industry's growth, making flat steel an indispensable material for various applications such as roofing, cladding, and structural components.
- Expansion of Energy Sector
The Gulf Cooperation Council (GCC) countries, including Saudi Arabia, the U.A.E., Qatar, Kuwait, Oman, and Bahrain, have long been recognized for their rich oil and gas reserves. However, these nations are increasingly diversifying their economies and expanding their energy sectors beyond fossil fuels.
GCC countries invest heavily in renewable energy projects, particularly solar and wind power. The region's vast desert landscapes receive abundant sunlight throughout the year, making it an ideal location for solar energy production. The construction of solar farms, wind parks, and related infrastructure necessitates a substantial amount of flat steel for mounting structures, frames, and equipment support.
Opportunity
- High Adoption of Automation Technology
Automation has become a key driver of growth and efficiency in the steel industry, providing various benefits that contribute to the market's expansion. Automation technology streamlines steel production processes, optimizing operations for maximum efficiency. This reduces production time and fewer errors, ultimately enhancing productivity and cost-effectiveness.
However, precision control is a hallmark of automation systems. They ensure that the production process meets the highest quality standards, resulting in fewer defects and more uniform flat steel products. This is particularly valuable in meeting the stringent requirements of industries such as construction and automotive.
Automation allows for the efficient management of resources, from handling raw materials to controlling energy consumption. This reduces waste and lowers energy costs, aligning steel production with sustainability and environmental goals.
Moreover, automation technology minimizes human involvement in potentially hazardous processes, significantly improving workplace safety. Moreover, it ensures strict compliance with industry regulations and standards, reducing the risk of non-compliance penalties. Automation generates a wealth of data, offering valuable insights to inform decision-making. This data-driven approach allows for predictive maintenance, real-time adjustments, and overall performance optimization.
Restraints/Challenges
- Escalating Geopolitical Crisis in the Arab World
The market, while still witnessing growth, faces a notable challenge in the form of escalating geopolitical unrest in the Arab world. This unrest has become a significant issue impacting the market's dynamics. The stability and geopolitical situation in the GCC region are pivotal in ensuring the market's continued success. Any escalation in geopolitical tensions within the Arab world can directly and substantially impact the flat steel market.
The is vulnerable to supply chain disruptions caused by geopolitical crises. These disruptions may hinder the timely and efficient delivery of raw materials necessary for flat steel production. Transportation constraints or trade restrictions can lead to delays and increased production costs. This issue is particularly significant as it directly affects the industry's operational efficiency.
However, the geopolitical unrest in 2023 can introduce uncertainties in energy prices, inflation, and currency devaluation, causing an increase in production costs for flat steel. As costs rise, manufacturers may need to consider either absorbing these expenses or passing them on to consumers, potentially impacting the market's competitiveness.
- Fluctuations in the Prices of Raw Materials
The market continues to thrive, primarily fueled by the growing construction, manufacturing, and automotive sectors. Raw materials, especially iron ore and steel scrap, remain fundamental to the flat steel industry. Sudden and unpredictable price variations can significantly impact the market's stability and profitability.
Recent Developments
- 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.
- 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 of this kind in a cold press forming application.
GCC Flat Steel Market Scope
The GCC flat steel market is categorized based on type, specification, and industry. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Type
- Hot Rolled Coil (HRC)
- Cold Rolled Coil (CRC)
- Coated Steel
- Coil Plate
- Reversing Mill Plate
- Others
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.
Specification
- Sheets
- Bars
- Pipe
- Wire
- Foils
On the basis of specification, the market is segmented into sheets, bars, pipe, wire, and foils.
Industry
- Building Frames/Construction
- Energy Industry
- Industrial
- Automotive
- Railways
- Packaging
- Home Appliances
- Defense
- Transportation Containers
- Shipbuilding Components
- Agricultural Equipment
- Ornamental/Artistic Pieces
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.
Regional Analysis/Insights: GCC Flat Steel Market
The GCC flat steel market is segmented on the basis of type, specification, and industry.
The countries in the GCC flat steel market are KSA, United Arab Emiretes, Qatar, Kuwait, Oman, and Bahrain.
The KSA is expected to dominate the market in terms of market share and market revenue due to the increasing infrastructure and construction sector.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data point downstream and upstream value chain analysis, technical trends, porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Share Analysis: GCC Flat Steel Market
The GCC flat steel market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipeline, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to the market.
Some of the major players operating in the GCC flat steel market are SABIC, Al-Rajhi Steel, HYUNDAI STEEL, JFE Steel Corporation, Attieh Steel, thyssenkrupp AG, Mitwalli Steel Products Factory Co., JINDAL STAINLESS, ArcelorMittal, AL ITTEFAQ STEEL PRODUCTS CO., Tata Steel, NIPPON STEEL CORPORATION, Riyadh steel Co, UNICOIL, Alleima, United iron & Steel Company LLC, DANA STEEL, Essar and among others.
SKU-