Market Size of Saudi Arabia GRC Cladding Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 16.35 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Saudi Arabia GRC Cladding Market Analysis
The size of Saudi Arabia GRC Cladding Market is USD 321.1 million in the current year and is anticipated to register a CAGR of over 16.53% during the forecast period.
- Growing construction projects in Saudi Arabia, coupled with increasing government initiatives such as the National Transformation Program of 2020, aiming to implement smart city projects in 10 cities of Saudi Arabia, would increase the market demand for GFRC. Saudi Arabia's Vision 2030 transformation agenda has so far unleashed almost USD 1 trillion worth of infrastructure and real estate projects across the country.
- Adding cladding to the building's exterior provides an aesthetic choice that makes the completed structure all the difference. Not only will it look pleasing to the eye, but once buyers come forward to express interest, the cladding will also add monetary value to the property. This will help the market to grow. Saudi Arabia is leading the world in hotel supply growth. The growing hospitality sector will drive the market with 73,057 hotel rooms in the pipeline across the planning, final planning, and construction phases.
- Moreover, SASO has standard specifications regarding fire safety while building claddings. GRC is effective at fire resistance and incombustible, so these laws and regulations will benefit the market growth.
- Saudi is promptly becoming a highly popular investment place in terms of industrial improvement for foreign investors owing to various government programs to support various investments. This is attributed to government investments in huge infrastructure projects, rising disposable incomes of the citizens, increasing popularity of GRC claddings, fire safety regulations, and environmental protection targets.
Saudi Arabia GRC Cladding Industry Segmentation
GRC cladding, also known as glass fiber reinforced concrete, is a highly versatile cladding product made up of numerous different ingredients and elements, including fiberglass. By molding GRC concrete into thin, lightweight panels, it can be shaped and altered into a variety of different and extensive structures. This makes it one of the ideal options for alternative prefabricated cladding.
Saudi Arabia's GRC cladding market is segmented by process(spray, premix, and hybrid) and by application(commercial construction, residential construction, and civil and other infrastructure construction). The report offers market size and forecasts for the Saudi Arabia's GRC cladding market in value (USD million) for all the above segments.
| By Process | |
| Spray | |
| Premix | |
| Hybrid |
| By Application | |
| Commercial Construction | |
| Residential Construction | |
| Civil and Other Infrastructure Construction |
Saudi Arabia GRC Cladding Market Size Summary
The Saudi Arabia GRC Cladding market is poised for significant growth, driven by a surge in construction activities and government initiatives like the National Transformation Program and Vision 2030. These programs are spearheading smart city projects and massive infrastructure developments, which are expected to boost the demand for Glass Fiber Reinforced Concrete (GFRC) cladding. The aesthetic and monetary value added by cladding to buildings is a key factor in its growing popularity, particularly in the rapidly expanding hospitality sector. With a substantial number of hotel rooms in the pipeline, the hospitality industry is a major contributor to the market's expansion. Additionally, stringent fire safety regulations and the material's inherent fire-resistant properties further support market growth.
The market landscape is characterized by a high degree of fragmentation, with numerous local and global players vying for market share. Companies are engaging in strategic collaborations, innovations, and expansions to enhance their offerings and maintain competitiveness. Local suppliers are particularly active in building partnerships with global entities to diversify their product portfolios and improve customer relations through aftersales services. Key players in the market include ARTIC, Acementiat Factory, DURRAKA, and others, who are instrumental in driving the market forward. The ongoing urbanization, increased disposable incomes, and the Kingdom's focus on becoming a hub for industrial investment are additional factors propelling the GRC cladding market in Saudi Arabia.
Saudi Arabia GRC Cladding Market Size - Table of Contents
-
1. MARKET INSIGHTS AND DYNAMICS
-
1.1 Market Overview
-
1.2 Market Dynamics
-
1.2.1 Drivers
-
1.2.2 Restraints
-
1.2.3 Oppurtunities
-
-
1.3 Supply Chain Analysis
-
1.4 Industry Attractiveness - Porter's Five Forces Analysis
-
1.4.1 Bargaining Power of Suppliers
-
1.4.2 Bargaining Power of Consumers
-
1.4.3 Threat of New Entrants
-
1.4.4 Threat of Substitutes Products and Services
-
1.4.5 Intensity of Competitive Rivalry
-
-
1.5 Impact of COVID-19 on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 By Process
-
2.1.1 Spray
-
2.1.2 Premix
-
2.1.3 Hybrid
-
-
2.2 By Application
-
2.2.1 Commercial Construction
-
2.2.2 Residential Construction
-
2.2.3 Civil and Other Infrastructure Construction
-
-
Saudi Arabia GRC Cladding Market Size FAQs
What is the current Saudi Arabia GRC Cladding Market size?
The Saudi Arabia GRC Cladding Market is projected to register a CAGR of greater than 16.35% during the forecast period (2024-2029)
Who are the key players in Saudi Arabia GRC Cladding Market?
TUNSIF, PETRACO, ARTIC, DURRAKA and Albitar Factory Co. are the major companies operating in the Saudi Arabia GRC Cladding Market.
