Saudi Arabia Structural Steel Fabrication Market Size
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 2.21 Billion |
| Market Size (2029) | USD 3.76 Billion |
| CAGR (2024 - 2029) | 11.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Saudi Arabia Structural Steel Fabrication Market Analysis
The Saudi Arabia Structural Steel Fabrication Market size is estimated at USD 2.21 billion in 2024, and is expected to reach USD 3.76 billion by 2029, growing at a CAGR of 11.30% during the forecast period (2024-2029).
- Steel buildings already have a reputation in the construction business for having a lightning-fast manufacturing and assembly process, and it will only get faster. As life becomes more frantic, the technology used to manufacture and assemble steel structures will continue to evolve to meet the demand for more efficiency.
- To stay up with the demand to speed up production and assembly, experienced construction professionals will use the latest equipment and most forward-thinking tactics. With better data access, firms can greatly improve estimating and planning processes as design technology advances to 4D, 5D, and even 6D capabilities.
- Saudi Arabia's bedrock of megaprojects and increasing investment opportunities demonstrate how infrastructure development has become a national priority for Saudi Arabia. As a result, Saudi Arabia is home to some of the region's most significant infrastructure projects, including the upcoming Riyadh Metro, Jeddah Metro, Makkah Public Transport Programme, AlUla International Airport, and Red Sea International Airport. Furthermore, the kingdom's infrastructure is undergoing a transformation, which is aided by the establishment of the new National Infrastructure Fund (NIF).
- The lockdown harmed the labor-intensive sector. This was due to migrant workers being stuck at construction sites, and the halting of construction activity hampered the market's expansion. Travel restrictions had an impact on the construction materials trade all around the world. As a result, construction material supply and demand nearly halted. As a consequence, the structural steel market witnessed unanticipated outages, whipsaw pricing, and supply chain disruption.
Saudi Arabia Structural Steel Fabrication Market Trends
Increase in Housing Delivery Plan Driving Structural Steel Market
- The Kingdom aligns itself with the global housing policy trend, elevating the commitment by incorporating residential housing market development and housing access directly into the national Vision Strategy.
- To realize these objectives, a comprehensive overhaul of the housing market was imperative. This involved redesigning the housing market itself, redefining the mechanisms for enabling and financing the supply side and critically empowering and financially assisting Saudi families in acquiring their initial homes.
- Key initiatives on the supply side include the establishment of the National Housing Company (NHC), the introduction of Sharakat to fund and incentivize developments, Developmental Housing to address supply gaps at the base of the pyramid, the Building Technologies Stimulus Initiative (BTSI), the introduction of Wafi to encourage the delivery of off-plan units, and Etmam to streamline regulatory processes and approvals.
- In Saudi Arabia, the shortage of affordable housing is exacerbating. This, coupled with the advantages of prefabricated buildings and structural steel, such as cost-effectiveness and time efficiency, has led to an increased demand for prefabricated buildings and structural steel in the country.
Rapid Growth of Infrastructure Sector
- Saudi Arabia's bedrock of megaprojects and increasing investment opportunities demonstrate how infrastructure development has become a national priority for Saudi Arabia.
- As a result, Saudi Arabia is home to some of the region's most significant infrastructure projects, including the upcoming Riyadh Metro, Jeddah Metro, Makkah Public Transport Programme, AlUla International Airport, and Red Sea International Airport. Furthermore, the kingdom's infrastructure is undergoing a transformation, which is aided by the establishment of the new National Infrastructure Fund (NIF).
- To offset the negative consequences of urbanization, smart buildings, or structures that use technology-driven processes to autonomously govern a building's different operations and functions within an integrated management system, are becoming more common.
- These advancements provide steel producers a chance to rethink how steel products may contribute to future structures and communities. Breakthroughs like these are crucial for the future growth of steel materials in building construction.
- The Saudi capital, Riyadh, is a pivotal focus point for the country’s transformation and currently accounts for 18% of all real estate and development projects underway, totaling some USD 229 billion. This includes plans for over 241,000 homes by 2030, in addition to 3.6 million sqm of office space; the latter, of course, will come as welcome news to occupiers faced with a severe supply shortage that has helped to lift Grade A occupancy levels to 98%, on average.
Saudi Arabia Structural Steel Fabrication Industry Overview
The report covers the major players operating in the Saudi Arabia structural steel fabrication market. In terms of market share, the companies in the country compete heavily with no major share as small and medium-sized players majorly occupy the market. Hence, the market is highly competitive and fragmented.
Major regional players have been observed to venture into new regions, allowing the companies to improve their geographic reach. New competitors are entering the structural steel market with customized and industry-specific services. Some major players include Attieh Steel, Gulf Specialized Works, Station Contracting Ltd, Age Steel, and Absal Steel.
The Saudi Arabian structural steel market players have been showing a willingness to partner with other players to reduce costs and leverage mutual competitive advantage. Additionally, technology adoption has also helped reduce operational costs and improve efficiency.
Saudi Arabia Structural Steel Fabrication Market Leaders
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Attieh Steel
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Gulf Specialized Works
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Station Contracting Ltd
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Age Steel
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Absal Steel
*Disclaimer: Major Players sorted in no particular order
Saudi Arabia Structural Steel Fabrication Market News
- October 2023: Eversendai Resources Bhd's wholly-owned subsidiary, Eversendai Resources Sdn Bhd (ERSB), entered into a partnership with Algihaz, a Saudi Arabia-based company, to form a joint venture (JV) with a primary focus on undertaking structural steel projects in Saudi Arabia.
- September 2023: Saudi Basic Industries Corporation (SABIC) signed an agreement to divest its subsidiary, Saudi Iron and Steel Company (Hadeed), to the Public Investment Fund (PIF).
Saudi Arabia Structural Steel Fabrication Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS & DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Infrastructure
4.2.2 Vision 2030
4.2.3 Increasing Tourism
4.3 Market Restraints
4.3.1 Increasing Price of Steel
4.3.2 Lack of Skilled Worker
4.4 Market Opportunities
4.5 Value Chain / Supply Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Technological Snapshot
4.8 Government Regulations & Key Initiatives
5. MARKET SEGMENTATION
5.1 By End-Use Industry
5.1.1 Manufacturing
5.1.2 Power & Energy
5.1.3 Construction
5.1.4 Oil & Gas
5.1.5 Other End-Use Industries
5.2 By Product Type
5.2.1 Heavy Sectional Steel
5.2.2 Light Sectional Steel
5.2.3 Other Product Types
6. COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.1 Attieh Steel
6.2.2 Gulf Specialized Works
6.2.3 Station Contracting Ltd
6.2.4 Age Steel
6.2.5 Absal Steel
6.2.6 Saudi Building Systems Mfg. Co.
6.2.7 Hi-Tech Steel Industries LLC
6.2.8 International Building Systems Factory CO. LTD
6.2.9 A.S. Husseini & Partner Contracting Company Ltd
6.2.10 Zamil Steel
- *List Not Exhaustive
6.3 Other Companies
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. APPENDIX
Saudi Arabia Structural Steel Fabrication Industry Segmentation
Structural steel fabrication is the process of bending, cutting, and modeling steel to create a structure. For structural steel fabrication, steel parts are often put together to create different structures of predefined sizes and shapes.
The Saudi Arabia structural steel fabrication market is segmented by end-user industry (manufacturing, power and energy, construction, oil and gas, and other end-user industries) and product type (heavy sectional steel, light sectional steel, and other product types).
The report offers the market sizes and forecasts for the Saudi Arabia structural steel fabrication market in value (USD) for all the above segments.
| By End-Use Industry | |
| Manufacturing | |
| Power & Energy | |
| Construction | |
| Oil & Gas | |
| Other End-Use Industries |
| By Product Type | |
| Heavy Sectional Steel | |
| Light Sectional Steel | |
| Other Product Types |
Saudi Arabia Structural Steel Fabrication Market Research FAQs
How big is the Saudi Arabia Structural Steel Fabrication Market?
The Saudi Arabia Structural Steel Fabrication Market size is expected to reach USD 2.21 billion in 2024 and grow at a CAGR of 11.30% to reach USD 3.76 billion by 2029.
What is the current Saudi Arabia Structural Steel Fabrication Market size?
In 2024, the Saudi Arabia Structural Steel Fabrication Market size is expected to reach USD 2.21 billion.
Who are the key players in Saudi Arabia Structural Steel Fabrication Market?
Attieh Steel, Gulf Specialized Works, Station Contracting Ltd, Age Steel and Absal Steel are the major companies operating in the Saudi Arabia Structural Steel Fabrication Market.
What years does this Saudi Arabia Structural Steel Fabrication Market cover, and what was the market size in 2023?
In 2023, the Saudi Arabia Structural Steel Fabrication Market size was estimated at USD 1.96 billion. The report covers the Saudi Arabia Structural Steel Fabrication Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Structural Steel Fabrication Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Saudi Arabia Structural Steel Fabrication Industry Report
Statistics for the 2024 Saudi Arabia Structural Steel Fabrication market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saudi Arabia Structural Steel Fabrication analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
