The GCC Steel Products Market Size was estimated at 10.18 (USD Billion) in 2023.The GCC Steel Products Industry is expected to grow from 10.77(USD Billion) in 2024 to 24.29 (USD Billion) by 2035. The GCC Steel Products Market CAGR (growth rate) is expected to be around 7.674% during the forecast period (2025 - 2035).
The GCC Steel Products Market is currently experiencing remarkable shifts due to increased urbanization and infrastructure developments within the region. GCC governments are putting considerable funding toward the construction of new housing complexes, roads, and public transportation systems alongside the expansion of power generation facilities. This investment into infrastructure development is a key market driver because it directly increases the consumption of steel products. Moreover, the raising focus on sound environmental practices is engaging the steel industry on producing steel by green production methods. Finally, the alteration of the oil-dependent economies to more diversified ones has increased the activities in manufacturing industries which, in turn, increases the demand for steel goods.Some advantageous gaps in the GCC Steel Products Market include the implementation of modern technologies such as automation and digitization of the production lines. Companies have the opportunity to adopt new methodologies that will enhance efficiency and production quality, therefore, maintain their position in the regional market. Apart from that, there may be opportunities in exporting steel products to other GCC countries and even to some developing countries as more GCC countries accelerate their diversification policies. Locally, recent movements show an increasing trend towards self-sufficiency in steel production as a means of reducing imports, strengthened by local government policies to promote domestic industries.One additional trend that is gaining attention is the soliciting of value-added products, which aims to customize specific construction requirements. In general, the market for steel products in the GCC region is set to grow on account of infrastructure spending, new technology, and greater emphasis on sustainable practices.
The rapid infrastructure development across the Gulf Cooperation Council (GCC) countries is one of the primary drivers of growth in the GCC Steel Products Market Industry. Investments in megaprojects, such as the Neom City project in Saudi Arabia and the Doha Metro in Qatar, have surged, with GCC governments committing over USD 2 trillion to infrastructure projects by 2030. This influx of capital is greatly increasing the demand for steel products, which are essential for construction and civil engineering projects.The Saudi Vision 2030 initiative aims to diversify the economy, relying heavily on substantial investments in infrastructure, which has been projected to grow the steel consumption in the region by approximately 5-7% annually as reported by the GCC Steel Manufacturers Association (GSME). This robust growth translates to a direct increase in steel product demand, positioning the GCC Steel Products Market Industry for remarkable expansion over the coming years.
The focus on economic diversification in GCC nations, particularly in countries like Saudi Arabia and the United Arab Emirates (UAE), is driving substantial growth in the GCC Steel Products Market Industry. Initiatives aimed at reducing reliance on oil exports have led to accelerated development in sectors such as tourism, renewable energy, and manufacturing, all of which require extensive amounts of steel for construction and infrastructure. According to the Gulf Cooperation Council Economic Outlook, non-oil sectors are predicted to grow at a Compound Annual Growth Rate (CAGR) of approximately 4% between 2025 and 2035.This shift towards diversification not only augments the demand for steel products but also facilitates a more stable economic environment, significantly influencing the GCC Steel Products Market.
Urbanization is another crucial driver impacting the GCC Steel Products Market Industry, as cities within the region continue to expand at a remarkable pace. With the urban population in the GCC predicted to reach approximately 80% by 2030, there will be a substantial increase in housing and infrastructure projects to accommodate growing populations. Research suggests that urban areas require 50% more steel per capita for infrastructure compared to rural areas.The Gulf Forum for Environment and Development emphasizes that this rising urbanization will necessitate around 30 million tons of additional steel production by 2035, thereby propelling the growth of the GCC Steel Products Market. This trend is supported by significant government investments in local industries to satisfy escalating demand.
The GCC Steel Products Market has shown significant potential, particularly in the Steel Type segment, which encompasses Carbon Steel and Alloy Steel. Carbon Steel, known for its strength and versatility, is extensively utilized across various industries, including construction and automotive, making it a dominant factor within the market. The unique characteristics of Carbon Steel, such as its higher tensile strength and ductility, enable it to meet the demands of major infrastructure projects, a pivotal driver of market growth in the GCC region.On the other hand, Alloy Steel, which includes additional elements for enhanced performance such as chromium and molybdenum, is becoming increasingly relevant due to its properties that offer better durability and resistance to corrosion. This segment caters to specialized applications, particularly in the manufacturing of high-performance components that are critical in sectors like oil and gas, energy, and aerospace. The diversification of these steel types aligns well with the GCC's economic transformation plans that emphasize modernization and infrastructure development.As the region invests heavily in mega projects and industrialization, the demand for both Carbon Steel and Alloy Steel continues to rise. Furthermore, the GCC Steel Products Market is influenced by favorable government initiatives which support steel production, ensuring a stable supply chain for these materials. Challenges such as fluctuating raw material prices and global competition in the steel industry persist; however, the growing trend towards sustainable practices and recycling within the steel manufacturing process creates opportunities for innovation and market expansion.Ultimately, the Steel Type segment remains a vital contributor to the overall dynamics of the GCC Steel Products Market and is expected to adapt and evolve in response to emerging technological advancements and market needs.
The Shape Of Steel Products segment in the GCC Steel Products Market is pivotal in meeting the diverse needs of various industries, including construction, infrastructure, and manufacturing. This segment comprises Long Steel, Tubular Steel, and Flat Steel, each serving distinct applications and markets. Long Steel products, such as rebar and beam sections, significantly contribute to the construction sector due to their strength and load-bearing capacity, playing a critical role in the region's ambitious infrastructure projects. Tubular Steel, characterized by its hollow profile, offers advantages in structural applications, especially in oil and gas, where resistance to corrosion is essential, reflecting the region's focus on energy.Flat Steel products find their utility in industrial applications, and due to their versatility, they are extensively used in car manufacturing and appliance production. The continuous demand for these products in the GCC can be attributed to ongoing urbanization, infrastructural development initiatives, and economic diversification strategies pursued by various Gulf Cooperation Council states. Overall, this segment not only underpins the region's construction and industrial frameworks but also aligns with the GCC's broader market growth aspirations.
The GCC Steel Products Market showcases a robust segmentation in the End-Uses category, emphasizing its pivotal role in various industries. Key sectors such as Construction and Housing are the cornerstone of steel consumption, driven by increasing infrastructure projects and urbanization initiatives across the region. Meanwhile, the Automotive and Consumer Appliances Industry leverage steel products for manufacturing durable and efficient components, reflecting a demand for innovation and technology in design and production. The Energy sector, with its focus on renewable energy installations and pipelines, demonstrates a growing need for high-quality steel materials.Shipping also plays a significant role, with a constant demand for steel in shipbuilding and marine applications, fueled by trade expansion. Other sectors, including Packaging and various industrial applications, further diversify the landscape of steel utilization. Overall, the GCC exhibits a promising trajectory where these segments not only contribute to the GCC Steel Products Market revenue but also enhance economic stability and growth through their interlinked demands and supply chains. Emerging trends in sustainability and advanced manufacturing processes present opportunities for this market, enabling stakeholders to align with global standards and consumer needs.
The GCC Steel Products Market is characterized by a dynamic competitive landscape where various players strive to enhance their market presence through innovation, operational efficiency, and strategic alliances. This market benefits from robust demand driven by extensive developmental activities in infrastructure and construction, significantly fueled by government initiatives and investments across the region. Companies operating in this sector are increasingly focused on technological advancements to optimize production processes and improve product quality while ensuring sustainability and compliance with environmental standards. As the market evolves, key players are also looking to expand their geographical footprint and diversify their product offerings to cater to an ever-growing customer base, setting the stage for intense competition and potential collaborations.Saudi Basic Industries Corporation has established itself as a frontrunner in the GCC Steel Products Market, leveraging its extensive resources and technological expertise to deliver a diverse range of steel products. With a strong commitment to sustainability and innovation, Saudi Basic Industries Corporation has continuously focused on optimizing its production capabilities and enhancing product quality, which has solidified its position in both domestic and regional markets. The company benefits from a well-integrated operational framework that not only streamlines production processes but also facilitates collaboration with various downstream industries in the region. This synergy allows Saudi Basic Industries Corporation to effectively capitalize on the burgeoning demand for steel products driven by the ongoing infrastructure projects, taking advantage of its robust market presence and established reputation for quality.National Steel Company plays a vital role in the GCC Steel Products Market, offering a wide range of steel products that cater to the needs of various sectors, including construction and manufacturing. The company is recognized for its commitment to quality and innovation, consistently delivering products that meet international standards. National Steel Company's market presence is bolstered by strategic partnerships and alliances, enhancing its distribution networks across the GCC region. Strengths such as a dedicated focus on customer service, investment in advanced manufacturing technologies, and an agile response to market demands have contributed to its competitive edge. Additionally, National Steel Company has been actively involved in mergers and acquisitions within the region to expand its production capabilities and diversify its product portfolio. This strategic approach not only strengthens its market position but also aligns with the growing trends within the GCC steel sector, ensuring the company is well-positioned to meet future demands.
The GCC Steel Products Market has seen significant developments recently, particularly with growth in demand driven by regional construction projects and infrastructure investments. Companies such as Saudi Basic Industries Corporation (SABIC) and Emirates Steel are expanding their production capacities to meet this demand. Recent data suggests a positive trend in market valuation, indicating robust performance amidst global economic fluctuations. There have been notable mergers and acquisitions, such as the acquisition of a significant stake in Oman United Steel Company by a leading investment firm in July 2023, which has been a catalyst for market consolidation. Additionally, in August 2022, National Steel Company announced a strategic partnership with Fujairah Cement Industries to improve operational efficiencies and expand their market reach. This period has also seen investments in Research and Development, with companies like Hadeed and Zamil Steel committing resources to innovate in sustainable steel production. The market dynamics in the GCC are further influenced by government-led initiatives to boost local manufacturing and reduce reliance on imports, marking a proactive approach to ensure competitiveness in the global steel sector.
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2018 | 10.18(USD Billion) |
| MARKET SIZE 2024 | 10.77(USD Billion) |
| MARKET SIZE 2035 | 24.29(USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 7.674% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Billion |
| KEY COMPANIES PROFILED | Saudi Basic Industries Corporation, National Steel Company, Metal Industries, Emirates Steel, Oman United Steel Company, Fujairah Cement Industries, SABIC, Siderforgerossi, Zamil Steel, Al Baida Steel, Qatar Steel, United Steel Industries, Ahlia Steel, Hadeed, Ajman Steel |
| SEGMENTS COVERED | Steel Type, Shape Of Steel Products, End-Uses |
| KEY MARKET OPPORTUNITIES | Infrastructure development boost, Renewable energy sector demand, Construction industry expansion, Technological innovation in production, Regional trade agreements facilitation |
| KEY MARKET DYNAMICS | increased construction activities, regulatory compliance and standards, fluctuating raw material prices, growing demand for eco-friendly products, competitive pricing strategies |
| COUNTRIES COVERED | GCC |
Frequently Asked Questions (FAQ) :
The projected market value of the GCC Steel Products Market in 2024 is expected to be 10.77 USD Billion.
By 2035, the GCC Steel Products Market is expected to reach a value of 24.29 USD Billion.
The expected CAGR for the GCC Steel Products Market from 2025 to 2035 is 7.674%.
Carbon Steel is expected to dominate the market with a value of 14.5 USD Billion by 2035.
The projected market value of Alloy Steel in 2024 is 4.17 USD Billion.
Major players in the GCC Steel Products Market include Saudi Basic Industries Corporation, Emirates Steel, and Qatar Steel among others.
The anticipated market share for Carbon Steel is valued at 6.6 USD Billion in 2024.
Key applications driving the GCC Steel Products Market include construction, automotive, and manufacturing industries.
Regional market dynamics, including industrial growth and urbanization, are expected to positively impact the GCC Steel Products Market.
The value of the Alloy Steel segment is expected to reach 9.79 USD Billion by 2035.
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