Saudi Arabia Rebar Steel Market is Expected to Register a 13.97% CAGR Through 2029
Population Growth & Urbanization, Rising construction activities and mass housing developments are expected to propel the market during the forecast period.
According to
TechSci Research report, “Saudi Arabia Rebar Steel Market – By Region,
Competition, Forecast and Opportunities, 2019-2029F”, Saudi Arabia Rebar Steel Market was valued at USD 4.90 Billion in 2023 and is expected to grow at a CAGR of 13.97% through 2029.
Saudi Arabia's ambitious Vision 2030 plan is a significant driver of the rebar steel market. Vision 2030 aims to diversify the country's economy and reduce its dependence on oil revenue by developing other sectors, including infrastructure, tourism, and entertainment. As part of this initiative, the government has committed to massive infrastructure projects, such as the NEOM mega-city, the Red Sea Project, and the expansion of the Holy Mosques in Mecca and Medina. These projects require substantial amounts of rebar steel to reinforce concrete structures, making infrastructure development a key driver of the rebar steel market. The demand for rebar is expected to surge as construction activities increase, with large-scale projects requiring robust and durable building materials. The emphasis on modernizing infrastructure, including roads, bridges, airports, and public transportation systems, further bolsters the demand for rebar steel.
Vision 2030's focus on building smart cities and enhancing urban living standards drives the need for high-quality construction materials. The push for sustainable and technologically advanced infrastructure necessitates the use of durable rebar to ensure the longevity and safety of structures. As a result, the rebar steel market in Saudi Arabia is poised for significant growth, fueled by the country's long-term strategic goals.
Browse over XX Market
data Figures spread through XX Pages and an in-depth TOC on " Saudi Arabia Rebar Steel Market.”
Based on End Use, The Public Sector held the
largest market share in 2023. Saudi
Arabia's Vision 2030 plan aims to diversify the economy and reduce dependence
on oil by significantly investing in infrastructure and public services. This
ambitious initiative includes massive projects such as NEOM, the Red Sea
Project, and the expansion of the Holy Mosques in Mecca and Medina. These
projects require substantial amounts of rebar steel to ensure structural
integrity and durability, thus driving the demand in the public sector.
The
Saudi government has committed extensive financial resources to developing
public infrastructure. The Public Investment Fund (PIF) is heavily involved in
financing large-scale projects that include roads, bridges, airports, and
public buildings. These investments are essential for modernizing the country's
infrastructure and improving the quality of life for its citizens, leading to a
high demand for rebar steel in the public sector.
Rapid
urbanization and population growth in Saudi Arabia necessitate the expansion of
public infrastructure such as schools, hospitals, transportation systems, and
utilities. The government's focus on building smart cities and enhancing urban
living standards further fuels the demand for robust construction materials,
including rebar steel, to support these developments.
Public
sector projects in Saudi Arabia are subject to stringent building codes and
standards that emphasize safety and longevity. Deformed rebar, known for its
superior mechanical properties and bonding strength, is often specified in
these regulations. Compliance with these standards is mandatory, ensuring that
public infrastructure projects predominantly use high-quality rebar steel.
As
part of its broader economic diversification strategy, the Saudi government is
promoting the development of industrial zones and economic cities. These
initiatives require extensive infrastructure development, further driving the
demand for rebar steel in the public sector.
Based on region, Makkah is the fastest-growing region in Saudi Arabia's rebar steel market due to its dynamic construction activities, strategic initiatives under Vision 2030, and significant infrastructure demands driven by religious tourism. Makkah's role as the spiritual center for millions of Muslims worldwide drives massive infrastructure and urban development projects. The continuous expansion of the Grand Mosque, ongoing development of housing for pilgrims, and the construction of modern transportation systems, including high-speed rail and metro projects, are fueling an unprecedented demand for rebar steel. These projects rely heavily on rebar for structural reinforcement, ensuring durability and safety in large-scale constructions. The Saudi Vision 2030 initiative emphasizes economic diversification and urban modernization. Makkah is at the forefront of this transformation, with large-scale developments such as the Jeddah Tower project, the world's tallest proposed skyscraper located nearby, and extensive residential and commercial real estate projects. These developments contribute significantly to the demand for rebar steel in the region.
Major companies
operating in the Saudi Arabia Rebar Steel Market are:
- Saudi Iron & Steel Company (HADEED)
- Al Ittefaq Steel Products Co.
- Rajhi Steel Industries Company Ltd.
- Watania Steel Factory Corporation
- Al Yamamah Company for Reinforcing Steel Bars
- Saudi National Steel Factory
- Baghlaf Steel
- Mass Steel
- Madar Building Materials, LLC
- Bahra Steel Co.
Download Free Sample Report
Customers can
also request 10% free customization on this report.
“The market
opportunity in the Saudi Arabia rebar steel market is substantial and driven by
several factors. With ongoing infrastructure developments aligned with Vision
2030 initiatives, including mega-projects like NEOM and Riyadh Metro, there is
a consistent demand for high-quality rebar steel. Economic diversification
efforts and industrial growth further bolster this demand across residential,
commercial, and public sectors. Stringent regulatory standards
and a focus on sustainable construction practices underscore the need for
innovative rebar steel solutions. These factors combine to create a robust
market opportunity characterized by steady growth, technological advancements, and increasing investment in infrastructure”, said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based global management consulting
firm.
“Saudi Arabia Rebar Steel
Market, By Type (Deformed, Mild), By End Use (Residential Sector, Commercial
Sector, Industrial Sector, Public Sector), By Process (Basic Oxygen
Steelmaking, Electric Arc Furnace), By Finishing Type (Epoxy-Coated Rebar,
Carbon Steel Rebar, Others), By Region, Competition, Forecast & Opportunities 2019-2029F",
has evaluated the future growth potential of Saudi Arabia Rebar Steel Market and
provides statistics & information on Market size, structure and future Market
growth. The report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Saudi Arabia Rebar Steel Market.
Contact
Techsci Research LLC
420 Lexington Avenue,
Suite 300, New York,
United States- 10170
Tel: +13322586602
Email: [email protected]
Website: www.techsciresearch.com