Middle East Rebar Steel Market to be Dominated by Saudi Arabia Until 2028
Rising urbanization and growing
demand from non-residential sector in the country is expected to drive the Middle East
Rebar Steel Market.
According
to TechSci Research report, “Middle East Rebar Steel Market - By Region,
Competition, Forecast & Opportunities, 2028”,
Middle East Rebar Steel Market is growing
owing to increase in demand for steel rebar from the construction industry,
which is largely responsible for the development of the Middle East market for
steel rebar. Growth in the construction sector is anticipated to remain a key
market driver. Infrastructure development, particularly in developing economies
such as India as well as the diversification initiatives in the Middle Eastern
countries, has a positive impact on the demand for steel rebar.
Based on type, deformed segment
is the dominant segment in Middle East Rebar Steel Market as during the
projection period, the deformed sector is anticipated to register the greatest
CAGR. Owing to its superior
flexibility and malleability compared to mild steel rebar and its deformed
surface, which makes it simpler for materials to connect together and lowers
slippage in concrete over the projected time, deformed steel rebar ranks as the
top worldwide steel rebar.
Based on finishing type, the
market for rebar steel in Middle East is dominated by epoxy-coated rebar. They
are the most often used finishing type of rebar steel because they operate as a
barrier system to prevent moisture and chlorides from eroding the surface of
the reinforcing bar, which plays a significant role in the market expansion for
rebar steel.
Based on end use, commercial
sector segment is expected to dominate the Middle East Rebar Steel Market. The
key driver for increase in demand for steel rebar steel includes rise in
development of industrial infrastructure. The rebar steel is used in industrial
areas as a raw material and is used to improve the tensile strength of the
concrete.
In terms of regional analysis,
the Middle East Rebar Steel Market is segmented into Saudi Arabia, UAE, Qatar,
Kuwait, Bahrain, Rest of Middle East. Owing to its significant investment in
infrastructure projects, the Kingdom of Saudi Arabia held the greatest market
share for steel rebar globally. The construction market in Saudi Arabia is the
largest in the Middle East, contributing over 8% of the nation's total GDP.
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Key market players in the Middle
East Rebar Steel Market include:
- Star Steel International LLC,
- Emirates Rebar Limited
- Union Iron and Steel
- Conares
- Hamriyah Steel
- Emirates Steel
- Rajhi Steel Industries Co.
Ltd.
- Watania Steel Factory Corp.
- Al-Rashed Steel
- United Steel Industrial Co.
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There will be significant
business prospects for both established and new market participants as a result
of increased innovation and development in the steel rebar sector. Innovation
in steel rebar is aided by technological development and high-end applications.
Fe-500, Fe-550, and Fe-500D are recent grades. Modern steel rebar is used in
applications that require resistance to corrosion, epoxy coating, and
earthquakes. Greater investment for public transportation, increased
urbanization, and expanding infrastructure are all expected to boost industrial
growth.
The use of deformed steel
rebar is increasing as a result of the demand for higher strength versions in
construction projects. Deformed bars can save money by using less steel, which
is another benefit. Deformed steel rebar is more malleable and ductile,
tougher, has a higher yield strength, and is more resistant to corrosion and
earthquakes than mild steel products. It is affordable and has many
applications in bridges, as well as in commercial and residential buildings and
industrial constructions.
The main factors driving the
Middle East Steel Rebar Market are the region's growing urbanization,
increasing investment in infrastructure development, and the expansion of the
manufacturing sector, particularly in developing nations such as Saudi Arabia
and the United Arab Emirates. For instance, Saudi Arabia has allocated more
than USD 40.0 billion for infrastructure projects related to transportation,
telecommunications, water, agriculture, and other areas. It also has a tonne of
railroad projects in the works.
“Due to the use of steel rebar
in construction to improve infrastructures and reduce the impact of stressors such
as temperature and strain, the Middle East Rebar Steel Market is predicted to
do well during the projected period, Due to its high need for non-corrosive
steel rebar conduits, the oil and gas sector is the primary driver of the steel
rebar market. Given that it increases the rate of refining and that these
refineries are increasing demand for steel rebar, which is expected to drive
the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Middle
East Rebar Steel Market by Type (Deformed, Mild), By End Use (Residential,
Commercial, Industrial, Public), By Process (Basic Oxygen Steelmaking, Electric
Arc Furnace), By Finishing Type (Carbon Steel Rebar, Epoxy-Coated Rebar, Others),
By Region, Competition, Forecast & Opportunities, 2028”, has
evaluated the future growth potential of Middle East Rebar Steel Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Middle East
Rebar Steel Market.
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