USD 125.28 billion
Report ID: SQSG15O2003 | Region: Global | Published Date: November, 2022 | Pages: 272 | Tables: 73 | Figures: 75
GCC Structural Steel Fabrication Market size was valued at USD 125.28 billion in 2021 and is poised to grow from USD 142.95 billion in 2022 to USD 468.53 billion by 2030, growing at a CAGR of 4.1% in the forecast period (2023-2030).
GCC Structural Steel Fabrication Market Report Summaries Detailed Information By Top Key players Hidada Ltd Company, Arabian International Company For Steel Structures, among others
Steel Fabrication is the process in which stainless fabricators convert the raw material and steel option into desired shape. This process is of two types: Integrated route process or raw material approach and Electric Arc furnace.In Integrated route or raw material approach the stainless steel is melted, heated, mixed and in the second process recycled steel is melted to get steel as the end product. This stainless steel fabrication is used to manufacture a wide range of goods, parts, and projects, including metal fabrication projects for buildings. The steel possesses qualities such as strong oxidizing temperatures, integrity, and chemical stability. It contributes to maintaining the mechanical characteristics across a wide temperature range, making it a more suitable material for usage in automobile, marine purposes, and aviation. The structural steel fabrication workshops operate on several value-added services under one roof since they entail cutting, welding, shearing, and machining.
The structural steel fabrication industry in the GCC has tremendous potential to expand its market share shortly. In big industrial operations where fabricated steel is required, structural steel is frequently used. After the steel has been blended, assembled, cut, and formed, it must be shaped to the customer's specifications. Most structural steel fabricators use state-of-the-art technologies to stay proficient and monitor the process.
GCC Structural Steel Fabrication Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 125.28 billion
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The GCC structural steel fabrication market segmentation is based on service, application. Based on service the market is segmented into metal welding, metal forming, shearing, metal cutting, metal shearing, metal stamping, machining, metal rolling, and others. Based on application the GCC Structural Steel Fabrication Market is segmented into construction, automotive, manufacturing, energy & power, electronics, defense & aerospace, and others.
GCC Structural Steel Fabrication Market Analysis by Service
In 2021, the machining segment dominated the GCC structural steel fabrication market in terms of service and is likely to remain dominant over the forecast period. The structural steel fabrication market will have more inclusive and sustainable growth to its widely used machining advanced features, quickest increasing trend, comprehensive machinery manufacturing and trying to rebuild services, and focus on providing precision work pieces and weldments to the army, transit, and agriculture sectors.
GCC Structural Steel Fabrication Market Analysis by Application
In 2021, the construction segment dominated the global GCC structural steel fabrication market in terms of application and is likely to remain dominant over the forecast period. Rising disposable income, accelerating global construction, government regulations for better safety and preventative measure, and the increasing significance of environmentally friendly products in various infrastructures have all fueled the growth of structural steel and are assisting in driving up demand in the structural steel fabrication market.
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GCC countries are expected to grow at enormous CAGR during the forecast period. One major driving factor in the growth is an increase in the proposal of infrastructure projects and steel consumption, as well as an increase in construction activities in the GCC region. For example, Saudi Arabia is expected to have a significant market for structural steel fabrication among GCC countries, followed by the UAE. There has been significant investment in infrastructure development, projects, and waterfront city construction in Kuwait, Qatar, and Bahrain's Diyar Al Muharraq.
Furthermore, growing population in the GCC region has shifted the emphasis to environmentally friendly constructions. The demand for prefabricated buildings is increasing because they are more environmentally friendly and affordable than conventionally constructed buildings, and they also produce no on-site waste. The expansion of the tourism industry as a result of the evolution of infrastructure activities has created a demand for prefabricated buildings in the region, particularly in the UAE and Saudi Arabia.
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GCC Structural Steel Fabrication Market Driver
GCC Structural Steel Fabrication Market Restraint
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The top players in the GCC structural steel fabrication market are responsible for the demand of the market. The market is dominated by small and medium-sized firms, making it highly competitive and fragmented. As a result, the companies in the region struggle fiercely for a limited market share. For instance, a new structural steel fabrication facility has been established in Uttar Pradesh, India, by Salasar Techno Engineering, a steel fabrication firm with headquarters in India. High-precision robotic multi-torch CNC plasma cutting machinery is present at Salasar's new facility. For power plants, metro stations, bridges, PEB buildings, warehouses, airport hangars, high-rise structures, and process plants, the factory will create heavy structural steel.
GCC Structural Steel Fabrication Market Top Player’s Company Profiles
GCC Structural Steel Fabrication Market Recent Development
In September 2022, Indian steel giant Tata steel announced the merger of listed and unlisted companies mainly to derive business synergies and also to reduce and simplify the Tata Group's steel business structure. The merging seven companies are: 1. Tata Steel Long Products (NS:TTST) Limited, A2. The Tinplate Company of India (NS:TINP) Limited, 3. Tata Metaliks (NS:TMET) Limited, 4. TRF Limited, 5. The Indian Steel & Wire Products Limited, 6. Tata Steel Mining Limited and 7. S & T Mining Company Limited.
The rise in the construction and remodelling are the result of increasing population in GCC countries. Along with that, these countries have seen the major trend of diversification of economy to reduce the dependence on oil and gas by shifting focus on other markets such as tourism.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, in terms of service, the machining sector ruled the global GCC structural steel fabrication market in 2021 and is expected to hold that position throughout the forecast period. In terms of application, the construction sector dominated the global GCC structural steel fabrication market in 2021 and is expected to hold this position throughout the forecast period.
|Market size value in 2021||USD 125.28 billion|
|Market size value in 2030||USD 142.95 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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KEY COMPANY PROFILES
For the Global GCC Structural Steel Fabrication Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global GCC Structural Steel Fabrication Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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