Westford USA, March 01, 2023 (GLOBE NEWSWIRE) -- The GCC structural steel fabrication market has witnessed the Middle East as the major revenue contributor, closely followed by Asia Pacific. The increasing demand from the construction industry largely drives the growth of the market. This demand can be attributed to ongoing urbanization, upcoming infrastructure projects, and a rising population base. In addition, a significant trend in the market is the introduction of CNC plasma cutting machines by steel fabricators in their manufacturing plants. With a plasma cutter, it precisely cuts thin to thick metals along a multi-axis grid. This trend has gained significant popularity and is expected to further drive the market's growth.
The global construction industry has experienced a significant surge of 11.3% in 2022 compared to the previous year's construction projects. This growth is a positive sign for the GCC structural steel fabrication market, indicating potential prospects for the future. As the demand for housing, commercial buildings, and other infrastructure projects increases, it leads to a surge in demand for steel and other construction materials.
Browse in-depth TOC on the "GCC Structural Steel Fabrication Market"
- Pages - 272
- Tables - 73
- Figures - 66
Structural steel fabrication is a complex process that involves multiple stages, including cutting, bending, shaping, and assembling steel into various structures of predetermined sizes and shapes. This process is critical in constructing buildings, industrial equipment, tools, and other final products, as steel is one of the most reliable and durable materials. Most structural steel fabricators utilize cutting-edge technology and equipment to ensure precision and accuracy throughout the process to achieve the desired results.
Prominent Players in GCC Structural Steel Fabrication Market
- Zamil Steel (Saudi Arabia)
- Tata Limited (India)
- BTD Manufacturing (US)
- Anyang Group Co. Ltd (China)
- POSCO (South Korea)
- O'Neal Manufacturing Service (US)
- Sujana Group (India)
- KapcoMayville Engineering Company (US)
- Nippon Steel & Sumitomo Metal Corporation (Japan)
- Watson Engineering (US)
- Wuhan Group (China)
- Bohai Group (China)
- Hebei Group (South Korea)
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Construction Segment to Drive Tremendous Sales Growth as Structural Steel Fabrication Plays a Crucial Role in the Construction Industry
The global GCC structural steel fabrication market witnessed significant growth in 2021, with the construction segment being the dominant application. This emerging trend is likely to continue over the forecast period. The substantial growth can be attributed to several factors, including rising disposable income, a surge in global construction activity, and government regulations to improve safety and preventative measures. In addition, steel, being a sustainable and recyclable material, is widely used in construction activities, making it a preferred choice for various infrastructure projects.
The GCC structural steel fabrication market is expected to experience significant growth, with Saudi Arabia leading the way, followed by the UAE. This growth can be attributed to substantial investments in infrastructure development, construction projects, and waterfront city development. In addition, there has been a shift in focus towards environmentally friendly construction practices due to the increasing population in the GCC region. As a result, the countries in this region are investing more than USD 100 billion in airport expansions, as the number of Middle East passengers is expected to double by 2035.
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Machining Segment to Witness Swift Growth owing to Rising Demand for Precision Parts and Components in Various Industries
The GCC structural steel fabrication market experienced significant growth in 2021, with the machining segment leading the way in terms of service. This segment is projected to maintain its dominance over the forecast period due to its advanced features, increasing trend, comprehensive machinery manufacturing, and focus on providing precision work pieces and weldments to the army, transit, and agriculture sectors. Furthermore, as the market expands, it is becoming more inclusive and sustainable, with a greater emphasis on rebuilding services and providing high-quality products that meet the needs of various industries.
The Middle East region has seen significant investment in infrastructure development in recent years, with Kuwait, Bahrain, and Qatar all committing substantial funds to build and improve critical infrastructure projects. For example, Kuwait has pledged USD 15.6 billion for infrastructure development, which includes significant investments in transportation, housing, and energy projects. Meanwhile, Qatar is investing up to USD 13 billion in major infrastructure projects, including new highways, rail networks, and airports. These projects are expected to drive demand for structural steel fabrication, as steel is a key material used in the construction of infrastructure projects.
SkyQuest's report is exhaustive, providing detailed information on all aspects of the GCC structural steel fabrication market. It covers the market's current status, future growth prospects, key trends, and drivers shaping its trajectory. Moreover, this information is presented in an easy-to-understand format, making it accessible to many readers.
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Key Developments in GCC Structural Steel Fabrication Market
- National Petroleum Construction Company (NPCC), which is a subsidiary of National Marine Dredging Company (The Group), has recently inked a Purchase Order Agreement with Al Gharbia Pipe Company (AGPC), an Abu Dhabi-based firm, for the procurement of 87 kilometers of 34-inch Submerged Arc Welding Line Pipes. The pipes will be utilized for the Lower Zakum Long Term Development Phase-1 (LZ LTDP-1) New Main Gas Line Project. The new gas line project is a crucial component of the overall development plan and will enable the production of up to 1.6 billion standard cubic feet of gas per day.
- Ras Al Khaimah Economic Zone (RAKEZ) is participating in the Big 5 to support investors in the construction industry who are interested in establishing and growing their operations in the UAE. This move highlights RAKEZ's dedication to the industry and emphasizes the vast potential for construction investors in the business-friendly environment of Ras Al Khaimah and the wider UAE. The construction industry plays a crucial role in the economic development of the UAE, and RAKEZ recognizes the importance of attracting and supporting construction investors.
- To expand their operations in the United Arab Emirates (UAE), AJ Steel and the Khalifa Economic Zones Abu Dhabi (KEZAD) Group have signed an agreement to develop and operate a new steel pipe production facility in Abu Dhabi. The agreement will see AJ Steel increase its industrial footprint within KEZAD by developing a plot of land measuring nearly 96,000 square meters. Once completed, the facility will bring AJ Steel's total leased land under industrial use to 200,000 square meters. In addition, the industrial zone is well-connected to major transportation hubs and offers various logistical and infrastructure support services.
Key Questions Answered in GCC Structural Steel Fabrication Market Report
- What factors have contributed to the growth or decline of particular market segments, and how have businesses responded to these changes over time?
- How do businesses adapt to varying government regulations and economic conditions across different regions, and what strategies have they used to achieve long-term sustainability in the face of these challenges?
- What methods do businesses use to engage with evolving consumer preferences and values effectively, and how do they innovate to meet changing market demands?
- How do businesses stay up-to-date with market trends, and what data-driven approaches do they use to analyze and interpret this information to make informed business decisions?
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