Middle East & Africa Steel Processing Market Outlook, 2029
The Middle East & Africa Steel Processing Market is segmented into By Type (Alloy steel and Carbon steel), By Shape (Flat steel, Long steel and Tubular steel) and By End User (Construction, Shipping, Energy, Packaging, Consumer appliances industry, Housing, Automotive and Others).
- Bonafide Research
- 31-03-2024
- Pages : 70
- Figures : 12
- Tables : 20
- Region : MEA
- Category : Manufacturing & Industry
- Construction & Building Materials
The MEA Steel Processing market is expected to reach market size of more than USD 25 Billion by 2029 due to infrastructure development boosts market demand.
- Historical Period2018-2022
- Base Year2023
- Forecast Period2024-2029
- Market Size (2029) USD 30 Billion
- Largest MarketSaudi Arabia
- Fastest Market United Arab Emirates
- Format
Featured Companies
- 1. Kobe Steel Ltd
- 2. Sandvik AB
- 3. ArcelorMittal S.A.
- 4. Nippon Steel Corporation
- 5. JFE Holdings, Inc
- 6. Nucor Corporation
- More...
Steel Processing Market Market Analysis
The steel processing market in the Middle East and Africa region is expanding rapidly, owing to factors such as rising urbanization, industrialization, infrastructural development, and strategic government initiatives. The steel processing business in the Middle East & Africa region is critical to supporting diverse industries such as construction, automotive, manufacturing, and energy, hence contributing to regional economic diversification. The Middle East & Africa region is enjoying strong economic growth, owing to increased expenditures on infrastructural projects, urban development, and industrial expansion. Countries like Saudi Arabia, the United Arab Emirates (UAE), and South Africa are at the forefront of infrastructure development, with megaprojects such as smart cities, transit networks, and industrial zones driving demand for steel goods. Rapid urbanization in the region is also fueling development activities, creating a sustained demand for steel for residential, commercial, and industrial purposes. The Middle East & Africa region's strategic geographic location makes it an important player in the global steel trade. Countries like the UAE, Qatar, and Turkey are crucial transit and re-export hubs for steel products, facilitating trade between Asia, Europe, and Africa. Furthermore, the region's closeness to key shipping routes and access to raw materials like iron ore and coal help it compete in the global steel market. Governments across the Middle East & Africa area are prioritizing infrastructure development as a driver of economic growth and diversification. Large-scale projects, such as transportation networks, ports, airports, and energy infrastructure, use significant amounts of steel throughout construction and development. For instance, Saudi Arabia's Vision 2030 aims to transform the country's economy through infrastructure investments, creating significant opportunities for the steel processing market. According to the research report "Middle East & Africa Steel Processing Market Outlook, 2029," published by Bonafide Research, the Middle East & Africa Steel Processing market is expected to reach market size of more than USD 30 Billion by 2029. The Middle East & Africa region's automobile manufacturing sector is rapidly expanding, fueled by rising domestic demand, favorable government regulations, and increased investments by international automakers. Countries such as South Africa, Morocco, and Egypt have emerged as automotive manufacturing hubs, producing vehicles both domestically and for export. The expansion of the automobile industry increases demand for high-quality steel components, which drives growth in the steel processing market. The steel processing business in the Middle East & Africa region is embracing technological innovations to improve productivity, efficiency, and quality. Automation, robotics, and digitalization are rapidly being used to improve manufacturing processes, save costs, and meet the growing demand for bespoke steel products. Collaboration with technology providers, as well as investments in R&D, contributes to innovation and competitiveness in the Middle East & Africa steel processing market. The Middle East & Africa region has a wealth of natural resources, including iron ore, coal, and natural gas, all of which are needed for steel production. South Africa, Iran, and Saudi Arabia all have huge iron ore reserves, which provide a competitive advantage for their steel processing industries. Governments in the Middle East and Africa are making significant investments in infrastructure projects such as transportation networks, ports, airports, and urban planning. These measures drive up demand for steel products, resulting in higher growth in the steel processing industry. Governments in the Middle East and Africa are launching strategic programs to promote industrial growth and diversification. Saudi Arabia's Vision 2030, for example, aims to transform the country's economy through investments in infrastructure, manufacturing, and technology, producing considerable prospects for the steel processing industry.
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Download SampleMarket Dynamic
Major Drivers Automotive industry expansion: The automotive sector in the Middle East and Africa is quickly expanding, with South Africa, Morocco, and Egypt emerging as key production hubs. As automotive production expands to satisfy expanding local and foreign demand, so does demand for steel components such as sheet metal, chassis, and engine parts. This rise in the automotive industry is a key driver for the steel processing market, encouraging investment in steel processing facilities and technologies to match the automotive sector's rigorous quality criteria. Oil and gas infrastructure projects: The Middle East & Africa as some of the world's greatest oil and gas deposits, resulting in significant expenditures on upstream, middle, and downstream infrastructure developments. Steel is essential in the construction of pipelines, refineries, storage tanks, and offshore platforms, among other infrastructure elements. As the oil and gas industry expands and modernizes, there is an ongoing need for specialty steel products that can endure extreme working conditions. The demand for high-quality steel propels expansion in the steel processing market, particularly in nations with large oil and gas reserves, such as Saudi Arabia, the UAE, and Qatar. Major Challenges Infrastructure constraints: Despite continuous infrastructure development attempts, the Middle East and Africa area continues to experience issues due to inadequate infrastructure, particularly in transport and logistics. Insufficient transportation networks, ports, and storage facilities can cause delays in the flow of raw materials and finished steel products, disrupting production schedules and raising expenses for steel processors. Addressing infrastructure restrictions is critical for realizing the full potential of the region's steel processing business.
Steel Processing Market Segmentation
| By Type | Alloy steel | |
| Carbon steel | ||
| By Shape | Flat steel | |
| Long steel | ||
| Tubular steel | ||
| By End User | Building and Infrastructure | |
| Automotive | ||
| Metal Products | ||
| Mechanical Equipment | ||
| Transport | ||
| Electrical Equipment | ||
| Domestic Appliances | ||
| MEA | United Arab Emirates | |
| Saudi Arabia | ||
| South Africa | ||
Based on type segment alloy steel and carbon steel. Carbon steel type is expected to grow at fastest rate in Middle East & Africa steel processing market. The Middle East and Africa region has vast supplies of iron ore and coal, which are the key raw resources for carbon steel manufacture. Access to these resources enables a dependable and cost-effective supply chain for carbon steel makers, hence driving regional carbon steel processing growth. Carbon steel is known for being more cost-effective and affordable than other varieties of steel, such as alloy steel or stainless steel. Carbon steel's affordability makes it a preferred choice for a wide range of applications across sectors in the Middle East and Africa, where cost concerns frequently play an important part in procurement decisions. The Middle East and Africa are seeing rapid expansion in building and infrastructure development, owing to population growth, urbanization, and government infrastructure investments. Carbon steel, with its versatility, strength, and durability, is the material of choice for structural components, reinforcing bars, and construction materials, contributing to the increased demand for carbon steel processing services. Governments in the Middle East and Africa are heavily investing in infrastructure development efforts such as transportation networks, utilities, and urban development projects. Carbon steel, a crucial material for infrastructure construction and development, will profit from these expenditures, increasing demand for carbon steel processing services. Many sectors in the Middle East and Africa choose classic steel grades, such as carbon steel, because of their proven performance, familiarity, and established supply channels. This desire, combined with carbon steel's low cost, contributes to its predicted rapid expansion in the region's steel processing sector. Based on shape segment market is bifurcated into flat steel, long steel and tubular steel. Long steel shape segment is expected to grow at fastest rate in Middle East & Africa steel processing market. Based on end user segment market includes construction, shipping, energy, packaging, consumer appliances industry, housing, automotive and others. Energy industry is projected to play major role in Middle East & Africa steel processing market. The Middle East and Africa region is experiencing rapid infrastructure development, including the construction of roads, bridges, trains, airports, and utilities. Long steel shapes, such as bars, rods, beams, and channels, are critical structural components for infrastructure projects. The region's robust infrastructure development projects fuel demand for long steel shapes, which contribute to the quickest growth rate in the steel processing industry. The construction industry is a key user of long steel forms in the Middle East and Africa, accounting for a sizable share of demand. Long steel items are utilized in residential, commercial, industrial, and institutional construction for structural framing, reinforcement, and support. With the growing population, urbanization, and demand for housing and commercial spaces, the construction sector's expansion fuels the demand for long steel shapes. The Middle East and Africa region has huge deposits of oil and natural gas, making it a global leader in energy production and export. Hydrocarbon extraction, processing, and transportation need considerable infrastructure, much of which is based on steel goods. Steel is utilized in drilling equipment, pipelines, refineries, storage tanks, and offshore platforms, making it an essential component of the region's energy economy. Governments and energy corporations in the Middle East and Africa are heavily investing in energy infrastructure projects to fulfill rising local demand and boost export capacity. These investments include the construction of oil refineries, petrochemical plants, LNG terminals, and power production plants. Steel processing is necessary for creating the structural components, equipment, and pipelines needed for these infrastructure projects.
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Steel Processing Market Market Regional Insights
Based on report market includes three major countries including United Arab Emirates, Saudi Arabia and South Africa. Among them Saudi Arabia is expected to play major role in Middle East & Africa steel processing market. Saudi Arabia's Vision 2030 is a transformative blueprint that aims to diversify the economy away from oil dependence and stimulate growth in non-oil areas. As part of this strategy, the Saudi government has promoted industrialization, infrastructural development, and the localization of industries, including the steel industry. This strategic goal establishes Saudi Arabia as a major player in the MEA steel processing industry. Saudi Arabia has abundant natural resources, particularly energy resources such as oil and natural gas. Access to abundant and affordable energy sources gives the steel production industry a competitive advantage, as it is very energy intensive. It enables cost-effective steel manufacturing and processing, attracting investments and driving sector growth. Saudi Arabia is carrying out major infrastructure development projects as part of Vision 2030 and its National Transformation Program. Mega-projects such as NEOM, the Red Sea Project, and the Riyadh Metro require substantial quantities of steel for construction, creating significant demand for steel processing services. The government's investments in infrastructure modernization present lucrative opportunities for steel processors in Saudi Arabia. The Saudi government provides a variety of incentives and programs to encourage foreign investment and industrial expansion, including tax breaks, land giveaways, and simplified regulatory procedures. These investment-friendly laws, together with the government's commitment to economic diversification, make it easier for steel processing businesses to set up and develop operations in Saudi Arabia. Saudi Arabia has advanced industrial infrastructure, which includes industrial cities, specialized zones, and contemporary manufacturing facilities. Steel processors benefit from well-developed industrial clusters, which provide access to key utilities, logistics services, and a qualified workforce, allowing for more efficient and cost-effective manufacturing processes.
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Companies Mentioned
- Kobe Steel Ltd
- Sandvik AB
- ArcelorMittal S.A.
- Nippon Steel Corporation
- JFE Holdings, Inc
- Nucor Corporation
- Voestalpine AG
- NSK Ltd.,
Table of Contents
- 1. Executive Summary
- 2. Research Methodology
- 2.1. Secondary Research
- 2.2. Primary Data Collection
- 2.3. Market Formation & Validation
- 2.4. Report Writing, Quality Check & Delivery
- 3. Market Structure
- 3.1. Market Considerate
- 3.2. Assumptions
- 3.3. Limitations
- 3.4. Abbreviations
- 3.5. Sources
- 3.6. Definitions
- 4. Economic /Demographic Snapshot
- 5. Global Steel Processing Market Outlook
- 5.1. Market Size By Value
- 5.2. Market Share By Region
- 5.3. Market Size and Forecast, By Type
- 5.4. Market Size and Forecast, By Shape
- 5.5. Market Size and Forecast, By End User
- 6. Market Dynamics
- 6.1. Market Drivers & Opportunities
- 6.2. Market Restraints & Challenges
- 6.3. Market Trends
- 6.3.1. XXXX
- 6.3.2. XXXX
- 6.3.3. XXXX
- 6.3.4. XXXX
- 6.3.5. XXXX
- 6.4. Covid-19 Effect
- 6.5. Supply chain Analysis
- 6.6. Policy & Regulatory Framework
- 6.7. Industry Experts Views
- 7. Middle East & Africa Steel Processing Market Outlook
- 7.1. Market Size By Value
- 7.2. Market Share By Country
- 7.3. Market Size and Forecast, By Type
- 7.4. Market Size and Forecast, By Shape
- 7.5. Market Size and Forecast, By End User
- 7.6. UAE Steel Processing Market Outlook
- 7.6.1. Market Size By Value
- 7.6.2. Market Size and Forecast By Type
- 7.6.3. Market Size and Forecast By Shape
- 7.6.4. Market Size and Forecast By End User
- 7.7. Saudi Arabia Steel Processing Market Outlook
- 7.7.1. Market Size By Value
- 7.7.2. Market Size and Forecast By Type
- 7.7.3. Market Size and Forecast By Shape
- 7.7.4. Market Size and Forecast By End User
- 7.8. South Africa Steel Processing Market Outlook
- 7.8.1. Market Size By Value
- 7.8.2. Market Size and Forecast By Type
- 7.8.3. Market Size and Forecast By Shape
- 7.8.4. Market Size and Forecast By End User
- 8. Competitive Landscape
- 8.1. Competitive Dashboard
- 8.2. Business Strategies Adopted by Key Players
- 8.3. Key Players Market Positioning Matrix
- 8.4. Porter's Five Forces
- 8.5. Company Profile
- 8.5.1. ArcelorMittal S.A.
- 8.5.1.1. Company Snapshot
- 8.5.1.2. Company Overview
- 8.5.1.3. Financial Highlights
- 8.5.1.4. Geographic Insights
- 8.5.1.5. Business Segment & Performance
- 8.5.1.6. Product Portfolio
- 8.5.1.7. Key Executives
- 8.5.1.8. Strategic Moves & Developments
- 8.5.2. Sandvik AB
- 8.5.3. Nippon Steel Corporation
- 8.5.4. JFE Holdings, Inc
- 8.5.5. Nucor Corporation
- 8.5.6. Voestalpine AG
- 8.5.7. NSK Ltd.
- 8.5.8. Kobe Steel, Ltd.
- 8.5.9. Compagnie de Saint-Gobain S.A
- 9. Strategic Recommendations
- 10. Annexure
- 10.1. FAQ`s
- 10.2. Notes
- 10.3. Related Reports
- 11. Disclaimer
Table 2: Top 10 Counties Economic Snapshot 2022
Table 3: Economic Snapshot of Other Prominent Countries 2022
Table 4: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 5: Global Steel Processing Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 6: Global Steel Processing Market Size and Forecast, By Shape (2018 to 2029F) (In USD Billion)
Table 7: Global Steel Processing Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 8: Influencing Factors for Steel Processing Market, 2023
Table 9: Middle East & Africa Steel Processing Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 10: Middle East & Africa Steel Processing Market Size and Forecast, By Shape (2018 to 2029F) (In USD Billion)
Table 11: Middle East & Africa Steel Processing Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 12: United Arab Emirates Steel Processing Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 13: United Arab Emirates Steel Processing Market Size and Forecast By Shape (2018 to 2029F) (In USD Billion)
Table 14: United Arab Emirates Steel Processing Market Size and Forecast By End User (2018 to 2029F) (In USD Billion)
Table 15: Saudi Arabia Steel Processing Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 16: Saudi Arabia Steel Processing Market Size and Forecast By Shape (2018 to 2029F) (In USD Billion)
Table 17: Saudi Arabia Steel Processing Market Size and Forecast By End User (2018 to 2029F) (In USD Billion)
Table 18: South Africa Steel Processing Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 19: South Africa Steel Processing Market Size and Forecast By Shape (2018 to 2029F) (In USD Billion)
Table 20: South Africa Steel Processing Market Size and Forecast By End User (2018 to 2029F) (In USD Billion)
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Steel Processing Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Steel Processing Market Share By Region (2023)
Figure 6: Middle East & Africa Steel Processing Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: Middle East & Africa Steel Processing Market Share By Country (2023)
Figure 8: UAE Steel Processing Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Saudi Arabia Steel Processing Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 10: South Africa Steel Processing Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Competitive Dashboard of top 5 players, 2023
Figure 12: Porter's Five Forces of Global Steel Processing Market
Steel Processing Market Market Research FAQs
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