Market Research Report
Middle East Long and Flat Steel Products Market (Value, Volume) - Analysis By Product Type, End User, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)
|Middle East Long and Flat Steel Products Market (Value, Volume) - Analysis By Product Type, End User, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)|
Published: April 30, 2021
Content info: 230 Pages
Delivery time: 2-3 business days
The Middle East Long and Flat Steel Products Market was USD 19.2 billion by value and x million Tonnes by volume in the year 2020. Strong governmental expenditures, buoyed by high energy prices will continue to spur construction-led steel demand for the region. In addition, with all eyes on the Middle East, it has great potential to develop their manufacturing industry which will pull the demand in subsequent years. GCC Steel producers must focus on improving the supply chain process and reduce operation costs besides improving customer service in order to be efficient producers and overcome the market challenges which includes the global protectionism, surge of raw material prices, sluggish demand and drop in selling prices. Moreover, the Gulf Cooperation Council (GCC) region is making major efforts towards non-oil diversification and manufacturing sector growth.
The construction industry in the GCC has suffered much in 2020 with economic shocks of Covid-19 and tumbling oil prices that left demand for construction materials such as rebar weaker for most of the year.
Companies including Qatar Steel, Emirates Steel, SABIC Steel, and Bahrain Steel are reinforcing their competitive advantage in steel business and focusing on securing new growth engines driven by innovative technologies including IoT, AI, and big data, which has been forecasted to infuse a robust growth in the Long and Flat Steel market during the coming years.
Additionally, rapidly rising population would lead to growth in infrastructure development, with special emphasis on public services, transportation and housing in urban centers which will further facilitate the market growth. Further, escalating investment in various construction and infrastructure projects with steel manufacturers focusing on improving their production capacity, will drive substantial growth in the market in future.