Middle East & Africa Steel Wire Rope Market Forecast to 2031 - Regional Analysis

Description

List of Tables

The Middle East & Africa steel wire rope market was valued at US$ 1,076.79 million in 2023 and is expected to reach US$ 1,441.91 million by 2031; it is estimated to register a CAGR of 3.7% from 2023 to 2031.

Focus on Recycling Steel Wire Ropes Bolsters Middle East & Africa Steel Wire Rope Market

In recent years, there has been an increasing focus on using sustainable and biobased materials in various industries across the globe. Various industries are focusing on material recycling to reduce the amount of waste that is produced and to help reduce the environmental impact. Recycling can also help conserve natural resources. In addition, metal recycling helps reduce the expenses, energy, and time needed to mine valuable resources. There is a saving of one and a half tons of iron ore, half a ton of coal, and 40% of the water normally used in the production process for every ton of recycled steel.

Various players operating in the market are focusing on recycling steel wire ropes. Therefore, the focus on recycling steel wire ropes is expected to emerge as a key trend in the steel wire rope market during the forecast period.

Middle East & Africa Steel Wire Rope Market Overview

The Middle East & Africa is home to major crude oil reserves; the number of crude oil exploration activities has surged notably in this region in the past few years. Developments in technologies that aid in crude oil exploration and production operations have propelled the demand for oil exploration equipment and materials. According to the US Energy Information Administration, the Middle East includes 5 of the Top 10 oil-producing countries-Saudi Arabia, Iraq, the UAE, Iran, and Kuwait. The region accounts for ~27% of the total global oil production. Developing and underdeveloped countries in the region are taking strides to raise their international oil and gas products trade levels. For instance, in March 2023, Uganda approved a project application to build a pipeline?spanning 1,445 km (898 miles) to transport the country's crude oil to international markets. The pipeline would run from Uganda's oilfields in the west to a port on Tanzania's Indian Ocean coast. The project is worth US$ 3.5 billion and is planned by TotalEnergies, a France-based multinational integrated energy and petroleum company.

In January 2024, the National Petroleum Corporation of Namibia (NAMCOR), in partnership with Galp and Custos Energy Holding, announced a major discovery of oil reserves at the Mopane-1X well, located off the coast of Namibia. In March 2023, NAMCOR announced a light oil discovery in the Jonker-1X deepwater exploration well in partnership with Shell plc and QatarEnergy. In 2022, Namibia announced the Graff-1X and Venus-1X discoveries by Shell plc and TotalEnergies.

As per the National Industrial Information Center (Saudi Arabia), the Ministry of Industry and Mineral Resources issued 71 mining licenses, including licenses for 45 exploration projects, 21 building materials quarry, and 5 small mine projects, in July 2023. The report revealed 2,348 active mining licenses in the sector by the end of July 2023. Steel wire rope possesses properties such as durability, wear resistance, and corrosion resistance. It is used in hoisting equipment, slope stabilization, and lifting heavy loads. The rise in crude oil exploration and production activities and mining activities are expected to drive the demand for steel wire ropes in the Middle East & Africa during the forecast period.

Middle East & Africa Steel Wire Rope Market Revenue and Forecast to 2031 (US$ Million)

Middle East & Africa Steel Wire Rope Market Segmentation

The Middle East & Africa steel wire rope market is categorized into type, product type, end use, and country.

Based on product type, the Middle East & Africa steel wire rope market is segmented into stainless steel wire rope, galvanized steel wire rope, carbon steel wire ropes, and coated steel wire ropes. The galvanized steel wire rope segment held the largest Middle East & Africa steel wire rope market share in 2023.

In terms of type, the Middle East & Africa steel wire rope market is segmented into regular lay and lang lay. The regular lay segment held a larger Middle East & Africa steel wire rope market share in 2023.

By end use, the Middle East & Africa steel wire rope market is divided into mining, oil and gas, building and construction, marine and fishing, and others. The building and construction segment held segment held the largest Middle East & Africa steel wire rope market share in 2023.

Based on country, the Middle East & Africa steel wire rope market is categorized into South Africa, the UAE, Saudi Arabia, and the Rest of Middle East & Africa. The Rest of Middle East & Africa dominated the Middle East & Africa steel wire rope market share in 2023.

Usha Martin Ltd, ArcelorMittal SA, PFEIFER Holding GmbH & Co.KG, WireCo, and Bekaert are some of the leading companies operating in the Middle East & Africa steel wire rope market.

Product Code: BMIRE00031606

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
1.3 Limitations and Assumptions

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research
3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:

4. Middle East & Africa Steel Wire Rope Market Landscape

4.1 Overview
4.2 Porters Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Intensity of Competitive Rivalry
- 4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
- 4.3.1 Raw Material Suppliers:
- 4.3.2 Manufacturers:
- 4.3.3 Distributors/Suppliers:
- 4.3.4 End-Use Industry:

5. Middle East & Africa Steel Wire Rope Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Strong Growth in Building and Construction Industry
- 5.1.2 High Demand for Steel Wire Ropes from Oil & Gas Industry
5.2 Restraint
- 5.2.1 Fluctuations in Prices of Raw Materials
5.3 Opportunity
- 5.3.1 Increasing Demand for Galvanized Steel Wire Ropes
5.4 Future Trend
- 5.4.1 Focus on Recycling Steel Wire Ropes
5.5 Impact Analysis

6. Steel Wire Rope Market - Middle East & Africa Market Analysis

6.1 Middle East & Africa Steel Wire Rope Market Volume (Kilo Tons), 2021-2031
6.2 Middle East & Africa Steel Wire Rope Market Volume Forecast and Analysis (Kilo Tons)
6.3 Middle East & Africa Steel Wire Rope Market Revenue (US$ Million), 2023-2031
6.4 Middle East & Africa Steel Wire Rope Market Forecast and Analysis

7. Middle East & Africa Steel Wire Rope Market Analysis - by Product Type

7.1 Stainless Steel Wire Rope
- 7.1.1 Overview
- 7.1.2 Stainless Steel Wire Rope: Steel Wire Rope Market - Volume and Forecast to 2031 (Kilo Tons)
- 7.1.3 Stainless Steel Wire Rope: Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Galvanized Steel Wire Rope
- 7.2.1 Overview
- 7.2.2 Galvanized Steel Wire Rope: Steel Wire Rope Market - Volume and Forecast to 2031 (Kilo Tons)
- 7.2.3 Galvanized Steel Wire Rope: Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)
7.3 Carbon Steel Wire Ropes
- 7.3.1 Overview
- 7.3.2 Carbon Steel Wire Ropes: Steel Wire Rope Market - Volume and Forecast to 2031 (Kilo Tons)
- 7.3.3 Carbon Steel Wire Ropes: Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)
7.4 Coated Steel Wire Ropes
- 7.4.1 Overview
- 7.4.2 Coated Steel Wire Ropes: Steel Wire Rope Market - Volume and Forecast to 2031 (Kilo Tons)
- 7.4.3 Coated Steel Wire Ropes: Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)

8. Middle East & Africa Steel Wire Rope Market Revenue Analysis - by Type

8.1 Regular Lay
- 8.1.1 Overview
- 8.1.2 Regular Lay: Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)
8.2 Lang Lay
- 8.2.1 Overview
- 8.2.2 Lang Lay: Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)

9. Middle East & Africa Steel Wire Rope Market Revenue Analysis - by End Use

9.1 Mining
- 9.1.1 Overview
- 9.1.2 Mining: Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)
9.2 Oil and Gas
- 9.2.1 Overview
- 9.2.2 Oil and Gas: Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)
9.3 Building and Construction
- 9.3.1 Overview
- 9.3.2 Building and Construction: Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)
9.4 Marine and Fishing
- 9.4.1 Overview
- 9.4.2 Marine and Fishing: Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)
9.5 Others
- 9.5.1 Overview
- 9.5.2 Others: Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)

10. Middle East & Africa Steel Wire Rope Market - Country Analysis

10.1 Middle East and Africa
- 10.1.1 Middle East and Africa Steel Wire Rope Market Breakdown by Key Countries, 2023 and 2031 (%)
  - 10.1.1.1 Middle East and Africa Steel Wire Rope Market Volume and Forecast and Analysis - by Country
  - 10.1.1.2 Middle East and Africa Steel Wire Rope Market Revenue and Forecast and Analysis - by Country
  - 10.1.1.3 South Africa Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.1.1.3.1 South Africa Steel Wire Rope Market Breakdown by Product Type
    - 10.1.1.3.2 South Africa Steel Wire Rope Market Breakdown by Type
    - 10.1.1.3.3 South Africa Steel Wire Rope Market Breakdown by End Use
  - 10.1.1.4 Saudi Arabia Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.1.1.4.1 Saudi Arabia Steel Wire Rope Market Breakdown by Product Type
    - 10.1.1.4.2 Saudi Arabia Steel Wire Rope Market Breakdown by Type
    - 10.1.1.4.3 Saudi Arabia Steel Wire Rope Market Breakdown by End Use
  - 10.1.1.5 United Arab Emirates Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.1.1.5.1 United Arab Emirates Steel Wire Rope Market Breakdown by Product Type
    - 10.1.1.5.2 United Arab Emirates Steel Wire Rope Market Breakdown by Type
    - 10.1.1.5.3 United Arab Emirates Steel Wire Rope Market Breakdown by End Use
  - 10.1.1.6 Rest of Middle East and Africa Steel Wire Rope Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.1.1.6.1 Rest of Middle East and Africa Steel Wire Rope Market Breakdown by Product Type
    - 10.1.1.6.2 Rest of Middle East and Africa Steel Wire Rope Market Breakdown by Type
    - 10.1.1.6.3 Rest of Middle East and Africa Steel Wire Rope Market Breakdown by End Use

11. Competitive Landscape

11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration

12. Industry Landscape

12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition

13. Company Profiles

13.1 Usha Martin Ltd
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
13.2 ArcelorMittal SA
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
13.3 PFEIFER Holding GmbH & Co. KG
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
13.4 WireCo
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
13.5 Bekaert
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments

14. Appendix

14.1 About The Insight Partners