Albany, NY -- (SBWIRE) -- 11/14/2017 -- Saudi Arabia boasts a booming construction industry with magnificent yearly industry output. The country is also the largest market for construction work in the Middle East, ahead of Iran, Turkey, and other neighboring Gulf countries. Hence, the demand for cement, which constitutes the intrinsic component in construction activities, is inevitably high in Saudi Arabia. To study present market dynamics and the growth prospects of the Kingdom of Saudi Arabia Cement Market, Transparency Market Research has published a report titled "Cement Market - Kingdom of Saudi Arabia Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020".
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In terms of volume, the Kingdom of Saudi Arabia cement market exhibited a production capacity of 55,700.0 kilo tons in 2013, and it is expected to reach 78,258.8 kilo tons by 2020, developing at a moderate 5.4% CAGR between 2014 and 2020. The cement market in Saudi Arabia stood at US$3.59 billion in 2013.
Cement is the cornerstone of construction activities around the world. Fuelled by rapid economic development, Saudi Arabia offers lucrative prospects for investment. Hence, investors from across the globe are trying their luck in the economic segments of the country, the construction industry being one of them. The country itself is guided by the policy of large-scale infrastructural development, which has significantly aided its construction industry. Rapid urbanization, infrastructural development, and increasing demand for commercial and residential construction are identified in the report as primary factors propelling the Saudi Arabia cement market.
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"The growth prospects for the cement market in Saudi Arabia seem vibrant, however, the key vendors may have to address challenges related to the supply of subsidized fuel and unbridled government interventions to enjoy unhindered progress", says a lead TMR analyst. The report on the Saudi Arabia cement market provides an executive-level blueprint of the market that analyzes the different factors that are likely to impact the growth trajectory of the market. Among the key application segments, infrastructure development dominated the market in 2013, accounting for 50% of the total demand generated in the Kingdom of Saudi Arabia. Fuelled by increased government spending to bolster infrastructure development, the cement market in the Kingdom of Saudi Arabia is anticipated to expand exponentially.
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In terms of cement consumption, the central region of the Kingdom of Saudi Arabia led the cement market with a 32% share in 2013. The region was trailed by the western and eastern regions. The high cement consumption in the central region can be attributed to its rapid urbanization. Hence, the central and western regions in the Kingdom of Saudi Arabia have become the most lucrative destinations for cement producers. The cement market in Saudi Arabia will also benefit from the expanding tourism in the country, which will correspondingly boost new construction activity in the country. Some of the leading players in the Saudi Arabia cement market profiled in the report are Saudi Cement Company, Riyadh Cement Company, Yamama Cement Company, and Najran Cement Company.
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