Steel Consumption Is Rising Due to Various Developmental Projects in the Kingdom

Development in construction and infrastructure projects in Saudi Arabia is driving the demand for steel, says RNCOS.


Noida, UP -- (SBWIRE) -- 06/09/2014 -- Saudi Arabia is one of the largest countries in terms of population and gross national product. The Kingdom’s national economy has grown exponentially over the last ten years, due to which the country has initiated massive infrastructural development projects which includes construction of roads, bridges and railways, etc. According to a new report by RNCOS “Saudi Arabia Steel Industry Outlook 2018”, in lieu of the above, the demand for steel has risen in the Kingdom over the past few years, propelling an equivalent increase in the consumption and production of steel.

According to our report, the kingdom is committed to building of new homes and has major plans for new roads, a railway network and airports projects, etc. all of which will require huge amounts of steel. In the year 2013, the Kingdom had set aside almost SAR 285.03 Billion for capital expenditure on investment projects. Moreover, the kingdom is expected to award construction projects worth SAR 337.5 Billion in 2014. This, coupled with expectations of the growth in the infrastructure in the Kingdom, will provide a boost to the demand for steel in the future and will lead to enormous growth of the steel industry in the coming years.

The report, “Saudi Arabia Steel Industry Outlook 2018”, by RNCOS is spread over 85 pages, covers steel production and consumption forecast till 2018 of crude and finished steel. Finished steel has been further segmented into long and flat products. Long products have been further classified into rebar and structural sections. Similarly, flat products has been segmented into coils, strips & sheets and plates. Our comprehensive report has closely studied and provided market forecast till 2018 for production and consumption of both products and their types.

Further, the report provides steel imports of ingots and semi-finished steel, long products, flat products, and tubular products. In a similar manner, the steel exports scenario has also been provided. An overview of steel demand from infrastructure & construction industry and manufacturing industry has been added to project the consumption pattern of long and flat steel products for the years 2014 and 2018. The report also sheds light on the drivers supporting growth of the steel industry along with competitive landscape covering the business overview, management profile and in some cases recent developments of some players.

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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.