GCC Steel Market Size is Expected to Reach USD 5.12 Billion By 2033 | CAGR: 4.10%

GCC Steel Market Overview

Market Size in 2024: USD 3.50 Billion

Market Size in 2033: USD 5.12 Billion

Market Growth Rate 2025-2033: 4.10%

According to IMARC Group's latest research publication, "GCC Steel Market Size, Share, Trends and Forecast by Components, Material Used, End User, and Region, 2025-2033," The GCC steel market size reached USD 3.50 Billion in 2024. The market is projected to reach USD 5.12 Billion by 2033, exhibiting a growth rate (CAGR) of 4.10% during 2025-2033.

How AI is Reshaping the Future of GCC Steel Market

● AI-powered predictive maintenance is slashing downtime in GCC steel plants, increasing overall equipment efficiency and cutting repair costs by up to 20%.

● Smart factories use real-time data and machine learning for quality checks, reducing defects and ensuring buyers consistently get top-grade steel products.

● National government support, such as digitalization funds and smart manufacturing schemes, accelerates AI adoption across the GCC steel sector.

● Automation and intelligent process optimization allow companies to save more than 5% on raw input costs while boosting production yields by 15%.

● Leading GCC steelmakers use AI to optimize supply chains, predicting demand accurately and ensuring just-in-time delivery for mega construction projects.

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How Vision 2030 is Revolutionizing GCC Steel Industry

Saudi Arabia's Vision 2030 is catalyzing a profound evolution in the GCC steel sector, pivoting from oil reliance to diversified, sustainable industrialization. With over USD 500 billion in mega-projects like NEOM, Qiddiya, and Riyadh Metro, the initiative demands 10 million tons of steel annually, spurring local production capacity from 20 million tons in 2024 to 30 million by 2030. This influences the broader GCC, as UAE's Operation 300bn and Qatar's National Vision 2030 synchronize investments, fostering cross-border supply chains and halal-compliant exports valued at USD 2 billion yearly.

Emphasizing green steel, Vision 2030 integrates hydrogen-based direct reduced iron (DRI) plants, targeting 50% emission cuts via renewables. Collaborations like Essar Group's USD 4 billion Ras al-Khair facility exemplify tech upgrades, while localization policies boost domestic content to 70%, creating 50,000 jobs. Amid urbanization hitting 89% by 2030, consumer shifts to eco-friendly buildings amplify demand for prefabricated structures. Ultimately, it propels the USD 3.5 billion market to USD 5.12 billion by 2033, blending policy incentives with private ventures for resilient infrastructure and economic multipliers in manufacturing and logistics.

GCC Steel Market Trends & Drivers:

The GCC steel market, valued at USD 3.50 billion in 2024, is set for robust growth at a 4.10% CAGR through 2033, fueled by explosive infrastructure demands and economic diversification. Key trends feature a surge in green steel adoption, with hydrogen-ready plants like Jindal's USD 3 billion Duqm facility targeting low-carbon output amid net-zero pledges. Flat steel dominates 54% share for automotive and appliances, while long products like rebar hold sway in construction at 60%, driven by high-rises and railways. Digitalization via BIM and automation cuts fabrication times by 20%, with e-commerce platforms in UAE slashing distribution costs by 15%. Sustainability trends, including recycled usage up 35%, cater to eco-conscious developers in Qatar and Bahrain.

Propelling this are mega-investments exceeding USD 1 trillion by 2030, with Saudi's Vision 2030 alone allocating USD 180 billion for projects boosting urbanization to 89%. Population growth over 55 million amplifies housing needs by 4% yearly, while tourism influxes to 100 million visitors spike hospitality steel use. Policy incentives like localization mandates counter import dependencies, enhanced by cold-chain logistics. Renewable integrations mitigate climate risks, fortifying a balanced ecosystem of domestic output and strategic imports for enduring stability.

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GCC Steel Market Industry Segmentation:

The report has segmented the market into the following categories:

Type Insights:

● Flat Steel
● Long Steel

Product Insights:

● Structural Steel
● Prestressing Steel
● Bright Steel
● Welding Wire and Rod
● Iron Steel Wire
● Ropes
● Braids

Application Insights:

● Building and Construction
● Electrical Appliances
● Metal Products
● Automotive
● Transportation
● Mechanical Equipment
● Domestic Appliances

Country Insights:

● Saudi Arabia
● UAE
● Qatar
● Bahrain
● Kuwait
● Oman

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Recent News and Developments in GCC Steel Market

● January 2025: UAE Steel Localization Push: UAE's Ministry of Industry launched a USD 1.2 billion fund for domestic steel production, targeting 40% import reduction by 2027. Aligned with Operation 300bn, it supports fabrication for Dubai's urban expansions, enhancing supply security.

● February 2025: Qatar Steel Supply Deal: Qatar Steel inked a USD 800 million agreement with local contractors for 2 million tons of rebar over three years. Backing FIFA legacy projects, it strengthens regional chains and boosts self-sufficiency amid construction resurgence.

● March 2025: Zamil Industrial Partnership: Zamil Industrial allied with Emirates Steel for modular prefab solutions in GCC mega-projects. Valued at USD 500 million, it accelerates timelines by 30%, focusing on sustainable steel for high-rises in Riyadh and Abu Dhabi.

● April 2025" EMSTEEL Emirates Initiative: EMSTEEL joined Make it in the Emirates 2025 as metals partner, showcasing fabrication tech for Operation 300bn. This USD 200 million showcase highlights UAE's innovation, driving industrial growth and export capabilities.

● May 2025: Bahrain Green Steel Pilot: Bahrain Steel initiated a USD 150 million hydrogen-DRI trial plant, aiming for 20% emission cuts. Tied to Vision 2030 synergies, it positions the kingdom as a low-carbon hub, attracting European partnerships.

Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.

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