Saudi Arabia Steel Market Size to Worth USD 11.8 Billion by 2033 At CAGR 3.40% | Trends & Outlook

Saudi Arabia Steel Market Overview

Market Size in 2024: USD 8.7 Billion
Market Forecast in 2033: USD 11.8 Billion
Market Growth Rate 2025-2033: 3.40%

According to IMARC Group's latest research publication, "Saudi Arabia Steel Market Size, Share, Trends and Forecast by Type, Product, Application, and Region, 2025-2033", The Saudi Arabia steel market size was valued at USD 8.7 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 11.8 Billion by 2033, exhibiting a CAGR of 3.40% from 2025-2033.

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How AI is Reshaping the Future of Saudi Arabia Steel Market

● AI-powered predictive maintenance slashes downtime by up to 50% in Saudi steel plants, helping firms like SABIC Hadeed save millions while keeping production humming smoothly.

● Vision 2030's NIDLP pumps $1.5 billion into smart factories, blending AI with automation to sharpen quality control and cut waste across 4,000 plants nationwide.​

● AIC Steel rolls out AI digital twins for spot-on production management, boosting precision in military-grade components and fueling localization under government plans.​

● Zamil Steel dives into AI robotics and generative tools, streamlining fabrication to meet mega-project demands like NEOM with faster, greener output every day.​

● AI supply chain analytics forecast demand sharp, trimming inventory costs for players like Hadeed and aligning with $16 billion steel investment opportunities announced recently.

How Vision 2030 is Transforming Saudi Arabia Steel Industry?

Vision 2030 is transforming Saudi Arabia's steel market by driving large-scale infrastructure, construction, and industrial projects that significantly boost domestic steel demand. Investments in smart cities, transportation networks, renewable energy, and manufacturing zones are encouraging capacity expansion and technological upgrades across local steel producers. The strategy's focus on economic diversification, localization, and sustainability supports the development of high-quality, energy-efficient steel products. Moreover, streamlined regulations and improved logistics are enhancing competitiveness, enabling the Kingdom to strengthen its position as a regional steel production hub.

Saudi Arabia Steel Market Trends & Drivers:

Saudi Arabia's steel market is booming thanks to massive infrastructure pushes under Vision 2030, like NEOM, The Line, Riyadh Metro, and Red Sea projects, which gulp up huge amounts of steel for everything from skyscrapers to bridges. Domestic demand hit around 16 million tons recently, fueled by rapid urbanization and a construction sector valued at USD 97.8 billion, where steel forms the backbone of structural frameworks and reinforcement. Government initiatives are supercharging this by localizing production-take the new national
remnant metal import company announced by the Minister of Industry, aiming to unlock SR60 billion ($15.9 billion) in investments and cut reliance on imports. Companies like Mitwalli Steel are ramping up with advanced tech for self-sufficiency, while mega-projects demand versatile mild steel products like rebars and beams, keeping suppliers busy and prices steady around SAR 2,400 per tonne for rebar. This mix of bold builds and smart policies is turning the Kingdom into a steel powerhouse.​

A big shift underway is the green steel revolution, where producers are blending green hydrogen and electric arc furnaces to slash emissions, aligning with the Saudi Green Initiative and mega-projects like NEOM that prioritize low-carbon materials. Construction accounts for 60-70% of steel use, and these sites are pushing for over 80% recycled part in production, with pilots in Oxagon hub showing real promise for hydrogen-reduced iron. Al-Rajhi Steel's $3 billion complex and partnerships for DR-grade pellets highlight how firms are chasing sustainability to snag deals from global buyers like European automakers. Vision 2030 backs this with incentives for eco-tech, positioning Saudi Arabia as a low-carbon exporter in MENA, while Essar's $4 billion flat steel plant eyes high-grade output for autos and energy. It's practical innovation meeting market pull, making steel cleaner without slowing the action.​

Industrial diversification is firing up steel needs across oil & gas, renewables, and manufacturing, with the Eastern region's refineries and pipelines craving anti-corrosive alloys, and solar farms needing sturdy frames-renewables hit 2.1 gigawatts capacity lately. Vision 2030's National Industrial Strategy pumps investments into zones like Ras Al Khair, where Essar plans 4 million tonnes/year of hot strip mill capacity alongside DRI plants. Bena Steel's $6.6 million Riyadh plant and Tosyali's $5 billion sustainable facility show companies jumping in, boosting local jobs and cutting import bills-India and China still supply key volumes, but domestic output is surging. This ties into housing booms, with residential real estate at USD 71.8 billion driving rebar and wire rod demand, creating a ripple effect that keeps the market humming.

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Saudi Arabia Steel Industry Segmentation:

The report has segmented the market into the following categories:

Analysis by Type:

● Flat Steel
● Long Steel

Analysis by Product:

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

Analysis by Application:

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

Regional Analysis:

● Northern and Central Region
● Western Region
● Eastern Region
● Southern Region

Competitive Landscape:

● Aasia Steel Factory Company Ltd.
● Al Ittefaq Steel Products Co.
● Al Sadd Steel Industrial Company
● Al-Gaswa Steel Industries Co.
● Al-Rajhi Steel
● Modern Factory for Steel Industries Co. Ltd.
● Shaaban Steel
● Solb Steel
● Zamil Structural Steel Company Limited

Recent News and Developments in Saudi Arabia Steel Market

● October 2025: Minister announces national particle metal firm amid SR60 billion investment opportunities to cut imports and boost local high-value steel production.​

● October 2025: Hadeed raises rebar prices signaling strong demand, while eyeing hot strip mill expansion for 2.5 million tonnes local flat steel capacity.

● September 2025: Zamil Steel unveils process equipment innovations at STATIC Arabia expo, advancing energy sector support with cutting-edge fabrication tech.

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