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

● Predictive Maintenance Improves Plant Reliability AI monitors furnaces and rolling mills in GCC facilities like Emirates Steel and Hadeed, predicting equipment issues to reduce unplanned downtime by 20-30% and ensure consistent output for high-demand infrastructure projects.

● Supply Chain Optimization Reduces Costs Machine learning forecasts raw material needs and optimizes sourcing, cutting logistics delays and expenses in a region reliant on imports and local recycling for electric arc furnace production.

● Energy Efficiency Lowers Operational Expenses AI simulates processes to minimize energy consumption in energy-intensive EAF operations, supporting sustainability goals and countering high regional energy costs while aligning with net-zero ambitions.

● Quality Assurance Enhances Export Readiness Real-time AI vision detects defects in rebar and structural beams, improving product consistency to meet international standards and boosting competitiveness in global markets.

● Demand Forecasting Supports Mega-Project Planning AI analyzes construction pipelines like NEOM and Qatar developments to predict steel needs, enabling better inventory management and capacity planning amid volatile global prices.

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How Vision 2030 is Revolutionizing GCC Steel Industry

Saudi Arabia's Vision 2030, with ripple effects across the GCC, is transforming the steel sector by driving economic diversification away from oil through massive infrastructure spending and industrial localization. Mega-projects such as NEOM, The Line, Red Sea Project, Qiddiya, and expansions in Riyadh and Jeddah generate enormous demand for rebar, structural steel, and specialized products, while policies promote local content, attract foreign investments in green steel complexes, and encourage advanced technologies like hydrogen-based production. This initiative boosts domestic capacity, creates jobs, and reduces import reliance via incentives for high-value manufacturing and sustainability. Regional partners in UAE and Qatar align through similar diversification strategies, enhancing supply chains for construction, energy, and renewables. Overall, Vision 2030 positions the GCC as a competitive hub for efficient, low-carbon steel, supporting non-oil GDP growth, export potential, and resilience against global trade shifts like CBAM, while fostering partnerships and innovation for long-term industrial strength.

GCC Steel Market Trends & Drivers

Long products like rebar and structural steel dominate due to booming construction and infrastructure under national visions, with flat steel gaining in industrial and automotive applications amid capacity expansions and localization efforts. Trends include rising green steel adoption to meet CBAM standards, digital upgrades for efficiency, and strong production growth in Saudi Arabia and UAE, while Qatar shows rapid increases. Sustainability pushes toward recycled inputs and low-emission routes, with modular fabrication accelerating project timelines across the region.

Key drivers feature Vision 2030-led mega-projects requiring millions of tons annually, government incentives for local manufacturing and foreign partnerships, rapid urbanization fueling housing and commercial builds, and infrastructure investments in transport, energy, and tourism. Protective measures and regional demand offset global oversupply pressures, supporting steady expansion despite energy costs and trade dynamics.

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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

● July 2025: GCC countries recorded a 6.3% jump in crude steel production, hitting 3.337 million tons for the month. This boost is driven by the surge in mega construction projects and expanded manufacturing activity, further strengthening the region's presence in global steel output.

● June 2025: Saudi Arabia's Essar Group launched a new 4 million tonnes per year direct reduced iron and electric arc furnace hot strip mill at Ras al-Khair. This project leverages advanced EAF and automation technologies to deliver high-quality flat steel and enhance supply chain security in the GCC.

● February 2025: AI-driven innovation is transforming the GCC's steel sector, with the refractory materials market set to grow by $30.2 million. Automated quality control and smart manufacturing are helping reduce defects, cut costs, and meet rising construction demand across the region.

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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