March 01, 2023 08:30 ET | Source: SkyQuest Technology Consulting Pvt. Ltd. SkyQuest Technology Consulting Pvt. Ltd.
Westford USA, March 01, 2023 (GLOBE NEWSWIRE) -- The GCC structural steel fabrication market has witnessed the Middle East as the major revenue contributor, closely followed by Asia Pacific. The increasing demand from the construction industry largely drives the growth of the market. This demand can be attributed to ongoing urbanization, upcoming infrastructure projects, and a rising population base. In addition, a significant trend in the market is the introduction of CNC plasma cutting machines by steel fabricators in their manufacturing plants. With a plasma cutter, it precisely cuts thin to thick metals along a multi-axis grid. This trend has gained significant popularity and is expected to further drive the market's growth.
The global construction industry has experienced a significant surge of 11.3% in 2022 compared to the previous year's construction projects. This growth is a positive sign for the GCC structural steel fabrication market, indicating potential prospects for the future. As the demand for housing, commercial buildings, and other infrastructure projects increases, it leads to a surge in demand for steel and other construction materials.
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Structural steel fabrication is a complex process that involves multiple stages, including cutting, bending, shaping, and assembling steel into various structures of predetermined sizes and shapes. This process is critical in constructing buildings, industrial equipment, tools, and other final products, as steel is one of the most reliable and durable materials. Most structural steel fabricators utilize cutting-edge technology and equipment to ensure precision and accuracy throughout the process to achieve the desired results.
Prominent Players in GCC Structural Steel Fabrication Market
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Construction Segment to Drive Tremendous Sales Growth as Structural Steel Fabrication Plays a Crucial Role in the Construction Industry
The global GCC structural steel fabrication market witnessed significant growth in 2021, with the construction segment being the dominant application. This emerging trend is likely to continue over the forecast period. The substantial growth can be attributed to several factors, including rising disposable income, a surge in global construction activity, and government regulations to improve safety and preventative measures. In addition, steel, being a sustainable and recyclable material, is widely used in construction activities, making it a preferred choice for various infrastructure projects.
The GCC structural steel fabrication market is expected to experience significant growth, with Saudi Arabia leading the way, followed by the UAE. This growth can be attributed to substantial investments in infrastructure development, construction projects, and waterfront city development. In addition, there has been a shift in focus towards environmentally friendly construction practices due to the increasing population in the GCC region. As a result, the countries in this region are investing more than USD 100 billion in airport expansions, as the number of Middle East passengers is expected to double by 2035.
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Machining Segment to Witness Swift Growth owing to Rising Demand for Precision Parts and Components in Various Industries
The GCC structural steel fabrication market experienced significant growth in 2021, with the machining segment leading the way in terms of service. This segment is projected to maintain its dominance over the forecast period due to its advanced features, increasing trend, comprehensive machinery manufacturing, and focus on providing precision work pieces and weldments to the army, transit, and agriculture sectors. Furthermore, as the market expands, it is becoming more inclusive and sustainable, with a greater emphasis on rebuilding services and providing high-quality products that meet the needs of various industries.
The Middle East region has seen significant investment in infrastructure development in recent years, with Kuwait, Bahrain, and Qatar all committing substantial funds to build and improve critical infrastructure projects. For example, Kuwait has pledged USD 15.6 billion for infrastructure development, which includes significant investments in transportation, housing, and energy projects. Meanwhile, Qatar is investing up to USD 13 billion in major infrastructure projects, including new highways, rail networks, and airports. These projects are expected to drive demand for structural steel fabrication, as steel is a key material used in the construction of infrastructure projects.
SkyQuest's report is exhaustive, providing detailed information on all aspects of the GCC structural steel fabrication market. It covers the market's current status, future growth prospects, key trends, and drivers shaping its trajectory. Moreover, this information is presented in an easy-to-understand format, making it accessible to many readers.
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Key Developments in GCC Structural Steel Fabrication Market
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