KSA TMT Steel Bar Market shall reach a value of $X Million in 2033, growing with a CAGR of X% during the forecast period of 2023 to 2033.
Thermo-Mechanically Treated steel bars are a form of high-strength reinforcement steel commonly used in the building sector. They have various advantages over conventional steel bars, making them a preferred alternative for concrete structures such as buildings, bridges, and highways.
The construction of Neom mega infrastructure projects powered by renewable energy and the Red Sea tourism mega project with the Saudi Arabia vision 2030 plans for infrastructure development, renewable energy and tourism are some of the major factors driving the growth of the TMT steel bars in KSA.
Investments in NEOM megaproject increases the demand for TMT steel bars.
The $500 billion Neom project represents Saudi Arabias economic and sociological transformation, known as Vision 2030. MBS implemented this set of reforms in 2017 and has since led to improvements in womens rights, improved tourist access to the nation, and the opening up of alternative income streams in an effort to diversify the kingdoms economy and reduce its reliance on oil earnings. Neom is expected to open in 2039 and will occupy 26,500 square kilometers of Saudi territory near the Red Sea coast. The Saudi government intends for the city to use cutting-edge technology, with a concentration on artificial intelligence, as well as an airport, high-speed trains, and drones that will be fueled entirely by renewable energy sources. The construction of buildings, infrastructures, transit networks and other constructions will further drive the demand for TMT steel bars.
Investment in Red Sea Project focusing on luxury tourism development drives the market growth.
The Red Sea Project is one of three primary investment routes outlined in Saudi Vision 2030. The project will be located between the cities of Umluj and Al Wajh on Saudi Arabias western coast. The area will include 28,000 km² of land and ocean, including over 90 islands. The project emphasizes the issue of sustainability throughout the development process, with a focus on renewable energy sources and water conservation. The project entails the development of several luxury resorts, including hotels, villas, and recreational facilities thereby driving the demand for TMT steel bars for strengthening the concrete structures of these buildings, assuring their strength and stability in the coastal climate.
Development of new special economic zones in KSA increases the demand for TMT steel bars.
The new zones, strategically distributed throughout the Kingdom, include King Abdullah Economic City (KAEC) SEZ, Jazan SEZ, Ras Al Khair SEZ, and Cloud Computing SEZ, all located in King Abdulaziz City for Science and Technology (KACST). The SEZs strengthen and expand Saudi Arabias status as a global commercial hub, and they will play an important role in meeting Saudi Arabias economic development goals under the Vision 2030 policy. The zones will become engines of growth, strengthening the Kingdoms export competitiveness, recruiting talent, advancing technology, and improving our worldwide ties. SEZs often include the construction of factories, warehouses, logistics hubs, and other industrial facilities such as office buildings, apartments, hotels, and other commercial or residential areas thereby driving the growth of TMT steel bars.
Years considered for this report
• Historical Years: 2021 - 2022
• Base Year: 2022
• Forecast Period: 2023-2032
TMT Steel Bar Market in KSA Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/ projections/ forecast for revenue and unit sales (2022 - 2033)
• Data breakdown for application Industries (2022 - 2033)
• Integration and collaboration analysis of companies
• Capacity analysis with application sector breakdown
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategies adopted by emerging companies
TMT Steel Bar Market in KSA Market Segments
By Diameter Range (Revenue, USD Million, 2022 - 2033)
• 6mm to 8mm.
• 8mm to 12mm.
• 12mm and above
By Application Type (Revenue, USD Million, 2022 - 2033)
• Residential.
• Commercial.
• Infrastructure.
By Grade Type (Revenue, USD Million, 2022 - 2033)
• Fe-415.
• Fe-500.
• Fe-550.
• Fe-600.
• Others.
TMT Steel Bar Market in KSA Companies
• SABIC Steel
• Zamil Steel Co.
• Al-Ittefaq Steel Products Co.
• Saudi Iron & Steel Co.
• Shaaban Steel
• Alssad Steel
• Abdulkarim Alrajhi Steel Company
