THE structural steel fabrication market in the Gulf region is expanding rapidly due to rapid urbanisation, infrastructure development, increasing construction activities, demand for sustainable and durable structures, and economic growth.
Based on its recent study, leading strategic consulting and market research firm BlueWeave Consulting anticipates that the value of the region's structural steel fabrication market - which stood at $8.2 billion in 2023 to grow at a CAGR (compound annual growth rate) of 6.53 per cent to reach a value of $12.77 billion by 2030.
The GCC's structural steel fabrication market is primarily driven by robust infrastructure development initiatives, accelerated urbanisation and increasing construction activities in the region. Growing demand for commercial and residential spaces, coupled with government investments in major construction projects, propels the market, Blue Weave Consulting says.
Additionally, the expansion of the oil and gas industries further boosts demand for structural steel fabrication. Technological advancements, enhanced efficiency, and sustainable construction practices contribute to the market growth. Rising awareness of the benefits of structural steel, such as durability and cost-effectiveness, also stimulates market expansion in the GCC region, it adds.
This story is from the July 2024 edition of Gulf Construction.
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This story is from the July 2024 edition of Gulf Construction.
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