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Steel consumption in Saudi Arabia is expected to grow at a CAGR 11.7% during 2013-2017, according to a recent report by market research consulting services company, RNCOS. The report called ‘Saudi Arabia Steel Industry Forecast 2017’ adds that in 2012, steel consumption in the Kingdom experienced double-digit growth.
The report noted that the steel industry in Saudi Arabia is highly import-oriented as more than half of the steel consumption is met through imports.
Buoyed by construction and growing investment in the real estate sector, Saudi Arabia has become one of the largest steel consumers in the GCC (Gulf Cooperation Council) region.
The construction sector in the country is considered as the largest and the fastest growing market in the Gulf region with huge growth potential.
Source: Daily ‘Saudi Gazette’, Riyadh; 23 June 2013