The steel building market in MEA is poised to grow by USD 1.39 billion between 2020-2024, progressing at a CAGR of over 6% during the forecast period.
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The growing number of employed people boosts investments in banking, realty, telecommunication, retail, and education sectors. Moreover, there is a rise in investments in the healthcare, hospitality, and infrastructure sectors in tourist destinations such as the UAE, Saudi Arabia, and Israel. Furthermore, the steel building market growth in the MEA can also be attributed to the rapid investment in the services and tourism sectors. These factors result in an increased demand for structural steel for PreEngineered buildings (PEB) and steel structures in residential, commercial, and industrial sectors, driving the steel building market growth.
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The steel building market in MEA is segmented by product (PEB and HRSS), and end-user (industrial, commercial, and residential).
Due to the growing demand for PEB, the PEB market segment will account for the highest steel building market share in the MEA. This mainly attributes to the increasing construction of affordable housing in Africa and parts of the Middle East. Market growth in this segment will be slower than the growth of the market in the HRSS segment.
Know About the Key Opportunities and Growth of Steel Building Market in MEA in Construction & Engineering Industry
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The steel building market in MEA is fragmented. The key vendors in the market are focusing on M&A strategies to expand their geographical reach and increase their market share.
Key Market Dynamics:
Market Driver
- Advantages of PEBs over traditional buildings
- Growth of industrial manufacturing in MEA
- Rapid investment in services and tourism sectors
Market Challenges
- Low awareness and limited design flexibility in residential sector
- Volatile prices of raw materials
- Stringent government regulations
Future Trends
- Growing construction and infrastructure sectors
- Growing consumption of secondary steel
- Changing housing trends
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Companies Mentioned
- Al Shahin Co. for Metal Industries
- Astra Industrial Group
- Building System Integration Ltd.
- Mabani Steel LLC
- Salam International Investment Ltd.
- Tamimi Group
- Vibgyor International FZ LLC
- Wsteel Structures Ltd.
- Yusuf A. Alghanim & Sons WLL
- Zamil Industrial Investment Co.
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Key Topics Covered:
- Executive Summary
- Market Landscape
- Market Sizing
- Five Forces Analysis
- Market Segmentation by Product
- Market Segmentation by End-user
- Customer landscape
- Geographic Landscape
- Vendor Landscape
- Vendor Analysis
- Appendix
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