Steel Building Market in the Middle East and Africa (MEA) 2022-2028
About this market
The growth of industrial manufacturing in MEA is one of the primary factors driving the steel building market growth in the region. The industrial sector is witnessing the highest adoption rate of steel building in the MEA market. Additionally, the industrial buildings are being constructed on the pre-defined timelines and with a limited budget. Therefore, the industrial builders are coming up with the solution of constructing steel buildings instead of constructing concrete buildings. The construction of steel buildings is not only cost-effective but also takes lesser time than the construction of concrete buildings. Consequently, the growth of the industrial sector will drive the steel building market growth in the Middle East and Africa. analysts have predicted that the steel building market will register a CAGR of over 6% by 2023.
Market Overview
Rapid investment in services and tourism sectors
One of the growth drivers of the steel building market in MEA is the rapid investment in services and tourism sectors. The growth of the manufacturing industry in Saudi Arabia and the UAE is increasing, which is expected to increase the demand for steel structures in industrial and commercial sectors during the forecast period.
Low awareness and limited design flexibility in the residential sector
One of the challenges in the growth of the steel building market in MEA is the low awareness and limited design flexibility in the residential sector. The high importance given to aesthetics during the construction of residential buildings will hinder the market growth during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the steel building market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. The revenue in Saudi Arabia is increasing due to the introduction of value-added taxes and levying direct taxes and fees on incomes for its large expatriate population. Such factors attract new vendors toward this market. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
The growth of industrial manufacturing in MEA is one of the primary factors driving the steel building market growth in the region. The industrial sector is witnessing the highest adoption rate of steel building in the MEA market. Additionally, the industrial buildings are being constructed on the pre-defined timelines and with a limited budget. Therefore, the industrial builders are coming up with the solution of constructing steel buildings instead of constructing concrete buildings. The construction of steel buildings is not only cost-effective but also takes lesser time than the construction of concrete buildings. Consequently, the growth of the industrial sector will drive the steel building market growth in the Middle East and Africa. analysts have predicted that the steel building market will register a CAGR of over 6% by 2023.
Market Overview
Rapid investment in services and tourism sectors
One of the growth drivers of the steel building market in MEA is the rapid investment in services and tourism sectors. The growth of the manufacturing industry in Saudi Arabia and the UAE is increasing, which is expected to increase the demand for steel structures in industrial and commercial sectors during the forecast period.
Low awareness and limited design flexibility in the residential sector
One of the challenges in the growth of the steel building market in MEA is the low awareness and limited design flexibility in the residential sector. The high importance given to aesthetics during the construction of residential buildings will hinder the market growth during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the steel building market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. The revenue in Saudi Arabia is increasing due to the introduction of value-added taxes and levying direct taxes and fees on incomes for its large expatriate population. Such factors attract new vendors toward this market. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Frequently Asked Questions
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