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The Steel Building Market in Middle East and Africa (MEA) size is forecast to increase by USD 268.87 million with a growth at a CAGR of 4.01% between 2023 and 2028. The growth rate of the market depends on several factors such as the advantages of PEBs over traditional building, the growth of industrial manufacturing in Middle East and Africa and rapid investment in services and tourism sectors.
The report includes a comprehensive outlook on the Steel Building Market in Middle East and Africa (MEA) offering forecasts for the industry segmented by Product, which comprises PEBs and HRSS. Additionally, it categorizes End-user into industrial, commercial, and residential. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
Steel Building Market in Middle East and Africa Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The construction industry is constantly advancing in terms of technology, owing to the rising demand for cost-effective, innovative, and fast-paced construction activities. PEBs fulfill the demands of modern infrastructure and, thus, are used extensively in the construction industry across the globe. In the case of PEBs, prefabricated components are brought to the construction site and assembled as per the requirements of customers. Several advantages make PEBs a robust alternative to traditional buildings. PEBs are made of high-quality steel that can be recycled and reused, which makes these structures eco-friendly.
Moreover, the economic costs, customization options, ease of transportation and installation, and quick assembling, dismantling, and recyclable properties make PEBs a better choice over other traditional buildings. These advantages are likely to increase the adoption of PEBs, thereby driving the growth of the market during the forecast period.
The construction and infrastructure sectors are growing rapidly in MEA. Countries such as the UAE, Saudi Arabia, Egypt, Iran, and Morocco are experiencing rapid industrialization. The growth in industrialization and infrastructure developments has propelled the demand for PEBs in these countries. The growing demand for public infrastructure in MEA is contributing to the growth of the construction sector in these economies. Many new hospitals, educational institutions, stadiums, indoor sports complexes, malls, and mega shopping centers have been built in the past few years because of the growing population and increasing per capita income of people.
However, the growing demand for public infrastructure in MEA is contributing to the growth of the construction sector in these economies. Thus, the construction industry is driving the Middle East and Africa (MEA) steel building market growth. Therefore, such factors are expected to drive market growth during the forecast period.
PEBs are steel structures made of high-quality galvanized steel. Steel is an alloy of iron, which is produced from iron ore using electric arc furnaces or blast furnaces. The volatility in raw material prices has resulted in fluctuations in steel prices. In addition, the temporary suspension of operations at several mining sites, followed by the decommissioning of upstream tailing dams, further led to a decline in the production of iron ore in Brazil. Tropical cyclone Veronica also led to disruptions in iron ore production at mines owned by BHP and Rio Tinto Group (Rio Tinto) in Australia. The fire at Rio Tinto's export terminal affected the ore shipments adversely, which raised the global prices of iron ore even further.
In addition, these disruptions led to fluctuations in global iron ore prices, which negatively affected the prices of steel. Moreover, excess steel production and declining global crude oil prices affected the prices of steel. Thus, these continuous price fluctuations make it difficult for steelmakers to predict raw material prices. Therefore, the volatility in the prices of raw materials poses a challenge for the operations of steel-producing companies in the Middle East and Africa steel building market. Such factors are expected to hinder the market growth during the forecast period.
The PEBs segment is estimated to witness significant growth during the forecast period. Many countries in the MEA region, such as UAE, Saudi Arabia, and Turkey, are undergoing rapid urbanization and investing heavily in infrastructure development. Pre-engineered steel buildings are often preferred for their speed of construction and cost-effectiveness, making them suitable for meeting the demand for new structures.
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The PEBs was the largest and was valued at USD 719.66 million in 2018. Governments might have urgent needs for new facilities or expansion projects, and the quick construction time associated with PEBs and, hence, steel buildings allows for faster project completion. For instance, according to the Roads and Travel Authority (RTA) in Dubai, Dubai Metro used pre-engineered steel for its durability and resistance to environmental factors. Governments are increasingly focusing on sustainable construction practices and green building initiatives. Pre-engineered steel buildings can be designed to meet certain sustainability criteria and are expected to contribute to government efforts in this regard, which is expected to fuel the segment growth in the steel building market in MEA during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Afrifab Steel Ltd: The company offers steel buildings for stadiums, warehouses, and malls.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including Afrifab Steel Ltd., Al Shahin Metal Industries, Al Yarmouk Steel and Engg. Co. LLC, Astra Industrial Group, BSI International Building Systems W.L.L., DANA Group of Companies, Emirates Building System Co. LLC, Etihad Steel Factory, Mabani Steel LLC, Memaar Building Systems FZC, Modern Industrial Investment Holding Group, Nesma Group Co., SpanAfrica Steel Structures, Steel Building and Structure Co., Steel Structures Ltd., Tamimi Group, Tiger Steel Engineering LLC, Tugela Steel, Yusuf A. Alghanim and Sons WLL, and Zamil Industrial Investment Co.
Technavio steel building market in Middle East and Africa research report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The steel building market in Middle East and Africa analysis and report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Steel Building Market In Middle East And Africa Scope |
|
Report Coverage |
Details |
Page number |
146 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.01% |
Market Growth 2024-2028 |
USD 268.87 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.96 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Afrifab Steel Ltd., Al Shahin Metal Industries, Al Yarmouk Steel and Engg. Co. LLC, Astra Industrial Group, BSI International Building Systems W.L.L., DANA Group of Companies, Emirates Building System Co. LLC, Etihad Steel Factory, Mabani Steel LLC, Memaar Building Systems FZC, Modern Industrial Investment Holding Group, Nesma Group Co., SpanAfrica Steel Structures, Steel Building and Structure Co., Steel Structures Ltd., Tamimi Group, Tiger Steel Engineering LLC, Tugela Steel, Yusuf A. Alghanim and Sons WLL, and Zamil Industrial Investment Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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