Middle East Steel Market Trends, Growth, and Demand Forecast 2025-2033

Middle East Steel Market Overview

Market Size in 2024: USD 43,107 Million

Market Size in 2033: USD 63,599 Million

Market Growth Rate 2025-2033: 4.42%

According to IMARC Group's latest research publication, "Middle East Steel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025-2033", Middle East steel market size reached USD 43,107 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 63,599 Million by 2033, exhibiting a growth rate (CAGR) of 4.42% during 2025-2033.

How Advanced Manufacturing is Reshaping the Future of Middle East Steel Market

• Driving Mega Infrastructure Projects: Vision 2030 initiatives like NEOM and Saudi Arabia's giga-projects are consuming massive steel quantities, with the USD 4.5 billion Essar Group facility in Ras-Al-Khair set to produce 4 million tonnes annually.
• Powering Green Steel Revolution: Sohar Port in Oman is pioneering Hybrid DRI technology for sustainable manufacturing, while regional producers are adopting carbon-neutral processes to meet environmental regulations.
• Boosting Regional Production Capacity: The Gulf Cooperation Council region maintains steady demand for long steel products, with UAE market showing consistent growth patterns and regional facilities expanding to reduce import dependency.
• Strengthening Transportation Networks: Government investments in smart cities, housing projects, and transportation infrastructure across GCC nations are creating sustained demand for structural and construction steel.
• Enhancing Recycling Capabilities: Saudi Arabia's Vision 2030 diversification strategy promotes metals recycling industry growth, with facilities integrating circular economy principles into steel production.

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Middle East Steel Market Trends & Drivers:

• The Middle East steel market is experiencing robust growth, driven by unprecedented infrastructure development across the region. Vision 2030 and similar national transformation programs are fueling massive construction projects, from Saudi Arabia's NEOM smart city requiring millions of tonnes of structural steel to UAE's Dubai 2040 Urban Master Plan. These mega-projects are creating sustained demand for high-quality steel products, with governments investing heavily in transportation networks, smart city developments, and housing projects to accommodate rapidly growing populations. The region's strategic shift away from oil dependency is positioning steel as a cornerstone material for economic diversification efforts.
• The rise of sustainable manufacturing practices is revolutionizing steel production across the Middle East. Companies like Essar Group are investing USD 4.5 billion in state-of-the-art green steel facilities, while Oman's Sohar Port explores hybrid direct reduced iron technology to become a regional sustainability hub. This green transformation aligns with regional environmental commitments, as producers adopt advanced electric arc furnace technology and implement circular economy principles. The integration of renewable energy sources in steel production is reducing carbon footprints while maintaining competitive costs, creating a competitive advantage for regional manufacturers.
• Regional steel consumption is being driven by diversified industrial applications beyond traditional construction uses. The automotive sector's growth, particularly in electric vehicle manufacturing, is increasing demand for specialized steel grades. Meanwhile, the region's expanding manufacturing base requires steel for machinery, equipment, and industrial infrastructure. Countries like UAE and Saudi Arabia are developing local steel processing capabilities, with facilities producing everything from structural beams to specialized alloys for aerospace applications, reducing reliance on imports and strengthening supply chain resilience.

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Middle East Steel Industry Segmentation:

The report has segmented the market into the following categories:

Type Insights:

• Flat Steel
• Long Steel

Product Insights:

• Structural Steel
• Prestressing Steel
• Bright Steel
• Welding Wire and Rod
• Iron Steel Wire
• Ropes
• Braids

Application Insights:

• Building and Construction
• Electrical Appliances
• Metal Products
• Automotive
• Transportation
• Mechanical Equipment
• Domestic Appliances

Country Insights:

• Saudi Arabia
• Turkey
• Israel
• United Arab Emirates
• Iran
• Iraq
• Qatar
• Kuwait
• Oman
• Jordan
• Bahrain
• Others

Recent News and Developments in Middle East Steel Market

• February 2025: Essar Group advances plans for a USD 4.5 billion integrated flat green steel complex in Ras-Al-Khair, Saudi Arabia, spanning 315 hectares with 4 million tonnes annual capacity, setting new sustainability benchmarks for the region.
• March 2025: The Gulf Cooperation Council region records steady demand growth for long steel products, with UAE market showing significant improvement compared to previous year, driven by infrastructure development and construction sector expansion.
• June 2025: Saudi Arabia's Vision 2030 metals recycling initiatives gain momentum, with new facilities incorporating circular economy principles to reduce steel production environmental impact while supporting the Kingdom's economic diversification goals.

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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