According to the latest market research study published by P&S Intelligence, the Saudi Arabian metalworking market is poised for steady growth, with its size projected to increase from an estimated USD 298.5 million in 2024 to USD 350.4 million by 2030, reflecting a CAGR of 2.7% during the forecast period. This upward trajectory is primarily driven by the Kingdom's ambitious infrastructure development initiatives, encompassing roads, buildings, and bridges, which are fueling the demand for metals and metal products essential for machinery and structural components.
The nation's strategic shift from an oil-dependent economy to a manufacturing-centric model is further amplifying the need for metalworking services. Collaborations with global partners are enhancing manufacturing capabilities, thereby increasing the demand for metalworking across various sectors, including electronics and automotive industries. As Saudi Arabia continues to advance its Vision 2030 objectives, the construction sector remains at the forefront of transformative changes, significantly contributing to the growth of the metalworking market.
Key Insights
Segmentation Analysis
·
The cutting segment is anticipated to hold the
largest market share in 2024, accounting for approximately 30%, due to its
critical role in various industries such as manufacturing and construction.
·
The welding segment is projected to experience a
CAGR of 2.9% during the forecast period, driven by increased industrial and
infrastructure activities aligned with Saudi Vision 2030 initiatives.
·
Among applications, automobile manufacturing is
expected to dominate the market in 2024, reflecting the country's significant
investments in domestic auto parts production and vehicle assembly.
Regional and Geographical Trends
·
Al-Riyadh province is projected to be both the
largest and fastest-growing market, holding a 40% share in 2024 and exhibiting
a CAGR of 3.1% throughout the forecast period.
·
The prominence of Riyadh is attributed to its
central role in Vision 2030 and its status as the capital, making it a focal
point for industrial and infrastructural development.
Technological Advancements Shaping the Market
·
The adoption of advanced cutting and welding
equipment is on the rise, with companies like Saleh & Abdulaziz Abahsain
Co. Ltd. introducing innovative tools such as the KOIKE IK-12 NEXT gas cutting
carriage and the Lincoln Electric Ranger 330MPX generator and welder in March
2024.
·
These technological advancements are enhancing
efficiency and precision in metalworking processes, catering to the evolving
needs of various industries.
Competitive Dynamics, Major Players, and Emerging
Opportunities
·
The Saudi Arabian metalworking market is
characterized by fragmentation, with numerous players striving to outperform
competitors through innovation and strategic initiatives.
· The surge in infrastructure projects aligned with the Saudi Vision 2030 model is attracting new entrants and fostering competitive dynamics within the market.
· Companies are focusing on expanding their product portfolios and enhancing service offerings to capitalize on emerging opportunities in sectors such as automotive manufacturing and construction.
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