Saudi Arabia Steel Market Overview
Market Size in 2024: USD 8.7 Billion
Market Size in 2033: USD 11.8 Billion
Market Growth Rate 2025-2033: 3.40%
According to IMARC Group's latest research publication, "Saudi Arabia Steel Market Size, Share, Trends and Forecast by Type, Product, Application, and Region, 2025-2033", The Saudi Arabia steel market size was valued at USD 8.7 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 11.8 Billion by 2033, exhibiting a CAGR of 3.40% from 2025-2033.
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How AI is Reshaping the Future of Saudi Arabia Steel Market
Saudi Arabia’s steel industry is adopting AI-powered predictive maintenance, saving companies like SABIC Hadeed 15% of downtime and $10 million annually through early fault detection.
Government initiatives under Vision 2030, including the National Industrial Development and Logistics Program, drive AI integration in steel manufacturing to boost efficiency, sustainability, and global competitiveness.
AI-enabled quality control systems use computer vision and machine learning to detect defects with high precision, minimizing waste and improving product standards across Saudi steel plants.
Advanced AI in supply chain management optimizes raw material procurement and real-time production adjustments, reducing costs and enhancing delivery reliability amid growing infrastructure demands.
Investments in green steel projects leverage AI for energy management and emissions reduction, supporting Saudi Arabia’s leadership in sustainable steel production aligned with global environmental goals.
Saudi Arabia Steel Market Trends & Drivers:
The Saudi Arabia steel market growth is primarily driven by the surge in large-scale infrastructure projects under the Vision 2030 initiative. Mega projects like NEOM, the Riyadh Metro, and the Red Sea Development are fueling strong demand for steel products such as beams, reinforcement bars, and specialized alloys. These projects not only stimulate construction activity but also boost the manufacturing sector by requiring high-quality steel supplies. As urbanization accelerates and industrial zones expand, steel plays a critical role in supporting housing, commercial, and public infrastructure, sustaining robust market growth.
Government policies and schemes are pivotal in advancing the steel industry’s growth and localization goals. Programs like the National Industrial Development and Logistics Program (NIDLP) incentivize domestic steel production through subsidies, tax exemptions, and reduced energy costs. These measures encourage international and local investments, such as the $1.5 billion Slovenian SIJ steel plant and $4 billion Essar Group clean steel facility. The drive to reduce steel imports and enhance self-sufficiency aligns with sustainability objectives, contributing to the development of eco-friendly, high-strength steel products tailored for key sectors such as construction, automotive, and energy.
Technological innovation and sustainability trends are reshaping Saudi Arabia’s steel production landscape. Industry 4.0 tools including AI, IoT sensors, automation, and predictive maintenance are improving efficiency and product quality while minimizing waste. Green steel initiatives and energy management systems are also gaining momentum, enabling emission reductions that support the Kingdom’s environmental goals. Leading steel firms like SABIC Hadeed and Mitwalli Steel are harnessing these advancements to meet the increasing demand driven by ongoing urban development and industrial diversification, strengthening Saudi Arabia’s position as a regional steel manufacturing hub.
Saudi Arabia Steel Industry Segmentation:
The report has segmented the market into the following categories:
Analysis by Type:
Flat Steel
Long Steel
Analysis by Product:
Structural Steel
Prestressing Steel
Bright Steel
Welding Wire and Rod
Iron Steel Wire
Ropes
Braids
Analysis by Application:
Building and Construction
Electrical Appliances
Metal Products
Automotive
Transportation
Mechanical Equipment
Domestic Appliances
Regional Analysis:
Northern and Central Region
Western Region
Eastern Region
Southern Region
Competitive Landscape:
Aasia Steel Factory Company Ltd.
Al Ittefaq Steel Products Co.
Al Sadd Steel Industrial Company
Al-Gaswa Steel Industries Co.
Al-Rajhi Steel
Modern Factory for Steel Industries Co. Ltd.
Shaaban Steel
Solb Steel
Zamil Structural Steel Company Limited
Recent News and Developments in Saudi Arabia Steel Market
August 2025: Fastmarkets launched Saudi Arabia’s first tonnage-weighted steel scrap price index, providing transparent benchmarks to improve commercial transactions and support mega projects like NEOM and Red Sea.
August 2025: Saudi Iron and Steel Company (Hadeed) maintained stable rebar and wire rod prices amid market fluctuations, reflecting steady demand and efficient supply chain management.
July 2025: The Ras Al-Khair green steel mega hub, led by Vale and Saudi commissions, aims to produce 12 million metric tons of low-carbon cold-briquetted iron ore annually, advancing sustainability goals.
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