NewswireToday - /newswire/ -
Noida, Uttar Pradesh, India, 2010/06/17 - Manufacturers’ capacity expansion plans amid growing domestic demand will enable steel production to grow around 15.4% during 2010-2013, says RNCOS.
According to our recent research report “Saudi Arabia Steel Industry Forecast to 2013”, Saudi Arabia is one of the most attractive destinations for global crude steel producers. There are several reasons that attract investors towards the market such as its geographical location which makes it equidistant from Africa, Europe and Asia, availability of cheaper labor compared to Europe and America, and cheap and reliable energy and gas resources. The industry successfully tolerated the impacts of economic slowdown and steel production was on rise in 2009. The report infers that government spending on construction and infrastructure along with several other factors will support steel production to grow at a double digit CAGR through 2013.
The report reveals that after showing strong resilience against the economic slowdown, the steel industry is once again striving hard to achieve exponential growth trajectory. Many steel manufacturers have started formulating capacity expansion strategies in response to the fast-growing domestic demand. We anticipate this trend to remain applicable in the coming years, making Kingdom’s steels sector one of the fastest developing in the entire Middle East region.
Moreover, constantly increasing steel demand in the country has resulted in the significant amount of steel imports in recent years. In 2008, the Kingdom imported around 6.3 Million Metric Tons of steel, which accounted for majority of domestic steel consumption. However, the situation is likely to reverse in future with the escalation in domestic production. We anticipate that the share of imported steel will see a downward trend in coming years.
“Saudi Arabia Steel Industry Forecast to 2013” is an outcome of extensive research and thorough analysis on the burgeoning steel industry in the Kingdom, its components and supporting raw material market trends. The report also discusses the market structure, current and past market performance and factors critical to the success of the steel industry in the country. Most importantly, the report presents the industry forecast based on correlation of past drivers, challenges and opportunities for expansion. In this way, the report presents a complete and coherent analysis of the Saudi Arabia steel industry and will prove decisive for clients.
RNCOS (rncos.com) specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.