Showing posts with label Middle East metal working industry. Show all posts
Showing posts with label Middle East metal working industry. Show all posts

Thursday, November 2, 2023

Unveiling the Growth and Innovation in the Middle East Metal Working Market

 What is the Size of Middle East Working Industry?

Middle east metal working Market is expected to grow at a CAGR of ~ % in 2022 and is expected to reach ~USD Mn by 2028.

The Middle East is undergoing significant infrastructure development, including the construction of buildings, roads, bridges, and transportation systems. These projects require a substantial amount of metal fabrication for structural components and machinery.

The shift from oil dependency to manufacturing is reshaping the Middle East economy. Countries like Saudi Arabia are forging agreements with global partners to enhance their manufacturing capability, resulting in the surge of metal working needs to support various industries, including automotive & electronics.

As the Middle East diversifies its economy, there is a growing focus on developing manufacturing industries. Metalworking is a fundamental aspect of manufacturing, used in the production of machinery, industrial equipment, and consumer goods.

Middle East Metal Working Market

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As the Middle East's metalworking capabilities improve, there is potential for exporting metal products to neighboring regions and international markets.

Middle East Metal Working Market by Type

The Middle east metal working market is segmented by type into Structural steel fabrication and Architectural aluminum fabric.

Based on type, the Structural steel fabrication segment is estimated to command the largest share of the overall metal working market in 2022.

Structural steel fabrication has been the dominant segment. Structural steel is known for its exceptional strength-to-weight ratio, making it an ideal material for constructing large & complex structures. Since constructions are taking place in large portions of the Middle East, this segment has been dominating.

Middle East Metal Working Market by Application

In Middle east metal working market by application into Oil & Gas, Mining, Industry & Logistics, Construction and Energy.

Based on type of Application, Industry & logistics segment dominates the Metal Working market in 2022.

Industry & logistics has been a dominant market, since there are multiple constructions happening within the Middle East region & metal working is one of the fundamental elements of the construction of buildings, bridges & other projects. These are essential for economic development & support the logistics industry by providing improved transportation network.

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Middle East Metal Working Market by Region

The Middle east metal working market is segmented by Region into Saudi Arabia, UAE, Bahrain, Oman, Kuwait, Qatar, Bahrain & Rest of Middle East.

In 2022, the dominant region is UAE in Middle east metal working market.

Middle East is a diverse & dynamic country with varying economic conditions, industrial development levels & infrastructure. Out of which, United Arab Emirates (UAE) has been dominating due to the active construction & infrastructural development which demand metal working & steel fabrication.

Competition Scenario in Middle East Working Market 

The Middle East Metal working market is characterized by a mix of domestic manufacturers, international players & a growing emphasis on technological advancements. The region’s oil-rich economy has created a demand for metal products & machinery. Several Middle Eastern countries like Saudi Arabia & United Arab Emirates & Iran have established domestic metalworking industries to support their infrastructural & economic development.

These domestic manufacturers produce a range of metal products which include steel, aluminum & specialized components. International companies, especially from Europe & Asia, have a presence in the Middle East metal working market, as they provide specialized machinery, automation solutions, and high-quality metal products.

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What is the Expected Future Outlook for the Overall Middle East Metal Working Market?

The Middle east metal working market was valued at USD ~Million in 2022 and is anticipated to reach USD ~ Million by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022- 2028.

The metalworking industry was undergoing significant technological advancements, including the integration of digital technologies like Industry 4.0, IoT, AI, and advanced robotics. These technologies were improving automation, precision, and efficiency in metalworking processes.

As technology evolves, the Middle East metal working market could see increased automation, digitization, and the integration of advanced manufacturing technology such as additive manufacturing (3D printing), robotics & AI-driven processes, which will help in higher efficiency.

Middle East has been investing heavily in infrastructure projects within the construction, transportation, and energy industry. These projects often require extensive metalworking, which could lead to sustained demand for metal products and fabrication services.

Many Middle Eastern economies are looking to expand their economy beyond oil & gas. This diversification could lead to increased demand for metal products like aerospace, automotive, healthcare equipment & electronics.

The metalworking market in the Middle East is also influenced by global trade dynamics and geopolitical factors. Trade agreements, sanctions, and political stability will play a role in determining the region's ability to attract foreign investment and engage in international trade.

An aging workforce and a shortage of skilled labour in metalworking were pushing the industry to invest in training and technology that could offset these challenges.

Therefore, the global supply chain will remain a crucial consideration, as companies aim to ensure resilience and minimize disruptions in the face of various challenges. Additionally, industry consolidation might continue as companies seek to strengthen their market position and capabilities through strategic partnerships.

Friday, October 27, 2023

Middle East Metal Working Market expected to reach $5 billion by 2028

 As the Middle Eastern countries develop their manufacturing & automotive units, there’s a surge within the metalworking industry of the region.

Amidst the transformative winds of 2023, the Middle East is in the midst of an infrastructure renaissance. Landmarks like Dubai's climate-controlled URB bridge and the UAE National Railway Network stand as testaments to this era of advancement. As the region invests heavily in construction and transportation, the demand for metal fabrication and processing intensifies, fueling the growth of the metalworking industry.

Story Outline

  • In 2023, the Middle East's vigorous infrastructural investments, exemplified by projects like Dubai's URB bridge and the UAE National Railway Network, underscore the region's commitment to modernization.
  • Middle Eastern governments are steering their countries toward industrialization and economic growth. With policies like Dubai Industrial Strategy 2030, initiatives like the UAE Programme and transformative events like Street Fab, all these propel digital transformation and local innovation in the metalworking sector.
  • The shift from oil dependency to manufacturing is reshaping the Middle East economy. Countries like Saudi Arabia are forging agreements with global partners to expand their manufacturing capabilities, resulting in a surge in metalworking needs to support various industries, including automotive and electronics.
  • According to Ken Research, the Middle East Metal Working Market is projected to reach $5 billion till 2028, owing to the increase in the construction & manufacturing industry which demands metal working functions like machining, welding, casting, forging which are useful to transform raw material to finished products.

1. Middle East’s Infrastructural Investment Fuel Metal Industry Boom

UAE Railway Network Map

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The year 2023 is seeing various kinds of infrastructural investment made across the Middle East areas, like the URB bridge in Dubai, which is a climate-controlled year-round structure designed to promote cycling & walking as a primary mode of transport.  The UAE National Railway Network was set up at the main center for Control & Maintenance in Al Fayah region of Abu Dhabi.

Countries in these regions are heavily investing in construction of new buildings & means of transportation. It shows how these projects require significant amount of metal fabrication & processing, driving demand for metalworking products & services.

2. Government’s Led Industrial Boom: Dubai’s Vision & High-Tech Innovations

Dubai Industrial Market Strategy

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Governments in the Middle East countries are known for investing towards initiatives involving industrialization, economic growth & job creation. Countries like Dubai have been scaling up their efforts to become an industrial hub, which is in line with the Dubai Industrial Strategy 2030. This policy aims to improve the industrial growth of the region & to promote research & development.

With policies which aim to speed up the digital transformation of the industrial sector, trade events like Street Fab have emerged as a game changer for the metal working industry in UAE & the Middle East.

Moreover, government initiatives like UAE Programme aims to develop 1,000 technological projects are launched to promote innovation, research & development enhance local supply chain.

According to Ken Research, the Middle East Metal Working Market is projected to reach $5 billion till 2028, owing to the increase in the construction & manufacturing industry which demands metal working functions like machining, welding, casting, forging which are useful to transform raw material to finished products.

3. Forging Skilled Futures: MEITI & Mont Royal Elevate Middle East Metalworking

Middle East Metal Working Industry

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As the demand for metalworking industry starts increasing, inevitably there is a need to have skilled employees who can perform the technicalities of the given job. In Middle East, there are institutes like the Middle East Industrial Training Institute (MEITI), Mont Royal Elevate in Abu Dhabi, are renowned for providing internationally accredited training provider of technical, management & skills training courses.

Investment in training & skill development programs can help in meeting on-the-job demands & ensure a capable workforce.

 4. From Oil to Innovation: Middle East's Industrial Renaissance Fuels Metalworking Surge

Middle East Metal Working Market

As the Middle Eastern countries have stopped their dependence on oil industry, they’re gradually increasing their manufacturing capabilities. In January 2022, Saudi Aramco announced 50 preliminary agreements with local & international companies including Honeywell, Larsen & Turbo & Sutherland Global Services, as a part of In-Kingdom Total Value Add (IKTVA) drive to increase the volume of goods and services produced in Saudi Arabia.

Metalworking forms a crucial part of the manufacturing industry, including automotive, electronics etc.

5. Middle East Automobile Boom Drives Surge in Metalworking Demand

Middle East Metal Working Sector

Demand for new vehicles in the Middle East & Gulf regions (excluding Iran) has increased by 22.3% in December 2022. In 2021, Saudi Arabia led the region when it comes to increasing sales in terms of passenger & commercial car sales. Turkey & Iran are two countries which have been dominating in automotive productions & they focused on producing passenger cars followed by light commercial vehicles.

More cars produced means increasing demand for engine parts, hinges, body panels etc. which demands metalworking products.

Conclusion

In the heart of the Middle East's rapid evolution, the convergence of infrastructural investments, governmental initiatives, and shifting economic landscapes marks the onset for a resounding metal industry boom.

As nations diversify their economies, embrace innovation, and invest in skilled training, the demand for metalworking products and services will certainly reach new heights.

This transformative journey from oil reliance to manufacturing prowess underscores the region's determination to shape its destiny through industrial growth and innovation.