Low carbon steel in terms of carbon steel type witnessed the highest revenue share in the Saudi Arabia Carbon Steel Wire Rod Market – 6Wresearch
By carbon steel type, low carbon with its wider applicability such as in bridges, steel piping, steel frames and as variety of fixtures in construction and automotive sectors along with its usage in agriculture wires, connecting rods and automobile components like screws, fasteners etc. would be the dominating segment in the entire forecast period. The Saudi Arabia Carbon Steel Wire Rod Market is currently in the growth stage, on the ground of flourishing development in the construction sector such as the development of smart cities like Neom, The Line, Trojena and others under Saudi Arabia’s vision 2030. Also, the housing program launched for the development of the housing sector to enable citizens to obtain various housing options.
According to 6Wresearch, Saudi Arabia Carbon Steel Wire Rod market size is projected to grow at a CAGR of 4.4% during 2023-2029. The Saudi Arabia Carbon Steel Wire Rod Industry is projected to show strong growth in the future on the back of the growing construction, transportation as well as infrastructure sectors, which have major application of wire rod. Furthermore, infrastructural projects in sports, entertainment, hospitality as well as tourism sector in the kingdom is likely to provide necessary impetus to carbon Steel Wire Rod Market in Saudi Arabia.
According to Ravi Bhandari, Research Head, 6Wresearch, with properties like easy weldability, higher resistant to corrosion higher bendability and being more ductile, the rebars are of great use as a construction material as well as with growing construction sector, and this segment would grow significantly over the forecast period. The rising adoption of techniques and designs to make buildings earthquake proof give higher consumption prospect to the rebars, which would further push the rebar type to hold the dominant share in the market.
“The Saudi Arabia Carbon Steel Wire Rod Market (2023-2029)” report provides an in-depth analysis with 17 figures and 9 tables, covered in 101 pages. The report on Carbon Steel Wire Rod Market in Saudi Arabia comprehensively covers the market by carbon steel type, product type, rebar type, and plain type. The report provides a detailed and unbiased analysis of the on-going growth drivers, opportunities/high growth areas, and trends of the market which are estimated support the stakeholders to align and devise their market strategies according to the latest and future market dynamics.
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