A strong application outlook in the sustainable building construction industry will stimulate stainless steel market growth. Stainless steel in a grain or polished finish helps in bringing natural light into a building and reducing overall energy consumption. The shift in focus towards the aesthetic appearance of buildings will play an important role in the industry’s growth in this region.
In March next year, Oman will stage the major Stainless Steel World Middle East Exhibition, which will provide an opportunity for international manufacturers and suppliers of corrosion-resistant alloys to access key purchasers and end users from both the local market as well as the regional Middle Eastern market.
The automotive industry is proving extremely resilient, with production and sales increasing overall. Countries such as Turkey, Morocco, Egypt and Iran are the leading motor vehicle producers while the major sales markets include Iran, Saudi Arabia, Turkey, Egypt and United Arab Emirates.
The global stainless steel market is projected to achieve a worth of US$ 133.84 billion by 2025 and is projected to expand at a compound annual growth rate of 5.2% during the forecast period. Increasing vehicle production and growth in construction sectors are the key factors driving this expansion.
Nickel prices have increased sharply in the region based on supply disruption news.
Sharif Metals, Int'l LLC (ARE)