According to the research report titled ‘Middle East Long and Flat Steel Products Market (Value, Volume) - Analysis By Product Type, End User, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)’, available with Market Study Report LLC, Middle East long and flat products market was valued USD 19.2 billion in 2020 and is anticipated to record a healthy growth rate through 2026.
 

Middle East long and flat steel products industry is mainly driven by rapidly progressing construction sector with a strong emphasis on public services, urban housing, and transportation to address the demands of expanding population. Moreover, heightened government expenditure and high energy prices are boosting industry growth.
 

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Further, increasing efforts of the Gulf Cooperation Council (GCC) region towards diversification from oil-based energy and development of manufacturing sector are positively impacting the industry dynamics.
 

Global protectionism, surging raw material prices, poor demand, and declining in selling prices are restricting the industry expansion. However, efforts to streamline supply chain and reduce operational costs while enhancing customer services is anticipated to help GCC steel producers to overcome the aforementioned hurdles.
 

Elaborating on the Covid-19 impact, long and flat steel products market in Middle East has greatly suffered from the pandemic as the construction sector faced many challenges such as supply-chain disruptions, labor shortage, and delays in deals. Further, volatile oil prices has plummeted the demand for construction materials like rebar in 2020.
 

Speaking of the geographical scope, the market size spans across Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Iran, Oman, and Bahrain. The market is also studied from the perspective of various product type and end-user segments.
 

With respect to the competitive landscape, Rajhi Steel, Mobarakeh Steel Co., Al Ittefaq Steel Products Co., Al Ghurair Iron & Steel LLC, Qatar Steel, United Steel Industrial Co., Emirates Steel Co. LLC, and SABIC Hadeed are the major companies influencing Middle East long and flat steel products market trends.
 

Industry players are strengthening their competitive advantage by integrating innovative technologies such as AI, IoT, and big data for improving manufacturing processes and new product development. Besides, they are also focusing on mergers, acquisitions, and partnerships to gain a larger market share.