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Middle East

The stainless steel market is experiencing a surge on the back of high demand from the automotive and construction industries, with an increase in its projected worth from US$ 154.25 billion in 2023 to US$ 167.2 billion in 2024, according to The Business Research Company. Factors such as production expansion, energy sector demands, new consumption patterns, urbanization/construction projects, space exploration, military use and rapid automotive industry growth are all expected to contribute to this steep uptrend.

In the Middle East, significant efforts are being made to boost the region’s green credentials, including the opening of a new AED 40 million (US$ 11 million) stainless steel and non-ferrous materials recycling plant at Ras Al Khaiman in the UAE. Operated by Ni Met Recycling, its aim is to drive innovation in the UAE’s green expansion and recycling initiatives while leading the way in sustainable growth and exploring new opportunities for recycling in the country.

The Middle East is seeing growth in demand for stainless steel across its diverse industries, driven largely by requirements for specialized products to support the region’s booming infrastructure and construction projects. Despite the rising costs of raw materials, the construction industry in the UAE remains solid, with the country’s construction output projected to reach some AED 330,000 million by 2027.