Middle East

Moving into the third quarter of 2024, the market remains volatile. Generally, there appears to be more optimism in the region despite political conflicts creating uncertainty around the market situation in upcoming months.

The metals industry has witnessed major changes since the COVID pandemic, with a rebound in 2021 owing to increased demand. It has been projected that global stainless steel production will expand by more than 4% this year to exceed 60 million tonnes, while it has also been suggested that the market in the Middle East and Africa will achieve a compound annual growth rate of 3.8% in the period from 2024 to 2032.

Increases in construction, automotive and infrastructure activity in the Middle East are the major factors contributing to growth. Technological advances are also playing a crucial role in shaping the stainless steel market landscape, with this versatile alloy considered ideal for architects and engineers. The region’s focus on sustainability aligns with stainless steel’s recyclability and longevity, further driving market expansion.

In the UAE, meanwhile, demand for structural steel has seen substantial growth, particularly in residential housing, commercial establishments and infrastructure development projects. Use of structural steel enables rapid construction, a crucial factor in meeting the UAE’s accelerated urbanization and infrastructure needs.