Saudi Arabia Basic Metals Market Size

Saudi Arabia Basic Metals Market Future Prospects

The Saudi Arabian basic metals market will generate 3.4 million tons in 2024 and witness a CAGR of 3.3% during 2024–2030, reaching 4.2 million tons by 2030. This is due to the expansion of the automotive industry and the continuous development of the electrical and electronics industry.

Saudi Arabia is making an effort to become less reliant on gas and oil exports. Therefore, the government is contributing in the development of the basic material sector through massive investment and promotion. It has the National Industrial Clusters Development Program (NICDP), which provides a boost for the market.

Additionally, Saudi Arabia has significant reserves of iron ore, steel, and aluminum, besides oil and gas reserves. The availability of these raw materials offers a cost advantage for the basic metal industry.

Moreover, the growing urbanization, infrastructure development, and industrialization in the country have increased the domestic demand for basic materials. With the presence of various mines and strategically located ports, Saudi Arabia has the opportunity to export its basic metal products to neighboring countries and other regions.