Explore the Tool and Die Steel supplier in Saudi Arabia!
The future of tool and die steels industries in Saudi Arabia is promising, as the country is investing in various projects to diversify its economy and reduce its dependence on oil. According to a report by Mordor Intelligence, the Saudi Arabian structural steel fabrication market is expected to grow at a compound annual growth rate ( CAGR ) of 5.5% during the forecast period of 2020-2025. Some of the factors that drive the demand for steel products in the country are: The Vision 2030 program, which aims to transform the country into a global hub for trade, innovation and investment, and to increase the contribution of the non-oil sector to the gross domestic product (GDP) from 16% to 50% by 2030. The mega projects such as NEOM, Qiddiya, Red Sea Project, Amaala, King Salman Park, Riyadh Metro, and King Abdullah Economic City, which require large amounts of steel for construction and infrastructure development. The increasing population and urbanization, which create a need for m...