Saudi Arabia Forged Steel Market

Saudi Arabia Forged Steel Market Overview:

The Saudi Arabia forged steel market size is anticipated to exhibit a growth rate (CAGR) of 6.20% during ​2025-2033​. The market is being fueled by the increase in demand from sectors such as construction, oil and gas, and automotive. Infrastructure development projects by the government, industrial growth support from the government, and better technology in steel manufacturing are also fueling the market growth, boosting the Saudi Arabia forged steel market share.

Saudi Arabia Forged Steel Market Trends:

Expansion of the Construction and Infrastructure Sectors

Saudi Arabia's booming construction and infrastructure development, particularly under Vision 2030, is driving demand for forged steel products. Mega projects like the Red Sea Project, Neom city, and industry parks require top-quality steel to use as structural support, bridges, and skyscrapers. The durability, strength, and ability to withstand extreme conditions of forged steel make it an ideal choice for such applications. With continued investment in massive infrastructure projects by the government, the demand for forged steel is expected to grow. Advances in the process of manufacturing steel are propelling the Saudi Arabia forged steel market growth. Furthermore, the $4 billion steel plate manufacturing complex being established by Aramco, Baosteel, and PIF in Ras al-Khair Industrial City, with an annual production capacity of 1.5 million tons, will enhance the local steel industry, reduce CO2 emissions by up to 60%, and contribute to the Saudi Arabia forged steel market growth.

Technological Advancements in Steel Manufacturing

Implementation of innovative forging processes like precision forging and isothermal forging has improved high-quality steel component production with better mechanical properties and closer tolerances. These technologies enable manufacturers to address the increasing demand for high-performance forged components for industries such as aerospace, automotive, and heavy machinery. In addition to this, automation and robotics used in steel production have resulted in increased efficiency of production and decreased labor expenses. With Saudi Arabia persistently adopting these innovative technologies, the market for forged steel will grow further, increasing the Saudi Arabia forged steel market share. For instance, as per industry reports, SMS group is supplying two high-speed open-die forging presses to Saudi Arabia's largest casting and forging plant, the Tuwaiq Casting & Forging Facility, set to operate in late 2024. The presses will manufacture parts for petrochemical plants, shipbuilding, wind farms, and power stations. The digital package will enhance process transparency, reduce maintenance costs, and improve productivity.

Saudi Arabia Forged Steel Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecast at the country/regional level for ​2025-2033​. Our report has categorized the market based on component, material type, and end use industry.

Component Insights:

• Forged Steel Shafts
• Forged Steel Gears
• Forged Steel Valves and Fittings
• Forged Steel Flanges
• Forged Steel Rings
• Forged Steel Bars and Rods

The report has provided a detailed breakup and analysis of the market based on the component. This includes forged steel shafts, forged steel gears, forged steel valves and fittings, forged steel flanges, forged steel rings, and forged steel bars and rods.

Material Type Insights:

• Carbon Steel
• Alloy Steel
• Stainless Steel

A detailed breakup and analysis of the market based on the material type have also been provided in the report. This includes carbon steel, alloy steel, and stainless steel.

End Use Industry Insights:

• Automotive
• Aerospace
• Oil and Gas
• Construction
• Industrial Machinery
• Renewable Energy

The report has provided a detailed breakup and analysis of the market based on the end use industry. This includes automotive, aerospace, oil and gas, construction, industrial machinery, and renewable energy.

Regional Insights: 

• Northern and Central Region 
• Western Region 
• Eastern Region 
• Southern Region 

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern and Central Region, Western Region, Eastern Region, and Southern Region. 

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Saudi Arabia Forged Steel Market News:

• In February 2025, Saudi electric vehicle manufacturer Ceer secured deals worth SAR 5.5 billion, including agreements with Saudi Aluminum Casting Co. and CTR to localize aluminum casting and forging. These efforts align with Vision 2030, strengthening domestic automotive manufacturing and supply chains, and boosting demand for locally produced metal components and advanced fabrication in Saudi Arabia's casting and forging market.
• In 2024, Essar Group invested USD 4 Billion to build a low-carbon steel plant in Ras Al-Khair, Saudi Arabia. The plant aims to produce 4 million tons of steel annually, meeting growing domestic demand, particularly for major infrastructure projects.

Saudi Arabia Forged Steel Market Report Coverage:

Key Questions Answered in This Report:

• How has the Saudi Arabia forged steel market performed so far and how will it perform in the coming years?
• What is the breakup of the Saudi Arabia forged steel market on the basis of component?
• What is the breakup of the Saudi Arabia forged steel market on the basis of material type?
• What is the breakup of the Saudi Arabia forged steel market on the basis of end use industry?
• What is the breakup of the Saudi Arabia forged steel market on the basis of region?
• What are the various stages in the value chain of the Saudi Arabia forged steel market? 
• What are the key driving factors and challenges in the Saudi Arabia forged steel market?
• What is the structure of the Saudi Arabia forged steel market and who are the key players?
• What is the degree of competition in the Saudi Arabia forged steel market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Saudi Arabia forged steel market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Saudi Arabia forged steel market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Saudi Arabia forged steel industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.