As Arab countries gradually move towards industrialization, their demand for machinery and other manufacturing industries continues to increase, which has promoted the development of the forging market in the region. Below, with the combination of national policies and practical cases, we explore the future trends and development prospects of the forging market in the Arab region.
- Policy support promotes market development
Several Arab countries have supported and encouraged their manufacturing industry through policies. For example, the Saudi Arabian government launched the “Vision 2030 Plan”, which shifted its focus from oil economics to other areas, with one important goal being to promote the development of manufacturing. Similarly, the UAE has implemented similar policies, including encouraging local production and expanding manufacturing capacity, etc. These policies have enabled relevant enterprises to expand their production capacity, improve product quality, and technical level, thus driving the development of the entire forging market.
- Key sectors are booming
In the Arab region, sectors such as aerospace, energy, petrochemicals, etc., have gained widespread development and application. The high-quality forgings required in these fields have become bottlenecks that hinder further sector development. Therefore, many forging manufacturers have focused on producing various forging products within the service sector. For example, the forging factory under the Sulaiman Al-Habib Group, located in Saudi Arabia, has combined its profound technical reserves to produce high-quality parts and components, and has successfully supplied critical forgings to multiple aerospace companies.
- Market share continues to expand
With the promotion of industrialization in Arab countries, the demand for the forging market in the region continues to increase. At the same time, some international forging enterprises have continuously entered the market, intensifying competition. For example, Precision Metal Products (PMP), located in Florida, entered the Saudi Arabian market, worked with one of the two local forging companies, and became one of the market winners.
Overall, the forging market in the Arab region has shown steady trends in policy support, key sectors, market share, and so on. Although there are still some difficulties and challenges in the market, such as a shortage of local steel building materials and technical levels that differ significantly from international standards. However, we can see that with Arab countries’ efforts to improve their manufacturing capabilities, the future of the forging market will be full of opportunities and development prospects.
