Middle East & Africa Steel Wire Rope Market Forecast to 2031 - Regional Analysis - by Product Type, Type, End Use

The Middle East & Africa steel wire rope market was valued at US$ 1.07 billion in 2023 and is expected to reach US$ 1.44 billion by 2031; it is estimated to register a CAGR of 3.7% from 2023 to 2031.

Focus on Recycling Steel Wire Ropes Bolsters Middle East & Africa Steel Wire Rope Market

In recent years, there has been an increasing focus on using sustainable and biobased materials in various industries across the globe. Various industries are focusing on material recycling to reduce the amount of waste that is produced and to help reduce the environmental impact. Recycling can also help conserve natural resources. In addition, metal recycling helps reduce the expenses, energy, and time needed to mine valuable resources. There is a saving of one and a half tons of iron ore, half a ton of coal, and 40% of the water normally used in the production process for every ton of recycled steel.

Various players operating in the market are focusing on recycling steel wire ropes. Therefore, the focus on recycling steel wire ropes is expected to emerge as a key trend in the steel wire rope market during the forecast period.

Middle East & Africa Steel Wire Rope Market Overview

The Middle East & Africa is home to major crude oil reserves; the number of crude oil exploration activities has surged notably in this region in the past few years. Developments in technologies that aid in crude oil exploration and production operations have propelled the demand for oil exploration equipment and materials. According to the US Energy Information Administration, the Middle East includes 5 of the Top 10 oil-producing countries-Saudi Arabia, Iraq, the UAE, Iran, and Kuwait. The region accounts for ~27% of the total global oil production. Developing and underdeveloped countries in the region are taking strides to raise their international oil and gas products trade levels. For instance, in March 2023, Uganda approved a project application to build a pipeline?spanning 1,445 km (898 miles) to transport the country's crude oil to international markets. The pipeline would run from Uganda's oilfields in the west to a port on Tanzania's Indian Ocean coast. The project is worth US$ 3.5 billion and is planned by TotalEnergies, a France-based multinational integrated energy and petroleum company.

In January 2024, the National Petroleum Corporation of Namibia (NAMCOR), in partnership with Galp and Custos Energy Holding, announced a major discovery of oil reserves at the Mopane-1X well, located off the coast of Namibia. In March 2023, NAMCOR announced a light oil discovery in the Jonker-1X deepwater exploration well in partnership with Shell plc and QatarEnergy. In 2022, Namibia announced the Graff-1X and Venus-1X discoveries by Shell plc and TotalEnergies.

As per the National Industrial Information Center (Saudi Arabia), the Ministry of Industry and Mineral Resources issued 71 mining licenses, including licenses for 45 exploration projects, 21 building materials quarry, and 5 small mine projects, in July 2023. The report revealed 2,348 active mining licenses in the sector by the end of July 2023. Steel wire rope possesses properties such as durability, wear resistance, and corrosion resistance. It is used in hoisting equipment, slope stabilization, and lifting heavy loads. The rise in crude oil exploration and production activities and mining activities are expected to drive the demand for steel wire ropes in the Middle East & Africa during the forecast period.

Middle East & Africa Steel Wire Rope Market Segmentation

The Middle East & Africa steel wire rope market is categorized into type, product type, end use, and country.

Based on product type, the Middle East & Africa steel wire rope market is segmented into stainless steel wire rope, galvanized steel wire rope, carbon steel wire ropes, and coated steel wire ropes. The galvanized steel wire rope segment held the largest Middle East & Africa steel wire rope market share in 2023.

In terms of type, the Middle East & Africa steel wire rope market is segmented into regular lay and lang lay. The regular lay segment held a larger Middle East & Africa steel wire rope market share in 2023.

By end use, the Middle East & Africa steel wire rope market is divided into mining, oil and gas, building and construction, marine and fishing, and others. The building and construction segment held segment held the largest Middle East & Africa steel wire rope market share in 2023.

Based on country, the Middle East & Africa steel wire rope market is categorized into South Africa, the UAE, Saudi Arabia, and the Rest of Middle East & Africa. The Rest of Middle East & Africa dominated the Middle East & Africa steel wire rope market share in 2023.

Usha Martin Ltd, ArcelorMittal SA, PFEIFER Holding GmbH & Co.KG, WireCo, and Bekaert are some of the leading companies operating in the Middle East & Africa steel wire rope market.

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