Machine Tools, Engineering & Steel – UAE
The Machine Tools, Engineering & Steel industries in the UAE are projected to grow by 30% in 2021, driven by ambitious projects to be completed before Expo 2020. Demand for steel products remains stable and on an upward trend despite fluctuations in the construction market, with a further considerable growth as of 2026 and onwards which will encourage local producers to cater for anticipated projects.
Machine tools find wide use in almost all manufacturing industries that are flourishing in the region. Recent expansion in manufacturing and industrial production, increasing efficiency parameters and the quest to innovate are also key factors that fuel a hike in demand for tools that cut and shape rigid materials and make machines.
The economic diversification push has given an added impetus for the metal working industry to acquire latest tools for both metal cutting and metal forming, including automation and robotics, tooling systems, CAD/CAM and other technologies essential for manufacturing.
The UAE's manufacturing sector is reported to account 53% of the country's total non-oil exports. It is projected to contribute 25% of the overall GDP by 2025, attracting about USD 75 billion in investments.
The GCC prefabricated building and structural steel market reached a value of nearly USD 3 billion in 2016 and is expected to grow to USD 4 billion by 2022.