Saudi Arabia’s Cement Market Expected To Grow Rapidly
The cement market in Saudi Arabia is expected to grow at a CAGR of 5.25% over the period of 2018-2022.
According to the report titled, Cement Market in Saudi Arabia 2018-2022, major cement companies in Saudi Arabia such as Yamama Cement and Saudi Cement are investing on new #infrastructure to balance the anticipated increase in production costs.
The production costs are expected to increase due to proposed energy subsidy cuts during the forecast period.
This trend of #construction of low power consuming #cement plants to reduce power consumption and improve efficiency will drive the growth of the #cementindustry in Saudi Arabia in the coming 5 years.
According to the report, one of the major drivers for this market is the launch of Saudi Vision 2030, in 2016, to increase the country’s economic development and minimize the dependence on oil resources.
This project will boost the non-oil revenues and lead to the development of infrastructure for religious tourism, healthcare and real estate. This, in turn, will augment the cement market size in Saudi Arabia throughout the next five years.