Saudi Arabia GRC Cladding Market Poised To Generate A Whopping US$ 479.2 Million Revenue By 2031 | Astute Analytica

(MENAFN- EIN Presswire)

CHICAGO, UNITED STATES, January 23, 2024 /EINPresswire / -- Saudi Arabia GRC Cladding Market generated revenue of US$ 123.2 million in 2022 and is projected to generate a revenue of US$ 479.2 million by 2031, growing at a CAGR of 17.5% during the forecast period from 2023 to 2031.

The Saudi Arabia GRC cladding market is experiencing significant growth due to the transformation of the construction landscape. The market is witnessing a dramatic transition driven by growing building activity, expanding government programs, and the adoption of sustainable construction practices. One of the key factors contributing to the sizable market is the ease of production of premix GRC cladding.

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Saudi Arabia's construction landscape is undergoing a significant transformation, driven by the country's Vision 2030 initiative and substantial investments in infrastructure. As part of this initiative, Saudi Arabia has announced a trillion-dollar pipeline of infrastructure projects aimed at diversifying the economy beyond oil and positioning the Kingdom as a global hub for investment and logistics. The Public Investment Fund (PIF), Saudi Arabia's sovereign investment arm, is backing several infrastructure projects, including the futuristic city Neom and developments on the Red Sea coast, with investments totaling billions of dollars.

The construction market in Saudi Arabia is experiencing growth, with major infrastructure projects such as the Sudair Industrial City and the Jazan Economic City valued at billions of dollars. These projects are part of the country's efforts to accommodate its growing population and stimulate economic development. The Ministry of Municipal and Rural Affairs and Housing has allocated a significant amount of funds for developing infrastructure projects, including housing units across multiple cities.

The transformation of Saudi Arabia's construction landscape and the investments in infrastructure projects are likely to increase the demand for GRC cladding in the country GRC cladding is a popular choice for construction projects due to its durability, versatility, and sustainability As the construction market grows and more infrastructure projects are undertaken, the demand for GRC cladding is likely to rise.

Eco-conscious Materials Revolutionize the Saudi Arabia GRC Cladding Market

As global awareness regarding sustainable construction practices continues to grow, the Saudi Arabia GRC cladding market is not lagging behind. Recent surveys indicate that approximately 40% of construction companies in the Kingdom now prioritize environmentally friendly building materials. In this context, GRC cladding emerges as a front-runner, renowned for its sustainable properties, long lifespan, and reduced carbon footprint.

Recent statistics from the Saudi Green Building Forum underscore the surge in the adoption of green building practices. The numbers reveal an impressive 35% increase in green building projects in 2022 compared to the previous year. GRC, with its eco-friendly attributes, has become the material of choice for a significant portion of these projects.

Furthermore, the Saudi government's recent initiatives to incentivize projects that meet specific green building criteria have further bolstered this trend. According to a report from the Ministry of Housing, projects incorporating sustainable materials like GRC cladding experienced a 20% faster approval rate compared to others. This accelerated approval and potential financial incentives are undeniably driving more real estate developers and builders towards eco-friendly materials in the GRC cladding market.

Moreover, as the Kingdom opens its doors wider for international tourism, there is a discernible push for structures that reflect modern architectural elegance and align with global sustainability standards. Mega-projects like the Red Sea Project, which aims to attract millions of visitors, place a strong emphasis on creating sustainable luxury. Given these statistics, it is no surprise that GRC cladding, which seamlessly amalgamates sustainability with modern aesthetics, is riding the crest of this trend.

Natural White GRC Cladding Reigns Supreme in Consumer Preference

In Saudi Arabia, the GRC cladding market is witnessing a remarkable surge in demand for natural white color. With a dominant market share of 31.3%, natural white has emerged as the preferred choice among architects and designers. This color preference is rooted in its ability to pay homage to the Kingdom's rich architectural heritage while seamlessly blending with modern designs.

Interestingly, the natural white segment is likely to experience the highest growth rate, with a CAGR of 19.2%. As Saudi Arabia continues to embark on its urban development and modernization journey, the demand for designs that harmoniously blend tradition and modernity will only intensify. Natural white, with its minimalist and versatile appeal, perfectly aligns with this vision.

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Architects and developers, driven by the desire to create structures that reflect both local heritage and contemporary aesthetics, are expected to fuel the skyrocketing demand for natural white GRC cladding. This trend solidifies its position as the market leader in the color segment, paving the way for its continued growth and dominance in the Saudi Arabian market.

Key Players in the Saudi Arabia GRC Cladding Market

.Acementiat (Taktheer Comapny Ltd. Factory)
.Al-Bitar Factory Co.
.Al-Rimal Trading Company (Rimal Trading & Contracting Co.)
.Arabian Tile Company Ltd. – ARTIC
.Durraka
.GRC Touch Factory & Company
.Gulf Precast Concrete Co. LLC
.Petra GRC
.Saudi Concrete Products Co. Ltd. (SACEP & CONSTRUCT Co. Ltd.)
.Station Group
.TUNSIF GRC
.Other Prominent Players

Market Segmentation Overview

By Product Type
.Sprayed GRC Cladding
.Premix GRC Cladding
.Hybrid GRC Cladding
By Thickness
.10 mm - 20 mm
.20 mm - 40 mm
.40 mm - 60 mm
.60 mm or more
By Color Package
.Natural White
.Grey
.Red
.Yellow
.Monochromatic
.Multi-coloured
.Others
By Surface Finish
.Textured
.Smooth
.Patterned
.Customized Designs
By End Use
.Residential
.Commercial
.Hospitality and Tourism
.Retail
.Healthcare
.Educational Institutes
.Others
.Industrial
.Government
By Distribution Channel
.Online
.Offline
.Direct
.Retailers
.Distributors and Wholesalers
.Others
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Aamir Beg
Astute Analytica
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