Saudi Cement market to grow by 1.66 Million Tons
The cement market in Saudi Arabia is set to grow by 1.66 million tons during 2020-2024. Technavio segments the cement market by application (residential and commercial) and region (Central, Western, Southern, and Eastern). The report identifies the launch of Saudi Vision 2030 as one of the major factors propelling the market growth. In 2016, Saudi Arabia announced Vision 2030, a blueprint for the country’s long-term development goals.
The plan is focused on the development of various sectors including religious tourism, healthcare, and real estate, retail, and smart cities. Vision 2030 is expected to reduce the country’s dependency on oil reserves and boost the construction sector over the next decade. All these factors are positively influencing the growth of the construction industry, which is driving the cement market in Saudi Arabia.