DUBAI, Demand for iron and steel casting in the GCC states is expected to grow by five percent over the next five years, according to a study by analysts Frost and Sullivan.
The company's Ferrous Castings Market Outlook suggests that the growth in production and consumption will mainly be driven by demand in Saudi Arabia and the UAE for valves, pumps, cement, mining, and aluminium smelts.
The report suggests that producers seeking to add value to their businesses should look to reduce their inventory carrying costs, develop operational efficiencies, customise products and develop flexible commercial terms.
"Foreign direct investment in the mining industry, housing infrastructure development and growth in industrial sectors are factors fuelling strong demand uptake for ferrous casting parts," according to Frost & Sullivan's programme manager for Metals and Minerals.
Source: Emirates News Agency