![]() ![]() These developments increased regional industrial fastener demand. The UAE has also invested in infrastructure projects such as the Abu Dhabi International Airport extension, Etihad Rail, and Dubai Metro. The NEOM mega-city and Red Sea Project, which require many industrial fasteners, are part of the plan. Saudi Arabia's Vision 2030 infrastructure development plan aims to boost the economy and create jobs. The UAE, Saudi Arabia, and Qatar have invested extensively in airports, ports, trains, and roadways. Industrial fasteners are in demand due to increased infrastructure expenditure. Middle East and Africa Industrial Fasteners Market Opportunities Increasing Investment in Infrastructure The growing cost of steel and other raw materials required to make industrial fasteners can raise production costs, affecting regional enterprises' profitability. Rising raw material prices can also affect manufacturers' profit margins, reducing R&D and product development. Customers may switch to cheaper fasteners or delay purchases, affecting demand. For instance, rising steel prices have raised fastener prices. Manufacturers' production costs may rise, raising product prices. Rising raw material prices are hampering the industrial fasteners market. Middle East and Africa Industrial Fasteners Market Restraints Rising Raw Material Price Therefore, the expansion of the manufacturing industry has increased demand for them in the region. ![]() Industrial fasteners are crucial components used in manufacturing processes. Despite the difficulties brought on by the COVID-19 epidemic, the manufacturing industry in the UAE grew by 6.6% in 2020, according to the Ministry of Economy. Market Dynamics Middle East and Africa Industrial Fasteners Market Drivers Growing Manufacturing SectorĪs the government has worked to diversify the economy and lessen reliance on oil, the manufacturing sector has expanded steadily in the UAE over the past few years. ![]()
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