At 5.6% CAGR, Middle East & Africa Carbon Fiber-Based SMC BMC Market is Projected to be Worth US$ 40.58 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa carbon fiber-based SMC BMC market was valued at US$ 26.16 million in 2022 and is expected to reach US$ 40.58 million by 2030, registering a CAGR of 5.6% from 2022 to 2030. Growing global automotive industry and rising construction activities are among the critical factors attributed to the Middle East & Africa carbon fiber-based SMC BMC market expansion.

Africa is seeing rapid growth in the car manufacturing sector. The automotive sector in Africa is expanding due to the growing number of manufacturers relocating closer to their African clients and realizing the benefits of reduced labor costs and tax breaks. Further, the Kenyan government has pledged incentives to support domestic industry, citing the auto industry as a major force behind the nation's industrialization strategy. One of them is creating special economic zones that get tax breaks and cheap utility costs. Additionally, it has imposed tariffs on imported car parts that may be produced locally and local input requirements. Positively, Kenyan car assembly increased by 31.4% between 2021 and 2023, and between 2013 and 2019, assembly numbers are expected to nearly double. It's increasing the likelihood that the nation will serve as a regional center for production and assembly. Also, South Africa has a long history of producing automobiles, but Morocco is a growing center for this industry. However, domestically operated African companies and international automakers are also establishing manufacturing facilities in Angola, Ghana, Ethiopia, Kenya, Nigeria, Namibia, and Rwanda. Carbon fiber-based SMC and BMC are lightweight and offer durability, design flexibility, tolerance to temperature fluctuations, and chemical resistance. They have various applications such as automotive body panels, structural components, and insulating components. The demand for SMC and BMC for the production of automobiles has increased due to a high emphasis on reducing vehicle weight and enhancing fuel efficiency. The rise in electric and hybrid vehicles has further boosted the demand for lightweight materials for the insulation of electrical components. Thus, the growing automotive industry propels the demand for automotive components, subsequently boosting the carbon fiber-based SMC BMC market during the forecast period.

On the contrary, availability of substitute products hampers the growth of Middle East & Africa carbon fiber-based SMC BMC market.

Based on resin type, the Middle East & Africa carbon fiber-based SMC BMC market is segmented into polyester, vinyl ester, epoxy, and others. The polyester segment held 38.0% share of the Middle East & Africa carbon fiber-based SMC BMC market in 2022, amassing US$ 9.94 million. It is projected to garner US$ 16.11 million by 2030 to expand at 6.2% CAGR during 2022-2030.

By end use industry, the Middle East & Africa carbon fiber-based SMC BMC market is categorized into automotive, aerospace, electrical and electronics, building and construction, and others. The automotive segment held 39.2% share of the Middle East & Africa carbon fiber-based SMC BMC market in 2022, amassing US 10.25 million. It is projected to garner US$ 16.06 million by 2030 to expand at 5.8% CAGR during 2022-2030.

Based on country, the Middle East & Africa carbon fiber-based SMC BMC market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Saudi Arabia held 36.7% share of Middle East & Africa carbon fiber-based SMC BMC market in 2022, amassing US$ 9.60 million. It is projected to garner US$ 15.40 million by 2030 to expand at 6.1% CAGR during 2022-2030.

Key players operating in the Middle East & Africa carbon fiber-based SMC BMC market are LyondellBasell Industries NV, Menzolit GmBH, Mitsubishi Chemical Group Corp, Teijin Carbon Europe GmbH, and YS ACC Co Ltd, among others.

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