At 7.3% CAGR, the Middle East & Africa Carbon Fiber Market is projected to be worth US$ 194.34 million by 2028, says The Business Market Insights

According to the Business Market Insights’ research, the Middle East & Africa carbon fiber market was valued at US$ 127.17 million in 2022 and is expected to reach 194.34 US$ million by 2028, registering a CAGR of 7.3 % from 2022 to 2028. Escalating demand for automotive and aerospace applications and rising demand for carbon fiber in wind energy industry are the critical factors attributed to the Middle East & Africa carbon fiber market expansion.

 In the recent years, 3D printers have attracted attention as multi-product small volume production technology. 3D printing carbon fiber is the most popular additive manufacturing technology. Carbon fiber-reinforced plastics are added to the #D printing filaments to improve the elasticity and strength of 3D printed parts. These composite materials have strength, much more than metals, but have much less weight than metals. Additionally, the use of carbon fibers to mix with plastic resins is one of the best strategies to fortify the mechanical properties of 3D printed parts. Carbon fiber-reinforced composite 3D printing is among the most sought-after additive manufacturing technology. Additive manufacturing technology is gaining immense traction due to its advantages such as potential cost reductions, higher part complexity, functional integration. Carbon fibers are used to develop 3D printing materials include racing cars, construction, sports equipment, drones, daily-use products, etc. Carbon fiber is a very popular material in industrial 3D printing due to its ability to enhance materials’ mechanical properties and strength. Major players are highly focused on launching carbon fiber-based 3D-printed composites. Such strategic initiatives are further expected to have a positive impact on the growth of carbon fiber market over the forecast period.

On the contrary, high cost associated with carbon fiber hurdles the growth of Middle East & Africa carbon fiber market.

Based on raw material, the Middle East & Africa carbon fiber market is segmented into polyacrylonitrile-based and pitch-based. The polyacrylonitrile-based segment held 93.6% market share in 2022, amassing US$ 118.99 million. It is projected to garner US$ 182.83 million by 2028 to expand at 7.4 % CAGR during 2022–2028.

Based on application, the Middle East & Africa carbon fiber market is segmented into composite materials, microelectrodes, and others. The composite materials segment held 89.8 % market share in 2022, amassing US$ 114.23 million. It is projected to garner US$ 175.37 million by 2028 to expand at 7.4 % CAGR during 2022–2028.

Based on end use industry, the Middle East & Africa carbon fiber market is segmented into automotive, aerospace and defense, building and construction, sporting goods, wind energy, textiles, marine, and others. The automotive segment held 33.8% market share in 2022, amassing US$ 42.96 million. It is projected to garner US$ 68.10 million by 2028 to expand at 8.0% CAGR during 2022–2028.

Based on country, the Middle East & Africa carbon fiber market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 34.7 % market share in 2022. It was assessed at US$ 44.13 million in 2022 and is likely to hit US$ 65.86 million by 2028, exhibiting a CAGR of 6.9 % during the forecast period.      

Key players dominating the Middle East & Africa carbon fiber market are DowAksa Advanced Composite Material Industries Ltd Co; Formosa Plastics Corp; Hexcel Corp; Hyosung Advanced Materials Corp; Mitsubishi Chemical Corp; SGL Carbon SE; Solvay SA; Teijin Ltd; and Toray Industries Inc among others. 

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