Report : Middle East & Africa Composites Market Forecast to 2028 – COVID-19 Impact and Regional Analysis– by Fiber Type (Carbon Fiber Composites, Glass Fiber Composites, and Others), Resin Type [Thermoset (Polyester, Vinyl Ester, Epoxy, Polyurethane, and Others) and Thermoplastic (Polypropylene, Polyethylene, Polyvinylchloride, Polystyrene, Polyethylene Terephthalate, Polycarbonate, and Others)], and End Use Industry (Automotive, Aerospace and Defense, Wind, Construction, Marine, Sporting Goods, and Others)
At 3.1% CAGR, the Middle East & Africa Composites Market is speculated to be worth US$ 4,055.94 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa Composites Market was valued at US$ 3,373.59 million in 2022 and is expected to reach US$ 4,055.94 million by 2028, registering a CAGR of 3.1% from 2022 to 2028. Increasing demand for lightweight materials from automotive & aerospace industry and rising utilization of glass-fiber composites in end-use industries are the critical factors attributed to the Middle East & Africa Composites Market expansion.
Glass fibers are thin strands of silica-based glass that are extruded into small-diameter fibers. Glass fibers are available in different compositions, namely A-glass, C-glass, D-glass, AR-glass, S-glass, and E-glass, with different properties and uses. These fibers are enclosed into a resin matrix to produce glass fiber-reinforced composites. Glass fiber-reinforced composites are polymerized monomer matrix that is filled by fine thin glass fibers, chemically bonded to that matrix using silane coupling agents. The higher utilization rate of glass fibers in end-use industries such as wind energy, construction, sporting goods, and marine has broadened the scope of glass fiber composites. The demand for construction composites is increasing with a rise in the use of technologically advanced processes in construction activities. Governments of various countries across the globe are significantly investing in infrastructure development in developed and developing nations through programs such as Saudi Vision 2030 and Abu Dhabi Economic Vision 2030. Glass fiber composites are significantly used in marine applications for the design and manufacture of large composite structures. The major application of this composite in the marine industry is for bearings, propellers, commercial hatch covers, exhausts, and topside structures. The unique properties of glass fiber composites, including lightweight, high strength, a large degree of freedom of design, easy molding, low friction coefficient, and fatigue resistance, make it suitable for sports facilities, sports goods, and sports equipment, such as tennis rackets, golf clubs, bicycles, skis, and fitness equipment. Thus, the rising utilization of glass fiber composites in end-use industries is driving the Middle East & Africa composites market.
On the contrary, challenges in recycling of thermoset composites hampers the Middle East & Africa Composites Market.
Based on fiber type, the Middle East & Africa composites market is segmented into carbon fiber composites, glass fiber composites, and others. The glass fiber composites segment held 80.5% share of Middle East & Africa Composites Market in 2022, amassing US$ 2,716.81 million. It is projected to garner US$ 3,299.14 million by 2028 to expand at 3.3% CAGR during 2022–2028.
Based on resin type, the Middle East & Africa composites market is segmented into thermoset and thermoplastic. The thermoset is segmented into polyester, vinyl ester, epoxy, polyurethane, and others. The Thermoplastic is segmented into polypropylene, polyethylene, polyvinylchloride, polystyrene, polyethylene terephthalate, polycarbonate, and others. The thermoset segment held 66.5% share of Middle East & Africa Composites Market in 2022, amassing US$ 2,242.29 million. It is projected to garner US$ 2,669.02 million by 2028 to expand at 2.9% CAGR during 2022–2028.
Based on end use industry, the Middle East & Africa composites market is segmented into automotive, aerospace and defense, wind, construction, marine, sporting goods, and others. The automotive segment held 28.1% share of Middle East & Africa Composites Market in 2022, amassing US$ 947.62 million. It is projected to garner US$ 1,149.61 million by 2028 to expand at 3.3% CAGR during 2022–2028.
Based on country, the Middle East & Africa Composites 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 33.7% share of Middle East & Africa Composites Market in 2022. It was assessed at US$ 1,136.07 million in 2022 and is likely to hit US$ 1,383.92 million by 2028, exhibiting a CAGR of 3.3% during the forecast period.
Key players dominating the Middle East & Africa Composites Market are DuPont de Nemours Inc; Gurit Holding AG; Hexion Inc; Mitsubishi Chemical Holdings Corp; SGL Carbon SE; Solvay SA; and Toray Industries Inc, and among others.
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