At 10.2% CAGR, the Middle East & Africa Green Carbon Fiber Market is projected to be worth US$ 17.24 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa green carbon fiber market was valued at US$ 9.63 million in 2022 and is expected to reach US$ 17.24 million by 2028, registering an annual growth rate of 10.2% from 2022 to 2028.  Rising popularity of electric cars and increasing use of green carbon fiber in EVs and key strategic developments by green carbon fiber manufacturers are the critical factors attributed to the Middle East & Africa green carbon fiber market expansion.                

There has been tremendous adoption of electric vehicles across region in recent years. The rising facility of electric vehicle charging in developed and developing countries further influences the demand for electric cars. According to the International Energy Agency (IEA), electric car sales reached a record high in 2021, despite supply chain bottlenecks and the COVID-19 pandemic. In electric vehicles, recycled carbon fibers are used to make chassis, floors, roof panels, spare wheel wells, and boot or bonnet inners. Using recycled carbon fiber in automotive parts is cost-effective This opens up new opportunities for structural batteries, where green carbon fiber becomes part of the energy system. Lightweight materials such as green carbon fiber resolve a key challenge for electrification of aircrafts and vehicles. This factor is bolstering the market growth of Middle East & Africa green carbon fiber.

On the contrary, scarcity of composite waste and lack of technical expertise in recycling carbon fiber hurdles the growth of Middle East & Africa green carbon fiber market.    

On the basis of type, the Middle East & Africa green carbon fiber market is segmented into chopped recycled carbon fiber and milled recycled carbon fiber. The milled recycled carbon fiber segment held 69.9% market share in 2022, amassing US$ 6.73 million. It is projected to garner US$ 11.84 million by 2028 to expand at 9.9% CAGR during 2022–2028.  

Based on source, the Middle East & Africa green carbon fiber market is further segmented into automotive scrap, aerospace scrap, and others. The automotive scrap segment held 50.4% market share in 2022, amassing US$ 4.85 million. It is projected to garner US$ 9.02 million by 2028 to expand at 10.9% CAGR during 2022–2028.  

Based on application, the Middle East & Africa green carbon fiber market is further segmented into aerospace, automotive, wind energy, sporting goods, and others. The automotive segment held 38.6%market share in 2022, amassing US$ 3.72 million. It is projected to garner US$ 6.63 million by 2028 to expand at 10.1% CAGR during 2022–2028.  

Based on country, the Middle East & Africa green carbon fiber market is segmented into South Africa, Saudi Arabia, UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 33.6% market share in 2022. It was assessed at US$ 3.23 million in 2022 and is likely to hit US$ 5.85 million by 2028, exhibiting a CAGR of 10.4% during the forecast period.    

Key players dominating the Middle East & Africa green carbon fiber market are Carbon Conversions Co, Catack-H Co Ltd, Procotex Corp SA, SGL Carbon SE, Sigmatex (UK) Ltd., and Toray Industries Inc among others.

• In Feb 2022, Carbon Conversions Introduced re-Evo RRC by Partnering With C12 Technology.  

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