Middle East & Africa Hybrid Composites Market
Published On: Oct 2023
Published On: Oct 2023
According to Business Market Insights research, the Middle East & Africa hybrid composites market was valued at US$ 28.32 million in 2023 and is expected to reach US$ 43.53 million by 2028, registering a CAGR of 9.0% from 2023 to 2028. Growing demand for lightweight materials in aerospace & defense industry and rising use of hybrid composites in wind energy and automotive industries are the critical factors attributed to the Middle East & Africa hybrid composites market expansion.
Nanocomposites are materials that incorporate nanosized particles into a matrix of standard material. To overcome the limitation of different engineering materials, nanocomposites act as a beneficial alternative. Nanocomposites can be classified based on their dispersed matrix and dispersed phase materials. Polymeric nanocomposites are materials incorporating nanosized inclusions into the polymer matrices. They exhibit excellent mechanical properties, flame retardancy, enhanced modulus and dimensional stability, improved scratch resistance, superior thermal and processing properties, reduced warpage of components, and enhanced impact resistance, making them suitable to replace metals in various industrial applications. These nanocomposites are widely used in medical, electronics, automotive, food packaging, and sport equipment applications. They are also used in aeronautics and spaceflight due to their ability to withstand tension and extreme temperatures. The growing research and development are also increasing the applications of nanocomposites. Hence, the rising demand for nanocomposites and associated research and development activities are expected to offer lucrative opportunities for the Middle East & Africa hybrid composites market growth during the forecast period.
On the contrary, high cost and recyclability issues of hybrid composites hampers the Middle East & Africa hybrid composites market.
Based on fiber type, the Middle East & Africa hybrid composites market is segmented into carbon/aramid, carbon/glass, high-modulus polypropylene (HMPP)/carbon, ultra high molecular weight polyethylene (UHMWPE)/ carbon, and others. The carbon/aramid segment held 50.3% share of Middle East & Africa hybrid composites market in 2023, amassing US$ 14.26 million. It is projected to garner US$ 22.63 million by 2028 to expand at 9.7% CAGR during 2023–2028.
Based on resin, the Middle East & Africa hybrid composites market is segmented into thermoset and thermoplastic. The thermoset segment held 65.1% share of Middle East & Africa hybrid composites market in 2023, amassing US$ 18.44 million. It is projected to garner US$ 28.05 million by 2028 to expand at 8.8% CAGR during 2023–2028.
Based on application, the Middle East & Africa hybrid composites market is segmented into automotive, aerospace, marine, wind energy, sporting goods, and others. The automotive segment held 38.8% share of Middle East & Africa hybrid composites market in 2023, amassing US$ 10.98 million. It is projected to garner US$ 17.32 million by 2028 to expand at 9.5% CAGR during 2023–2028.
Based on country, the Middle East & Africa hybrid composites market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 39.2% share of Middle East & Africa hybrid composites market in 2023. It was assessed at US$ 11.11 million in 2023 and is likely to hit US$ 17.86 million by 2028, exhibiting a CAGR of 9.9% during 2023–2028.
Key players operating in the Middle East & Africa hybrid composites market are Avient Corp, Gurit Holding AG, Hexcel Corp, Lanxess AG, Mitsubishi Chemical Holdings Corp, PGTEX China Co Ltd, SGL Carbon SE, Solvay SA, and Toray Industries Inc, among others.
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