Report : Middle East & Africa Plastics for Composites Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type [Thermoset (Polyester, Vinyl Ester, Epoxy, Polyurethane, and Others) and Thermoplastic (Polypropylene, Polyethylene, Polyvinylchloride, Polystyrene, Polyethylene Terephthalate, Polycarbonate, and Others)] and Technology (Injection Molding, Compression Molding, Pultrusion, Resin Infusion, and Others)
At 3.1% CAGR, the Middle East & Africa Plastics for Composites Market is speculated to be worth US$ 1,074.63 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa plastics for composites market was valued at US$ 897.15 million in 2022 and is expected to reach US$ 1,074.63 million by 2028, registering a CAGR of 3.1% from 2022 to 2028. Budding demand for lightweight materials in aerospace and automotive industries and flourishment of erection industry are the critical factors attributed to the Middle East & Africa plastics for composites market expansion.
The replacement of petroleum-derived plastics’ matrices with bio-based matrices or resins, sourced from carbohydrates, vegetable fats and oils, starch, bacteria, and other biological materials is emerging as an important trend in the Middle East & Africa plastics for composites market. Bio-based polymer matrices are environmentally friendly and are the subject of extensive research in various fields. Bio-based matrices are eco-friendly and lightweight, and exhibit long-term sustainability, which drives their use in commercial applications. The easy availability of the natural raw material for the production of a bio-based resin is an added factor fueling its supply and demand. Bio-based matrices and biocomposites are employed in several secondary applications in aerospace, automobiles, packaging, electronics, and construction sectors. In the construction industry, biocomposites are generally used for the production of doors, windows, terrace decking, insulation material, and acoustic components. According to the report from the Global Alliance for Building and Construction, construction is one of the most harmful sectors to the environment. The findings of this study were presented at the COP25, Madrid, a UN conference on climate change. Conventional construction materials are highly resource- and energy-intensive. Hence, owing to the rising concern and awareness about the social and environmental impacts of conventional building materials, manufacturers of composites are shifting toward environment-friendly raw materials. This is expected to drive the Middle East & Africa plastics for composites market during the forecast period.
On the contrary, issues correlated to recycling of thermoset plastics hurdles the growth of Middle East & Africa plastics for composites market.
Based on type, the Middle East & Africa plastics for composites market is bifurcated into thermoset, and thermoplastic. The thermoset segment held 66.7% market share in 2022, amassing US$ 598.61 million. It is projected to garner US$ 709.82 million by 2028 to expand at 2.9% CAGR during 2022–2028. Further, thermoset is segmented into polyester, vinyl ester, epoxy, polyurethane, and others. Further, thermoplastic is segmented into polypropylene, polyethylene, polyvinylchloride, polystyrene, polyethylene terephthalate, polycarbonate, and others.
Based on technology, the Middle East & Africa plastics for composites market is categorized into injection molding, compression molding, pultrusion, resin infusion, and others. The others segment held 43.4% market share in 2022, amassing US$ 389.74 million. It is projected to garner US$ 462.45 million by 2028 to expand at 2.9% CAGR during 2022–2028.
Based on country, the Middle East & Africa plastics for composites market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 33.1% market share in 2022. It was assessed at US$ 297.39 million in 2022 and is likely to hit US$ 352.94 million by 2028, exhibiting a CAGR of 2.9% during the forecast period.
Key players dominating the Middle East & Africa plastics for composites market are Lanxess AG; Convestro AG; Celanese Corp; Basf SE; Evonik Industries AG; Solvay SA; Saudi Basic Industries Corp; and Arkema SA among others.
- In Sep 2021, Solvay SA completed the installation of its new thermoplastic composites (TPC) manufacturing facility.
- In June 2022, Lanxess AG launched sustainable product variants to its Tepex brand composite range.
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