Middle East & Africa Advanced Carbon Materials Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type [Graphite (Natural Graphite and Synthetic Graphite), Carbon Nanotubes (Multi-Wal

The advanced carbon materials market in the Middle East and Africa is projected to grow significantly, reaching an estimated US$ 3,837.60 million by 2031, up from US$ 2,358.81 million in 2023. This growth represents a compound annual growth rate (CAGR) of 6.3% from 2023 to 2031.

Executive Summary and Market Analysis

The automotive sector in the Middle East and Africa is experiencing rapid growth, driven by rising disposable incomes and an expanding population. Governments in the region are implementing ambitious targets to achieve zero emissions, which is further propelling the demand for advanced carbon materials. For example, in October 2021, the UAE government launched the UAE Net Zero by 2050 initiative, aimed at significantly reducing carbon emissions. This initiative has led to an increased demand for lightweight vehicles, which are essential for meeting these environmental goals.

In addition to the automotive industry, the construction sector in the region is robust and innovative. The growth of the construction industry is fueled by a surge in commercial and residential projects, supported by factors such as tax-free cities, attractive returns on investment, and accessible financing options. A notable example is the announcement by ARA, a real estate development company, of a US$ 6 billion residential township project called Arabian Hills Estate in Abu Dhabi, set to launch in April 2024. This expansion in construction and structural composite industries is driving the demand for advanced carbon materials.

Strategic Insights

The advanced carbon materials market in the Middle East and Africa can be segmented based on product type and application.

Product Type Segmentation:

The market is divided into several product categories, including graphite, carbon nanotubes (CNTs), graphene, carbon foams, and others. In 2023, the graphite segment held the largest market share. Graphite is further categorized into natural and synthetic types. The carbon nanotubes segment is divided into Multi-Walled Carbon Nanotubes (MWCNTs) and Single-Walled Carbon Nanotubes (SWCNTs). The graphene segment is classified into PAN-based and PITCH-based types, while carbon fibers are also categorized into PAN-based and PITCH-based.

Application Segmentation:

The market is also segmented by application, which includes electronics and semiconductors, energy storage, structural composites, chemical materials and polymers, medical applications, and others. The energy storage segment was the largest in 2023. Within the electronics and semiconductors segment, applications include integrated circuits, flexible displays, superconductors, transistors, and industrial sensors. The energy storage segment encompasses lithium-ion batteries, fuel cells, solar PV cells, hydrogen storage, and electrochemical supercapacitors. The structural composites segment includes applications in sporting goods, wind turbine blades, light vehicles, construction and infrastructure, and aerospace and defense. The chemical materials and polymers segment covers coatings, adhesives, sealants, water filtration, and catalysts, while the medical segment includes transdermal drug delivery and cancer treatment.

Market Outlook

The shift towards clean and renewable energy sources is gaining momentum as nonrenewable resources deplete. Countries are increasingly focusing on generating clean energy to minimize carbon footprints. As global efforts to transition away from fossil fuels intensify, renewable energy sources such as solar, wind, and hydropower are becoming more critical. However, these energy sources face challenges related to storage and efficiency. Advanced carbon materials, including graphite, CNTs, and graphene, are being increasingly utilized to enhance the performance of energy storage systems and overall renewable energy infrastructure. According to the International Energy Agency, the cumulative renewable electricity capacity from wind is expected to rise from 825.1 gigawatts (GW) in 2021 to 1,255.9 GW by 2024, while solar PV capacity is projected to grow from 949.0 GW to 1,954.6 GW in the same period. This growth in renewable energy investments will likely create lucrative opportunities for the advanced carbon materials market in the coming years.

Country Insights

The advanced carbon materials market in the Middle East and Africa includes key countries such as South Africa, Saudi Arabia, the UAE, and others. In 2023, Saudi Arabia held the largest market share, driven by its extensive large-scale construction and infrastructure projects. The country is focusing on sustainable development and economic diversification, which is expected to significantly boost its construction industry. According to the International Trade Administration (ITA), the construction sector in Saudi Arabia is projected to generate revenues of US$ 70.33 billion by the end of 2024 and US$ 91.36 billion by 2029. This growth in construction is anticipated to further increase the demand for advanced carbon materials in Saudi Arabia.

Company Profiles

Key players in the advanced carbon materials market include Nanocyl SA, Teijin Ltd, Arkema SA, LG Chem Ltd, Cabot Corp, Kumho Petrochemical Co Ltd, Tokyo Chemical Industry Co Ltd, Nanoshel LLC, Zeon Corp, Mitsubishi Chemical Carbon Fiber and Composites Inc, Resonac Holdings Corp, Huntsman International LLC, Ocsial, Sumitomo Chemical Co Ltd, and MOLCHEM, among others. These companies are employing various strategies such as expansion, product innovation, and mergers and acquisitions to enhance their market presence and offer innovative products to consumers. Show more