Middle East & Africa Carbon Fiber Market Forecast to 2028 - Regional Analysis - by Raw Material (Polyacrylonitrile-Based and Pitch-Based), Application (Composite Materials, Microelectrodes, and Others), and End-Use Industry (Automotive, Aerospace and Defe

Middle East & Africa Carbon Fiber Market Forecast to 2028- Regional Analysis- by Raw Material (Polyacrylonitrile-Based and Pitch-Based), Application (Composite Materials, Microelectrodes, and Others), and End-Use Industry (Automotive, Aerospace and Defense, Building and Construction, Sporting Goods, Wind Energy, Textiles, Marine, and Others)

The carbon fiber market in Middle East & Africa is expected to grow from US$ 127.17 million in 2022 to US$ 194.34 million by 2028. It is estimated to grow at a CAGR of 7.3% from 2022 to 2028.

Increasing Usage of Carbon Fiber in the Sporting Goods Industry is Fueling Middle East & Africa Carbon Fiber Market

The high-strength, modulus, and light-weight characteristics of carbon fiber have led to rising demand from the sporting goods manufacturing industry. Sporting goods such as golf shafts, racquets, skis, snowboards, hockey sticks, fishing rods, bats, and bicycles are manufactured using carbon fiber. Carbon fiber provides design flexibility to achieve precise shape of sporting equipment, which is critical to its performance. Carbon fiber helps to enhance the performance of bikers and golfers. The most specific use of carbon fiber in the sporting equipment is seen in the tennis racket. Players can hit faster ball with the lighter racket and control the ball better with a larger area of the racket. The increasing demand for carbon fiber-based sporting equipment provides a lucrative market opportunity for key and new market players. Many sports goods manufacturers in developed and developing countries are using carbon fiber. Thus, the increasing adoption of carbon fiber by the manufacturers of sporting goods across developed and developing countries provides lucrative growth opportunities for the carbon fiber market over the forecast period.

Middle East & Africa Carbon Fiber Market Overview

The carbon fiber market in Middle East and Africa is further segmented into the South Africa, Saudi Arabia, UAE, and Rest of Middle East and Africa. The Middle East and Africa carbon fiber market is expected to grow at a substantial rate during the forecast period. The growth in the market is attributed to increasing use of carbon fiber for manufacturing light weight vehicles, and wind turbines. Growth of aviation industry with the support of Government initiatives is another significant factor driving the demand for carbon fiber in the region. For instance, in March 2023, the Government of Saudi Arabia has aimed to invest US$ 100 billion in aviation sector to meet the growing demand for commercial aircrafts. Further, the rising government initiatives for infrastructure development has attributed the market growth. The region is experiencing huge investments in infrastructure including hospitals, administrative buildings, and hospitals. For instance, according to the ministry of finance, the UAE approved a federal budget of US$ 16.04 billion for 2022 for development of country’s construction projects. Moreover, the region has construction projects including Mohammed Bin Rashid (MBR) City, Dubai Creek Harbour, Etihad Rail (Emirates Railway Project), and other construction activities. Increasing construction activities has demand for construction composites where carbon fiber is used for manufacturing of construction composites. Increasing construction activities in the region has thereby surged the demand for carbon fiber. Thus, government initiatives and rapid growth of various end-use industries is expected to drive the growth of carbon fiber market in the region.

Exhibit: Middle East & Africa Carbon Fiber Market Revenue and Forecast to 2028 (US$ Million)

Middle East & Africa Carbon Fiber Market Segmentation

The Middle East & Africa carbon fiber market is segmented into raw material, application, end use industry, and country.

Based on raw material, the Middle East & Africa carbon fiber market is segmented into polyacrylonitrile-based and pitch-based. The polyacrylonitrile-based segment held a larger Middle East & Africa carbon fiber market share in 2022.

Based on application, the Middle East & Africa carbon fiber market is segmented into composite materials, microelectrodes, and others. The composite materials segment held the largest Middle East & Africa carbon fiber market share in 2022.

Based on end use industry, the Middle East & Africa carbon fiber market is segmented into automotive, aerospace and defense, building and construction, sporting goods, wind energy, textiles, marine, and others. The automotive segment held the largest Middle East & Africa carbon fiber market share in 2022.

Based on country, the Middle East & Africa carbon fiber market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa carbon fiber market share in 2022.

DowAksa Advanced Composite Material Industries Ltd Co; Formosa Plastics Corp; Hexcel Corp; Hyosung Advanced Materials Corp; Kureha Corp; Mitsubishi Chemical Corp; SGL Carbon SE; Solvay SA; Teijin Ltd; and Toray Industries Inc are the leading companies operating in the carbon fiber market in the Middle East & Africa.

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