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The automotive industry of Middle East and North Africa (MENA) is a key industry sector. The rise in population in the region has increased the demand for automobiles for transportation. Moreover, MENA is an important strategic center for trade and commerce across the globe, attracting a large pool of foreign investors. The growing automotive industry of some of the countries in the region made them worst performing countries (Qatar, United Arab Emirates and Bahrain, among others) in terms of GHG emissions.
Moreover, in the past few years, the percentage of GHG emissions in the region increased due to lack of the government’s attention. In addition to this, Gulf Cooperation Council (GCC) holds approximately 30% of the world’s oil reservoir, hence exports a large portion of its treasure to other countries. During the past few years, it led to the shortage of the oil and gas natural resources in the region. Owing to this, countries such as the UAE, Algeria, Kuwait and Egypt among others targeted to reserve their natural reservoir, these countries also set a limitation on GHG emissions by vehicles. Such rise in environmental concerns within the region, made the automakers to reduce the vehicular weight thereby increase the fuel efficiency.
For vehicular weight reduction, composite materials have gained immense traction in the automotive industry because of their superior structural and mechanical features over steel and aluminum. Hence the rise in emission standards in the region is driving MENA automotive composite materials market. In addition to this, composite materials are now widely used in electric vehicles to offset the weight increased by the batteries. Hence the flourishing electric vehicle market of MENA is anticipated to fuel the demand for composite materials in the automotive industry. Owing to such factors, MENA automotive composite materials market was estimated at US $116.8 million in 2017 and is anticipated to reach US $254.2 million at a CAGR of 11.8% during the forecast period (2018-2024). However, high installation cost, high cost of the raw materials and recyclability issues are hampering the market within the region.
MENA automotive composite materials market is segmented based on different materials such as Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite. Due to high flexibility, high insulation, lower density and lighter weight than other composite materials, the adoption of PMCs is more than the other composites. Therefore PMCs held the maximum market share in 2017 and their dominance is expected to prevail during the forecast period. PMC was valued at US $88.6 million in 2017 and are anticipated to reach to US $191.6 million by 2024 at a CAGR of 11.7% during the forecast period (2018-2024). To get a better understanding of the market, PMCs are further segmented by matrix types, which include thermosets and thermoplastics.
In this segment, thermosets are anticipated to be the largest market on the other side thermoplastics will be the fastest growing matrix type during the forecast period. Further, due to low cost and high flexural and tensile strength of hybrid composites as compared to single fiber composites, the hybrid composites are anticipated to be the fastest growing composite type during the forecast period. MENA automotive composite materials market was estimated at US $87.6 million in 2014 that reached US $116.8 million in 2017. In addition, the industry will continue to grow rapidly over the forecast period (2018-2024) with a CAGR of 11.8%.
Moreover, in the past few years, the percentage of GHG emissions in the region increased due to lack of the government’s attention. In addition to this, Gulf Cooperation Council (GCC) holds approximately 30% of the world’s oil reservoir, hence exports a large portion of its treasure to other countries. During the past few years, it led to the shortage of the oil and gas natural resources in the region. Owing to this, countries such as the UAE, Algeria, Kuwait and Egypt among others targeted to reserve their natural reservoir, these countries also set a limitation on GHG emissions by vehicles. Such rise in environmental concerns within the region, made the automakers to reduce the vehicular weight thereby increase the fuel efficiency.
For vehicular weight reduction, composite materials have gained immense traction in the automotive industry because of their superior structural and mechanical features over steel and aluminum. Hence the rise in emission standards in the region is driving MENA automotive composite materials market. In addition to this, composite materials are now widely used in electric vehicles to offset the weight increased by the batteries. Hence the flourishing electric vehicle market of MENA is anticipated to fuel the demand for composite materials in the automotive industry. Owing to such factors, MENA automotive composite materials market was estimated at US $116.8 million in 2017 and is anticipated to reach US $254.2 million at a CAGR of 11.8% during the forecast period (2018-2024). However, high installation cost, high cost of the raw materials and recyclability issues are hampering the market within the region.
MENA automotive composite materials market is segmented based on different materials such as Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite. Due to high flexibility, high insulation, lower density and lighter weight than other composite materials, the adoption of PMCs is more than the other composites. Therefore PMCs held the maximum market share in 2017 and their dominance is expected to prevail during the forecast period. PMC was valued at US $88.6 million in 2017 and are anticipated to reach to US $191.6 million by 2024 at a CAGR of 11.7% during the forecast period (2018-2024). To get a better understanding of the market, PMCs are further segmented by matrix types, which include thermosets and thermoplastics.
In this segment, thermosets are anticipated to be the largest market on the other side thermoplastics will be the fastest growing matrix type during the forecast period. Further, due to low cost and high flexural and tensile strength of hybrid composites as compared to single fiber composites, the hybrid composites are anticipated to be the fastest growing composite type during the forecast period. MENA automotive composite materials market was estimated at US $87.6 million in 2014 that reached US $116.8 million in 2017. In addition, the industry will continue to grow rapidly over the forecast period (2018-2024) with a CAGR of 11.8%.
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