Middle East & Africa Carbon Fiber-Based SMC BMC Market Forecast to 2030 - Regional Analysis - by Resin Type (Polyester, Vinyl Ester, Epoxy, and Others) and End-Use Industry (Automotive, Aerospace, Electrical and Electronics, Building and Construction, and Others)

The Middle East & Africa carbon fiber-based SMC BMC market was valued at US$ 26.16 million in 2022 and is expected to reach US$ 40.58 million by 2030; it is estimated to grow at a CAGR of 5.6% from 2022 to 2030.

Rising Construction Activities Bolster Middle East & Africa Carbon Fiber-Based SMC BMC Market

Carbon fiber-based SMC and BMC comprise several properties such as lightweight, longevity, flame resistance, corrosion and chemical resistance, low emission, and abrasion resistance. They also offer durability and resistance to moisture. The building & construction sector utilizes BMC in the production of panels for building façades, architectural elements, water tanks, access chambers, manhole covers, beams, and columns. Increasing investments in research and development activities along with the diversification of applications fuel the demand for BMC in the building & construction industry.

The Middle East & Africa has population with high standard of living and extravagant building and construction infrastructure in its fast-growing urban centers. With a 10-15% GDP share, the construction sector is becoming important for the MEA countries. Building residential, commercial, institutional, and industrial structures in the region is receiving investments from all over the world, which is improving employment prospects. Prefabricated building and sustainability are also receiving significant attention. Several commercial projects in the UAE are currently in the construction phase, aiding in the maintenance of high growth rates. As the government works to create high-value service sectors, commercial infrastructure is emerging as a significant sector outperformer. Furthermore, since the government works to diversify the economy beyond oil, it is predicted that Abu Dhabi's proportion of the construction industry would increase over the next years. The commercial infrastructure also intends to attract a large number of visitors to the nation each year. Therefore, these variables are projected to support the expansion of the construction equipment market during the forecast period. Further, the construction industry in Turkey is expected to emerge from its downturn due to the government's emphasis on building out the country's energy, residential, and transportation facilities. In addition, the nation's investments under its five-year development plan contributes to the expansion of the market. Additionally, the pipeline for all construction projects in the nation, which tends to be late-stage projects, encompasses all projects from the planning stage through implementation. The rising construction activities across the region propel the demand for carbon fiber-based SMC and BMC.

Middle East & Africa Carbon Fiber-Based SMC BMC Market Overview

The Middle East & Africa carbon fiber-based SMC BMC market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The market growth in the region is driven by increasing use of carbon fiber-based SMC and BMC products in industries such as building & construction, automotive, electronics, and others. Various countries in the region are rapidly developing their public infrastructure, including airports, hospitals, and administrative buildings. The construction of commercial buildings and infrastructure has increased due to the rising tourism industry and growing immigrant population. The UAE government has been investing extensively in airport development and expansion projects. The government invested US$ 8.1 billion in Al Maktoum International Airport in Dubai, US$ 7.6 billion in the Dubai International Airport Expansion Phase 4, US$ 6.8 billion in Abu Dhabi Airport development and expansion plans, and ~US$ 400 million in Sharjah's International Airport terminal expansion. Thus, due to governments' support in terms of investments in airport development and expansion projects, the demand for composite products such as carbon fiber-based SMC BMC products is increasing. Further, SMC and BMC composite products have advantages such as strength and stiffness, weight reduction, electrical performance, and others. All these benefits drive their use in applications such as automotive, electronics, and others.

Middle East & Africa Carbon Fiber-Based SMC BMC Market Segmentation

The Middle East & Africa carbon fiber-based SMC BMC market is segmented based on resin type, end-use industry, and country.

Based on resin type, the Middle East & Africa carbon fiber-based SMC BMC market is segmented into polyester, vinyl ester, epoxy, and others. The polyester segment held the largest share in 2022.

By end use industry, the Middle East & Africa carbon fiber-based SMC BMC market is categorized into automotive, aerospace, electrical and electronics, building and construction, and others. The automotive segment held the largest share in 2022.

Based on country, the Middle East & Africa carbon fiber-based SMC BMC market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa carbon fiber-based SMC BMC market in 2022.

LyondellBasell Industries NV, Menzolit GmBH, Mitsubishi Chemical Group Corp, Teijin Carbon Europe GmbH, and YS ACC Co Ltd are some of the leading companies operating in the Middle East & Africa carbon fiber-based SMC BMC market.