The Para-Aramid-Fiber Segment to Dominate Middle East and Africa Aramid Fiber Market for Automotive Hoses Market during 2021-2028
According to The Insight Partners market research study on “Middle East and Africa Aramid Fiber Market for Automotive Hoses to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Type and Country,” is expected to reach US$ 3,383.06 thousand by 2028 from US$ 2,103.14 thousand in 2021. The market is estimated to grow at a CAGR of 7.0% from 2021 to 2028. The report provides trends prevailing in the Middle East and Africa aramid fiber market for automotive hoses along with the drivers and restraints pertaining to the market growth. Heightening need from automotive industry and phenomenal characteristics of aramid fibers are major factors driving the growth of the Middle East and Africa aramid fiber market for automotive hoses. However, availability of direct substitute along with high manufacturing cost may hinder the growth of Middle East and Africa aramid fiber market for automotive hoses.
Due to COVID-19 outbreak, supply chains, manufacturing processes, and research and development activities in the automotive industry are adversely affected. For instance, the car industry in the US remained vulnerable during the outbreak pandemic. Vehicle sales fell over 20% year-on-year in August, hitting 1.33 thousand vehicles. Total sales from January to August 2020 were roughly 8.8 thousand units, a 23% decrease compared to last year. However, with the opening of several growth markets, vaccination developments, and initiatives taken by various governments to support economic and industrial growth in North America, the demand for the aramid fiber is anticipated to grow at a steady pace in the coming years.
The Middle East and Africa aramid fiber market for automotive hoses is segmented into type and country. Based on type, the market is segmented into para-aramid fiber and meta aramid fiber. In 2020, the para-aramid fiber segment held the largest share in Middle East and Africa aramid fiber market for automotive hoses. Based on country, the Middle East and Africa aramid fiber market for automotive hoses is divided into South Africa, Saudi Arabia, UAE and rest of Middle East and Africa. In 2020, South Africa held the largest share in Middle East and Africa aramid fiber market for automotive hoses. Furthermore, in this present scenario of COVID 19 pandemic, the Middle East and Africa aramid fiber market for automotive hoses has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Middle East and Africa countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for aramid fibers.
DuPont de Nemours, Inc.; Teijin Limited;Continental AG; YOKOHAMA RUBBER CO., LTD.; Beaver Manufacturing Company; Gates Corporation; and Huvis Corp. are some of the leading companies in the Middle East and Africa aramid fiber market for automotive hoses. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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