Middle East & Africa Advanced Carbon Materials Market Analysis and Forecast by Size, Share, Growth, Trends 2031

The Middle East & Africa advanced carbon materials market size is expected to reach US$ 3,837.60 million by 2031 from US$ 2,358.81 million in 2023. The market is estimated to record a CAGR of 6.3% from 2023 to 2031.

Executive Summary and Middle East & Africa Advanced Carbon Materials Market Analysis:

The automotive industry in the region is growing rapidly owing to the increased disposable income and growing population in the region. Governments in the region have launched various targets to achieve zero-emission in the country. For instance, the UAE government, in October 2021, announced the launch of a strategic initiative-UAE Net Zero by 2050-aiming to reduce carbon emissions in the country by 2050. This gives rise to an increased demand for lightweight vehicles to align with the government's initiative.

Moreover, the region has a robust, innovative, and efficient construction industry. The construction industry's growth in the region is attributed to the growing number of commercial and residential construction projects. The number of projects has increased due to various factors such as tax-free cities, high return on investments, and ease of financing that helps in the expansion of numerous construction companies in the region. For instance, in April 2024, ARA (a real estate development company) announced the launch of a US$ 6 billion Arabian Hills Estate residential township project in Abu Dhabi. This growing construction and structural composite industries drive the demand for advanced carbon materials in the region.

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Middle East & Africa Advanced Carbon Materials Market: Strategic Insights

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Middle East & Africa Advanced Carbon Materials Market Segmentation Analysis:

Key segments that contributed to the derivation of the Advanced carbon materials market analysis are product type and application.

• Based on product type, the Middle East & Africa advanced carbon materials market is segmented into graphite, carbon nanotubes, graphene, carbon foams, and others. The graphite segment held the largest share of the market in 2023.The graphite segment is further subsegmented into natural graphite and synthetic and graphite. The carbon nanotubes segment is further subsegmented into Multi-Walled Carbon Nanotubes and Single-Walled Carbon Nanotubes. The graphene segment is further subsegmented into pan-based and PITCH-based. The carbon fibers segment is further subsegmented into pan-based and PITCH-based.

• Based on application, the Middle East & Africa advanced carbon materials market is segmented into electronics and semiconductors, energy storage, structural composites, chemical materials and polymers, medical, and others. The energy storage segment held the largest share of the market in 2023. The electronics and semiconductors segment is further subsegmented into integrated circuits, flexible displays, superconductors, transistors, industrial sensors, and others. The energy storage segment is further subsegmented into lithium-ion batteries, fuel cells, solar PV cells, hydrogen storage, electrochemical supercapacitors, and others. The structural composites segment is further subsegmented into sporting goods, wind turbine blades, light vehicle or automotive, construction and infrastructure, and aerospace and defense. The chemical materials and polymers segment is further subsegmented into coatings adhesives and sealants, water filtration, catalysts, and others. The medical and polymers segment is further subsegmented into transdermal drug delivery, cancer treatment, proteomics, and others.

Middle East & Africa Advanced Carbon Materials Market Report Scope

Middle East & Africa Advanced Carbon Materials Market Players Density: Understanding Its Impact on Business Dynamics

The Middle East & Africa Advanced Carbon Materials Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Middle East & Africa Advanced Carbon Materials Market Outlook

Clean (renewable) energy has gained momentum as nonrenewable energy resources are aggressively depleting. Many countries are focusing on generating clean energy to reduce carbon footprints. As global efforts to transition away from fossil fuels intensify, renewable energy sources such as solar, wind, and hydropower have become increasingly important. However, these energy sources face challenges, particularly in terms of storage and efficiency. Advanced carbon materials such as graphite, CNTs, and graphene are being increasingly adopted to address these challenges, as these materials play a critical role in improving the performance of energy storage systems, energy transmission, and overall renewable energy infrastructure. According to the International Energy Agency, the cumulative renewable electricity capacity by wind surged from 825.1 gigawatts (GW) in 2021 to 1,255.9 GW in 2024. Similarly, the cumulative renewable electricity capacity of solar PV increased from 949.0 GW in 2021 to 1,954.6 GW in 2024.

Therefore, increasing investments in the wind energy sector will boost the use of these materials, which would provide lucrative opportunities for the advanced carbon materials market over the coming years.

Middle East & Africa Advanced Carbon Materials Market Country Insights

Based on country, the Middle East & Africa Advanced carbon materials market comprises South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Saudi Arabia held the largest share in 2023.

Saudi Arabia is a major player in the Middle East due to its substantial large-scale building and infrastructure projects. With a focus on sustainable development, economic diversification, and initiatives by the government, the construction industry in the country is expected to expand significantly over the forecast period. According to ITA, the construction industry is anticipated to record a revenue of US$ 70.33 billion by the end of 2024 and US$ 91.36 billion by 2029. Thus, the growing construction industry is expected to fuel the demand for advanced carbon materials in Saudi Arabia over the forecast period.

Company Profiles

Some of the key players operating in the 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 players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

Middle East & Africa Advanced Carbon Materials Market Research Methodology :

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations.

• Industry trade journals and other relevant publications.

• Government documents, statistical databases, and market reports.

• News articles, press releases, and webcasts specific to companies operating in the market.

Note:

All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

Primary Research

The Insight Partners' conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research.

• Enhance the expertise and market understanding of the analysis team.

• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers

• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise