Africa Middle East Automotive Thermoplastic Polymer Composites Market Size

MEA Automotive Thermoplastic Polymer Composites Market Analysis

The Africa Middle East Automotive automotive glass fiber composites market is expected to register a CAGR of over 4.5%, during the forecast period, 2020 - 2025.

• The major growth drivers of this market are the rise in automotive production and the increasing demand for durable and lightweight materials because of stringent government regulations to reduce greenhouse gas emissions. The future of the global automotive glass fiber composites market looks bright with opportunities in different automobile applications, such as interiors, exteriors, structural assembly, powertrain and engine components, electrical and electronics, and others.
• For a continent with 1 billion inhabitants, Africa only occupies 1% of the global new car sales. Also, 85% of the total new cars are sold in South Africa. The sub-Saharan region where there is a potential for upto 3-4 million vehicles from the existing number of around 425,000 is expected to offer high returns to players who are willing to seriously enter the region. The level of infrastructure is also increasing in Africa, which is likely to aid the automotive market of the region.
• Strategic alliances between car manufacturers, glass fiber, and resin suppliers are the trends that have a direct impact on the dynamics of the automotive composites industry. Within the intermediates type, short fiber thermoplastic (SFT), long fiber thermoplastic (LFT), and continuous fiber thermoplastic (CFT) are the major ones that are used in automotive applications. SFT is expected to be the largest market by value, mainly driven by applications in powertrain and engine components applications, which feature small complex-shaped parts.