MENA Glass Fiber Reinforced Polymer Market: Current Analysis and Forecast (2023-2030)

Glass fiber reinforced polymer (GFRP) is a composite material made of a polymer matrix reinforced with glass fibers. The polymer matrix, usually epoxy or polyester resin, provides the structure and binds the fibers together, while the glass fibers provide strength and stiffness. GFRP is known for its high strength-to-weight ratio, corrosion resistance, and durability, making it suitable for various applications such as construction, automotive parts, aerospace components, and marine structures.

The MENA glass fiber reinforced polymer market was valued at USD 1356.96 Million in 2022 and is expected to grow at a strong CAGR of around 4.3% during the forecast period (2023-2030). The Middle East and North Africa (MENA) region is experiencing a notable surge in the adoption of glass fiber reinforced polymer (GFRP) across diverse industries. With a burgeoning construction sector driven by ambitious infrastructure projects and urbanization initiatives, GFRP offers a compelling solution due to its lightweight properties, high strength-to-weight ratio, and corrosion resistance. From building facades and structural reinforcements to transportation infrastructure and renewable energy projects, GFRP is increasingly being incorporated into various applications, contributing to enhanced durability, sustainability, and cost-effectiveness. For instance, It is estimated that the country UAE almost double its power generation capacity from 82 GW in 2018 to 160 GW by 2040. To achieve this goal, the government will invest approximately USD 5 billion in generation and USD 4 billion in distribution and transmission annually. Moreover, as governments in the MENA region prioritize economic diversification and environmental sustainability, GFRP's potential to reduce energy consumption, minimize maintenance costs, and offer long-term durability aligns with the region's development goals.

Based on applications, the glass fiber reinforced polymer market is segmented into transport, electronics, construction, sport and leisure and others. The transport sector is experiencing a rapid increase in the adoption of glass fiber reinforced polymer (GFRP) due to its exceptional properties and versatility. GFRP's lightweight nature, combined with its high strength-to-weight ratio and resistance to corrosion, makes it an ideal material for various transportation applications. In automotive manufacturing, GFRP components contribute to reducing vehicle weight, and improving overall performance. Additionally, in aerospace and marine industries, GFRP is increasingly utilized for aircraft, spacecraft, and marine vessel components, where its durability and ability to withstand harsh environments are highly valued. For instance, in GCC countries around 3.5 million vehicle were sold.

Based on type, the market is segmented into thermoset and thermoplastic. The growing adoption of thermoplastic materials across various industries reflects a shift towards more versatile, sustainable, and cost-effective solutions. Thermoplastics offer unique advantages such as flexibility, recyclability, and ease of processing, making them increasingly popular in applications ranging from automotive and aerospace to consumer goods and packaging. With the ability to be melted, reshaped, and recycled multiple times without compromising their properties, thermoplastics provide manufacturers with greater design freedom and manufacturing efficiency.

For a better understanding of the market adoption of the glass fiber reinforced polymer, the Middle East market is analyzed based on its worldwide presence in countries such as Saudi Arabia, UAE, Egypt, Turkey, and the Rest of MENA. Saudi Arabia held the largest share in 2022. Saudi Arabia is witnessing a paradigm shift in its industrial landscape, propelled by the widespread adoption of glass fiber reinforced polymer (GFRP) as a transformative material across sectors. As the Kingdom accelerates towards achieving its Vision 2030 objectives of economic diversification and sustainable growth, GFRP emerges as a key enabler in this ambitious journey. In the construction domain, where the development of mega-cities like NEOM and The Red Sea Project is underway, GFRP's corrosion resistance and structural integrity make it indispensable for building resilient infrastructure that can withstand the harsh desert environment. Furthermore, Saudi Arabia's strategic focus on renewable energy and localization of manufacturing industries drives the demand for GFRP in wind energy projects, solar panels, and automotive manufacturing, reinforcing the Kingdom's position as a global leader in sustainable innovation and industrial excellence.

Some of the major players operating in the market include BASF SE, Owens Corning, Jushi Group, Saint Gobain, PPG Industries, Inc., CTG Group, Fiber Technic Ltd., Dextra Group, IKK Mateenbar Limited, Saudi K-KEM.