Africa and Middle-East Automotive Glass Fiber Composites Market 2020 Highlights Recent Trends, Market Growth, Business Opportunities till 2025

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Oct 24, 2020 (Market Insight Reports) —
The Africa and Middle-East Automotive Glass Fiber Composites Market as of late Published Market look into study with in excess of 100 industry enlightening work area and Figures spread through Pages and straightforward itemized TOC on “Africa and Middle-East Automotive Glass Fiber Composites Market”.
The report gives data and the propelling business arrangement data in the segment to the trade. The report gives a thought related with the progression of this market advancement of key players of this industry. An assessment of this Africa and Middle-East Automotive Glass Fiber Composites market depends upon points, which are of composed into advertise investigation, is fused into the reports.

The Africa and Middle-East Automotive Glass Fiber Composites Market is projected to register a CAGR of over 4.50% during the forecast period 2020 to 2025.

– 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.

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Key Market Trends

Increasing Adoption of Glass Fiber Composites in Automobiles
Although automobiles have been around for more than a century, the materials they are made of have mostly remained the same. Only since the past few decades that advanced materials, ranging from magnesium alloys to glass fiber composites, have made their way into new-generation cars. Advanced materials, such as glass fiber composites, are essential for boosting modern cars’ fuel economy and maintaining performance and safety. Since it takes lesser energy to accelerate a lighter object than a heavier one, lightweight materials offer great potential for increasing vehicle efficiency. A 10% reduction in the vehicle’s weight can transpire to a 6-8% increase in fuel economy.
Manufacturers reduce overall vehicle weight, which lowers the energy required to operate the vehicle, increasing fuel economy. The Body-In-White system is the critical focal point for automakers looking for fuel savings because of its weight reduction potential, importance to crash safety, and impact on compounded weight reduction for other sub-systems, such as the powertrain.

The African Market Has High Growth Prospects
Companies are expected to benefit from reforms and policies after the formation of the Association of African Automotive Manufacturers (AAAM). For instance, any car company that sets up a local assembly plant in Nigeria, Kenya, and Ghana, could get tax holidays of up to 10 years and duty exemptions.
In the early 2010s, the automotive industry in Africa is plagued by the import of used cars from other countries. For instance, in Japan, where strict vehicle inspections force cars out of circulation after just a few years, vehicles are exported to African countries. However, today, second-hand vehicles in countries in Ethiopia are hugely limited due to high import duties and limited supply of vehicles pushing for newer automotive and EPS manufacturing factories.

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Competitive Landscape
The India automotive glass fiber composites market is fragmented with existing market players such as Solvay S.A. ADR(OTC:SOLVY), 3B (Braj Binani Group), Owens Corning (NYSE:OC), Veplas Group, and SAERTEX GmbH and Co.KG, who holds the most significant shares. To have the edge over its competitors’ companies are making joint-ventures, partnerships, launching new products with advanced technology.

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