MEA Polyurethane Market size for automotive industry Update, Analysis, Forecast, 2019 – 2024

According to a new research report by Global Market Insights, Inc. MEA Polyurethane Market size for automotive industry is set to surpass USD 385 million by 2024. MEA polyurethane market for automotive industry has been witnessing highly lucrative gains in the last half a decade, pertaining to the extensive deployment of PU products in vehicles.

Indeed, as plastic has been gaining prominence in the MEA automotive sector as a lucrative material, leading chemical companies have been collaborating with original equipment manufacturers who are willing to use plastic products for developing automotive parts. Say for instance, last year, Saudi National Automobiles Manufacturing Company and Sadara Chemical Company teamed up and signed a cooperation deal for SNAM’s planned Automobile Manufacturing Cluster.

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The Sadara-SNAM deal is an apt instance demonstrating the efforts of MEA’s automakers to utilize local resources in manufacturing automotive parts and creating a sustainable automotive industry ecosystem. Through this agreement, Sadara will work with automobile parts manufacturers in the auto cluster to produce plastic parts locally.

The planned auto cluster in PlasChem Park is expected to help local automotive and chemical manufacturing companies to conduct business with international clients. In essence, this agreement vividly portrays the efforts that the regional automakers and plastic manufacturers have been undertaking is certain to stimulate MEA polyurethane market for automotive industry trends.

A major factor impelling the automotive polyurethane market in MEA is the favorable foreign policy framework that has attracted myriad other automobile manufactures. Countries across MEA have lately been emerging as major automobile hubs, pertaining to the attractive economic growth of the region and the surging demand for high-end luxury vehicles. Consequently, this has generated an increasing demand for petrochemical derivative products like polyurethane for manufacturing automotive components. With the expansive growth of the petrochemical and automotive sectors in the Middle East, MEA polyurethane market for automotive industry is certain to emerge as one of the most lucrative verticals.

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If a regional bifurcation is to be considered, Iran is one of the countries that has been evolving as the latest hub for MEA automobile manufacturers. That is to say, Iran’s economic progress seems to be becoming rather dependent on its automotive sector after the O&G industry.

Currently, the Iranian government plans to focus on strategic joint ventures and long-term partnerships with OEMs overseas, to improve the country’s existing technology portfolio and increase the overall production of vehicles. Efforts are underway for the same – in 2016, the French carmaker, Peugeot-Citroen signed a deal with the Iranian automaker, Iran Khodro, in accordance with which the former will help Iranian companies transform into efficient automakers.

Quite ironically, the rise in automotive production and the absence of leading giants in Iran polyurethane market comprising Doe, BASF, and Huntsman, have led to Turkish, Chinese, and Korean polyurethane manufacturing companies taking the privilege to extend their reach across Iran. These companies have been rapidly manufacturing polyurethane to be used in automotive components such as car seats, bumpers, headrests, handholds, steering wheels, dashboards, and electric components. In consequence, this would have a notable impact on Iran polyurethane market for automotive industry size, slated to grow at an annual growth rate of more than 4.5% over 2018-2024. Unlike the scenario in 2016 however, currently, Iran has established sufficient polyurethane manufacturing plants to fulfill the future raw material demand across automotive sector, that is certain to augment automotive polyurethane industry in MEA in the ensuing years.

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The increasing foreign investments across the Middle East countries are anticipated to have a favorable influence on the commercialization potential of MEA polyurethane market for automotive industry. Of late, Korean and Chinese PU suppliers have been taking a renewed interest in improving the production capacity of the MEA region, further strengthening the regional market. As per estimates, automotive polyurethane market in MEA is expected to cross around USD 385 million by 2024.  

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