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Home Technology Iran Tech News Middle East owns 8% of global market revenue for advanced materials

Middle East owns 8% of global market revenue for advanced materials

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Middle East owns 8% of global market revenue for advanced materials

Mahmoud Mehrdad Shokrieh, Director of Composite Materials and Technology Center at the Vice-Presidency for Science and Technology, highlighted the role of advanced materials in the world’s economy and employment, voicing hope to see a considerable rise in the place of advanced materials in the country’s economic policies.

He noted the latest reports by a credible website on market research, adding “the global market for advanced materials in 2015 has been estimated at USD72. 2 billion.

With the combined annual growth rate of 4. 1 percent, the volume is expected to reach USD48. 102 billion in 2024,” he added.

According to the same report, eight per cent of the global market revenue for advanced materials belong to the Middle East region, which is approximately valued at $5. 3 billion.

Shokrieh added that the major part of the regional market belongs to Iran, Turkey and Saudi Arabia.

 

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