The bio-fuel is fastest growing segment fueling the growth of Middle East Bio-chemicals Market
Bio-chemicals are renewable and eco-friendly chemical products that are produced from biomass. They include bio-metanol, bio-ethylene, and bio-plastics which have wider applications in automotive, textiles, packaging and other industries due to their superior properties. These products help reduce dependence on petroleum and lower carbon footprint.
The global Middle East Bio-chemicals Market is estimated to be valued at US$ 1,998.5 KT or KT in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing environmental concerns have boosted the demand for sustainable and renewable bio-fuels and bio-chemicals in the region. Stringent regulations regarding carbon emissions are further propelling the Middle East bio-chemicals market. The governments are supporting the production of advanced bio-fuels from waste and non-food based feedstocks through incentives and investments in R&D which is expected to drive the market growth over the forecast period.
Segment Analysis
The Middle East bio-chemicals market is dominated by the agricultural bio-chemicals segment which holds over 35% of the market share. This is due to the growing demand for organic agricultural inputs from farmers and the rising trend of sustainable agriculture practices in the region.
Key Takeaways
The Middle East bio-chemicals market is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period, due to increasing demand for sustainable chemicals from various end-use industries such as agriculture, pharmaceuticals, food and beverages.
Regional Analysis
The GCC region dominates the Middle East bio-chemicals market with over 45% share due to large scale manufacturing and production facilities set up by leading international players in countries such as Saudi Arabia and UAE. Countries like Saudi Arabia and UAE are expected to be the fastest growing markets on account of supportive government policies promoting sustainable products.
Key players
Key players operating in the Middle East bio-chemicals market are BASF SE, Clariant A.G., Evonik Industries A.G., Total S.A., Cargill Inc., Biolive, Saudi Biodiesel, Saudi Bio-Acid Company, Sain Bag, and Neutral Fuels.
