MIDDLE EAST BIO-CHEMICALS MARKET ANALYSIS

Middle East Bio-Chemicals MarketSize and Trends

Middle East Bio-chemicals market was pegged at 1,998.5 Kilo Tons in 2022, and is expected to exhibit a CAGR of 6.57%, in terms of volume, over the forecast period (2023-2030) to reach 3,326.0 Kilo Tons by 2030. Traditional chemicals that are derived from petroleum sources are used more than bio-based chemicals. Bio-chemicals market is expected to witness growth over the forecast period, as a result of increased expenditure by chemical producers in research and development to establish more efficient processes for using bio-resources. Manufacturers are shifting their preference towards bio-chemicals, and thus, there is increasing demand for bio-chemicals. In order to reduce plastic pollution, leading packaging manufacturers are adopting sustainable strategies to offer environment friendly products.

 For instance, in June 2019, Berry Global Group Inc., Berry Global, Inc. produces and markets plastic packaging products. The Company provides agricultural films, drink cups, plates, bottles, bowls, jars, containers, lids, tubes, closures, and trash bags, as well as offers tapes, adhesives, and other packaging products. Berry Global serves customers worldwide. Signed the new Plastic Economy Commitment led by the Ellen MacArthur Foundation to eliminate plastic pollution at its source. The company develops innovative packaging products to enhance recyclability to create more sustainable packaging in the near future. Moreover, in October 2019, © Henkel Adhesives Technologies India Private Limited, manufactured chemically recycled plastic bottles in coordination with Alpha Packaging. This product has been designed as an important step towards circular economy for plastic to reduce plastic pollution. Such activities by key manufacturers in Middle East is expected to drive the market growth throughout the forecast period. Raw materials used for the production of the Bio-chemicals includes corn, sugarcane, sugar beet, wheat, and cassava, among others. Low costs associated with the production of these raw materials, the overall cost for the production of bio-based chemicals is low as compared to conventional non-renewable chemicals. These raw materials can be produced on a large scale without any hindrances.    

Middle East Bio-chemicals Market Report Coverage

Figure 1. Middle East Bio-chemicals Market, By Application, 2022