MIDDLE EAST BIO-CHEMICALS MARKET ANALYSIS

Regional Analysis

• Middle East: Saudi Arabia, Qatar, UAE, Egypt, Kuwait, Rest of Middle East

Figure 2. Middle East Bio-chemicals Market, By Country

Middle East Bio-chemicals Market - Country Insights

Saudi Arabia accounted for the largest market share of 40% in 2018, and is expected to retain its dominance throughout the forecast period. In Saudi Arabia, non-biodegradable plastic packaging products were banned in 2017, and according to the new government regulations, plastics needs to be Oxo-biodegradable. According to regulations of the Saudi organizations such as Saudi Standards, and Metrology and Quality Organization (SASO), plastic products must be manufactured from approved Oxo-biodegradable material. This regulation is applicable for production and import of plastic packaging in Saudi Arabia. Such government policies and regulations are expected to boost demand for Bio-chemicals and materials in the packaging industry in the region.

Gulf Cooperation Council (GCC)comprises of six countries including Saudi Arabia, the United Arab Emirates (UAE), Qatar, Bahrain, Oman, and Kuwait. The GCC countries have a strong presence in the Bio-chemicals market, due to abundance of natural resources particularly oil and gas in these countries. These countries investing the development of bio-chemicals, as part of their efforts to diversify their economies and reduce dependence on fossil fuels.