MEA Renewable Chemicals Market: Regional Industry Analysis and Forecast (2023-2029)
MEA Renewable Chemicals Market was valued at USD 8.69 Billion in 2022. MEA Renewable Chemicals Market size is estimated to grow at a CAGR of 9.9% over the forecast period.
Format : PDF | Report ID : SMR_1306
MEA Renewable Chemicals Market Definition:
Chemicals derived from renewable sources, including agricultural waste, agricultural feedstock, biomass, microorganisms, and organic waste products, are known as renewable chemicals or bio-based chemicals. They have a decreased carbon impression than conventional Petro-based compounds and are oftentimes utilized as a substitution. A few regularly found renewable chemicals substances incorporate polymeric hemicellulose, lignin, starch, cellulose, protein, oils, plant extractives, and amino acids. The adoption of the renewable sorts of chemicals compounds and polymers in many end-client ventures has become quickly because of rising ozone harming substance outflows and the exhaustion of fossil assets. In addition, the rising special exercises from the public authority for eco-friendly and bio-based products will also help the market develop sustainably throughout the forecast period.
Further, the North America Renewable Chemicals market is segmented by Type, Application, Feed Stock, and geography. On the basis of Type, the North America Renewable Chemicals market is segmented under Alcohol, Biopolymers, Organic Acids, Ketones, and Others. Based on the Application, the North America Renewable Chemicals market is segmented under the channels of Petrochemicals, Pharmaceuticals, Packaging Products, Automotive, and Others. Based on the Feedstock, the North America Renewable Chemicals market is segmented under the channels of Corn, Sugarcane, Biomass, Algae and Other. By geography, the market covers the major countries in Middle East and Africa i.e., South Africa, Nigeria, Saudi Arabia, UAE, Kuwait, Egypt and Rest of Middle East and Africa for each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).
MEA Renewable Chemicals Market Dynamics:
Renewable chemicals are used across various industries such as power generation, transportation, and for chemicals requirements in residential and commercials buildings. Be that as it may, far and wide arrangement of such low carbon advancements is as yet restricted in the locale. The adoption of renewable chemicals power as-a-administration model gives a practical arrangement in such a situation. Renewable Chemicals power as-a-administration model not just gives normal chemicals administrations to the customer yet in addition all the while saves the purchasers from capital requirements, for example, high forthright innovation and upkeep costs. What's more, changing customer requests couple with the slow change in the power worldview into a renewable chemicals based decentralized and digitalized framework has likewise prompted the improvement of new chemicals arrangements and administrations. As per the measurements by the International Renewable Energy Agency (IRENA), the all-out introduced renewable chemicals limit during the period 2017-2018 in the GCC countries was 867MW.
The increased use of renewable chemicals sources because of developing modern demand pair with diminishing expense of innovation has brought about an expanded reception of these assets in the area. In the new year’s, renewable chemicals power assets have become key resources for nations in the Middle East and Africa region. Several countries in the region are abundant in resources such as solar, wind, geothermal, hydro, and biomass. What's more, these nations are additionally cantered around the expanded renewable chemicals ventures, which thus, is pointed toward diminishing in general energy cost alongside giving improved energy security to the shoppers. Besides, expanding adoption of renewable chemicals targets, combined with the growing awareness pertaining to the potential benefits associated with the utilization of renewable energy resources is also anticipated to strengthen the market growth during the forecast period.
MEA Renewable Chemicals Market Segment Analysis:
By Type, the alcohol segment is anticipated to hold the highest market share in the global market for renewable chemicals. Non-renewable resources have become more testing to find and the fluctuating crude oil costs have expanded the interest for bio-alcohols, for instance, bioethanol, biobutanol, and bio methanol. The rising requirement for vehicles in view of person's augmentation has kept up with premium for biofuels in emerging nations and the bio-alcohol market potential. Besides, unending alcohol is ordinarily agreeable and limits non-harmless to the ecosystem power source delayed consequences appeared differently as per standard powers. Consequently, such factors will advance the section development during the forecast time period.
By Application, the chemical segment held the highest share of the global market in 2020. The fast improvement of the manufactured amasses business, in China and India, taking into account creating revenue for build substances from various end-use encounters like medication, food and rewards, and developing has filled the part progression.
The packaging business should enlist the speediest advancement rate during the gauge time span. Biopolymers, similar to polysaccharides, lipids, polyesters, and proteins, are overall taken on in packaging. The interest is credited to their better optical and mechanical properties. This outcomes in expanded thing interest in this part. The quickly developing medical services industry and popularity for natural acid, formic acid, and acetic acid in the pharmaceutical industry will propel the segment growth.
MEA Renewable Chemicals Market Regional Insights:
The Egypt region held the largest market share accounting for 10% in 2021. Geographically, the Middle East & Africa renewable chemical-as-a-service market is segmented into Israel, GCC, Egypt, Kenya, Ethiopia, Democratic Republic of Congo, Morocco, Nigeria, South Africa, and Rest of MEA. Among these nations, the market in GCC is expected to hold the largest market share of 50.27% and is additionally projected to arrive at USD 15 billion toward the finish of 2027. The adoption of renewable chemicals has seen a huge expansion in the GCC nations over the course of the past ten years. Mechanical advancements couple with the district's supportable chemicals targets are among the key elements, which have brought about the expanded adoption of sustainable wellsprings of chemicals in the locale. The locale has seen a critical development in the use of renewables, which thusly, is supposed to reinforce the district's power supply in the impending years. What's more, developing concentration towards expanded adoption of sustainable types of chemicals combined with the rising demand for renewable chemical in the region is likewise projected to significantly work on the usage of renewable chemicals power as-a-administration model in the impending years. Among the nations in GCC, the market in Saudi Arabia is expected to develop with the most noteworthy CAGR of 12.32% during the forecast time period.
MEA Renewable Chemicals Market Key Players Insights:
The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.
The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.
The objective of the report is to present a comprehensive analysis of the regional MEA market to the stakeholders in the industry. The report provides trends that are most dominant in the regional MEA market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the regional MEA Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.
The qualitative and quantitative data provided in the regional MEA market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the regional MEA market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the regional MEA market.
The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the regional MEA market. The report also analyses if the regional MEA market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.
The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the regional MEA market. Economic variables aid in the analysis of economic performance drivers that have an impact on the regional MEA market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the regional MEA market is aided by legal factors.
MEA Renewable Chemicals Market Scope:
MEA Renewable Chemicals Market Scope
Market Size in 2022
USD 8.69 Bn.
Market Size in 2029
USD 16.83 Bn.
North America- United States, Canada, and Mexico
Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe
Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC
Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa
South America – Brazil, Argentina, Rest of South America
MEA Renewable Chemicals Market Key Players:
- Trucent (U.S.)
- BRASKEM (Brazil)
- Archer-Daniels-Midland Company (ADM) (U.S.)
- Amyris Inc. (U.S.)
- BASF SE (Germany)
- Bioamber Inc (Canada)
- Biomethanol Chemie Nederland B.V (Netherlands)
- Cargill Inc (U.S.)
- DSM, E. I (Netherlands)
- Mitsubishi Chemical Corporation (Japan)
Frequently Asked Questions
The segments covered in the MEA Renewable Chemicals Market report are based on Type, Application, and Feedstock.
Saudi Arabia region is expected to hold the highest share in the MEA Renewable Chemicals Market.
The market size of the MEA Renewable Chemicals Market by 2029 is expected to reach USD$ 16.83 Billion.
The forecast period for the MEA Renewable Chemicals Market is 2022-2029.
The market size of the MEA Renewable Chemicals Market in 2022 was valued at US$ 8.69 Billion.
- Scope of the Report
- Research Methodology
- Research Process
- MEA Renewable Chemicals Market: Target Audience
- MEA Renewable Chemicals Market: Primary Research (As per Client Requirement)
- MEA Renewable Chemicals Market: Secondary Research
- Executive Summary
- Competitive Landscape
- Stellar Competition matrix
- Middle East & Africa Stellar Competition Matrix
- Key Players Benchmarking: - by Product, Pricing, Investments, Expansion Plans, Physical Presence, and Presence in the Market.
- Mergers and Acquisitions in Industry: - M&A by Region, Value, and Strategic Intent
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Challenges
- PESTLE Analysis
- PORTERS Five Force Analysis
- Value Chain Analysis
- Stellar Competition matrix
- MEA Renewable Chemicals Market Segmentation
- MEA Renewable Chemicals Market, by Type (2022-2029)
- Organic Acids
- MEA Renewable Chemicals Market, by Application (2022-2029)
- Packaging Products
- MEA Renewable Chemicals Market, by Feedstock (2022-2029)
- MEA Renewable Chemicals Market, by Country (2022-2029)
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
- MEA Renewable Chemicals Market, by Type (2022-2029)
- Company Profiles
- Key Players
- Company Overview
- Product Portfolio
- Financial Overview
- Business Strategy
- Key Developments
- Archer-Daniels-Midland Company
- Amyris Inc.
- BASF SE
- Bioamber Inc
- Biomethanol Chemie Nederland B.V
- Cargill Inc
- DSM, E. I
- Mitsubishi Chemical Corporation
- Key Players
- Key Findings