Middle East And Africa Renewable Methanol Market 2022-2028
MARKET OUTLOOK
Triton Market Research’s report infers that the Middle East and Africa’s renewable methanol market is anticipated to advance in terms of revenue and volume at a compound annual growth rate of 4.72% and 2.92% during the forecast years 2022-2028. The United Arab Emirates, South Africa, Kuwait, Saudi Arabia, and Rest of Middle East & Africa shape the market in the region.
In Saudi Arabia, efforts to reduce crude oil consumption have tripled the renewable energy target. As per estimates, biofuel production is anticipated to surge significantly over the forecast years. The country produces the majority of MTBE than any other nation in the region. Furthermore, there is a high demand for energy, and with the over-dependence on oil, the demand for renewable resources has increased. As per IRENA, the total demand for liquid biofuels for the transport sector is expected to soar by 2030. Thus, these factors drive the renewable methanol market.
In South Africa, there is high availability of natural resources. The high rate of unemployment and cultivation of biofuel feedstocks thus offers various opportunities for economic growth. The biofuels adoption of demand is anticipated to grow significantly, owing to the rise in fuel costs, energy security concerns, and rapid energy demand. All these factors are expected to generate opportunities for the renewable methanol market.
COMPETITIVE OUTLOOK
The prominent companies in the renewable methanol market consist of BASF SE, Innogy, Sodra, Southern Chemical Corporation, and Atlantic Methanol.
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