The global soy based chemicals market was valued at $11,688.7 million in 2015, and it is expected to grow at a CAGR of 7.5% during 2016 - 2022. The major factors driving the growth of the market globally include worldwide concern over environmental consequence and consumer preference towards industrial ecology, eco efficiency and demand for green chemicals. It is expected that the growth of bio-plastics, bio-lubricant and bio-solvent is driven by oil prices fluctuation, high technical substitution potential and superior product quality, such as biodegradability.
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Most of these products consume less energy and emit less carbon dioxide. These materials might be costly than conventional products, but this higher expense may be partly offset by the fact that usage of these kind of products reduces the need for replacements due to their longer lifespan. The advantage in bio-solvents is that the vast majority of these solvents do not emit volatile organic compounds, which are harmful to human health. The use of bio-solvents in chemical synthesis is gradually increasing with the successful replacement of halogenated and organic solvents. This is leading to the production of common solvents from biological feedstock, such as soybean, sugar and rice which allows manufacturing at higher purity and at lower cost. Now-a-days bio-refineries are using a combination of various integrated plants for addressing the processes and fractionation of different renewable raw materials to transform them into various products, which can further be converted to chemicals or by-products which are added to fuel in petrochemical industries.
Based on product type, the global soy-based chemicals market is segmented into soy-oil, polyols, fatty acids, soy-wax, isoflavones, methyl soyate and others. The soy-oil segment accounted for the largest market share among the various products in the global soy-based chemicals market in 2015.
Based on application, the global soy-based oil market has been segmented into food and beverages, plastic and polymers, biodiesel, paper and pulp, cosmetics, and others. The biodiesel segment accounted for the largest market share among the various applications in the global soy-based chemicals market in 2015.
In 2015, North America held the largest share in the global soy-based chemicals market with 34.5% share in terms of value. The developing countries in South America are also expected to make serious progress in the global soy-based chemical market. The Asian countries, such as Korea, Singapore and China are investing heavily in the renewable chemical sector. Other promising markets include Western Europe, Eastern Europe, Middle East and Africa.
The information and data in the publication “Global Soy-Based Chemicals Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. Bottom-up approach has been used to calculate the market size. P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
Some of the major companies operating in the global soy-based chemical market include The Dow Chemical Company, Archer Daniels Midland Co., Soy Technologies LLC, BioBased Technologies LLC, Bunge Ltd., Cargill Inc., VertecBioSolvents Inc., Cara Plastics Inc., Elevance Renewable Sciences Inc., and Soyaworld Inc.
GLOBAL SOY-BASED CHEMICALS MARKET SEGMENTATION
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