In 2015, the global market for soy-based chemicals was valued at $11,688.7 million, and it is projected to demonstrate a CAGR of 7.5% during the forecast period. Increasing environmental concerns, and shift in consumer preferences towards environment-friendly, industrial ecology, and increasing demand for green chemicals are some of the major factors driving the growth of the soy-based chemicals market globally. With the growth of bio-plastics, bio-lubricant and bio-solvents, the demand for soy-based chemicals globally is expected to increase in the demand for soy-based chemicals.
Products made up of soy-based chemicals emit less carbon dioxide and consume less energy. Although they are more expensive than conventional products, it has lesser need for replacements due to their long lifespan. Bio solvents have an advantage that over a large number of other solvents, since it does not release volatile organic compounds (VOC’s), which are hazardous to human health. The usage of bio-solvents in chemical synthesis has increased with the substitution of organic and halogenated solvents. This has led to the manufacturing of common solvents from biological feedstock which include soybean, rice and sugar, which allows production at lesser costs and higher purity.
Lately, bio refineries have started using a combination of several integrated plants in order to address the processes of different renewable raw materials for transformation into various products. This can allow further conversion of products to chemicals or by-products which are added to fuel in petrochemical industries.
By product type, the global market for soy-based chemicals is categorized into fatty acids, soy-oil, soy-wax, isoflavones, polyols, methyl soyate and others. Soy-oil segment dominated the soy-based chemicals market with the largest market share in 2015.
By application, the global market for soy-based oil has been categorized into biodiesel, food and beverages, paper and pulp, cosmetics, plastic and polymers, and others. Biodiesel segment dominated the global market for soy-based chemicals with the largest market share in 2015.
Geographically, North America dominated the soy-based chemicals market with the largest market share of 34.5% in terms of value in 2015. Asia Pacific is expected to witness a fast growth in the coming years owing to the increasing investments in the renewable chemical sector of countries such as South Korea, Singapore and China. Additionally, the market for soy-based chemicals in Western and Eastern Europe, and Middle East and Africa is expected to witness a steady growth during the forecast period.
Some of the leading players in the global soy-based chemicals market include VertecBioSolvents Inc., Soyaworld Inc., Cara Plastics Inc., Soy Technologies LLC, The Dow Chemical Company, Elevance Renewable Sciences Inc., Archer Daniels Midland Co., Bunge Limited, BioBased Technologies LLC, and Cargill Inc.
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 Intelligence 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.
GLOBAL SOY-BASED CHEMICALS MARKET SEGMENTATION