Global Soy Based Chemicals Market Report, published by Variant Market Research, forecast that the global market is expected to reach $22.8 Billion by 2024 from $12.4 Billion in 2016; growing at a CAGR of 7.9% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 8.5% and 8.1%, respectively, during the forecast period. Soy based chemicals are replacements to conventional chemicals those derived from crude oil or petroleum. The application of soy based chemicals has become very noteworthy owing to increasing pollution levels. The soy based chemicals market is a module of bio-fuels setup, and this market is projected to show aninstant growth throughout the forecast period.
"Soy-Based ChemicalsMarket (By Type: Soy-Oil, Polyols, Fatty Acids, Soy-Wax, Isoflavones, Methyl Soyate, and Other Types; By Application: Food & Beverage, Plastic & Polymers, Biodiesel, Paper & Pulp, Cosmetic, and Other Applications; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Rising awareness about the benefits of bio-based products fuel the global soy based chemicals market
The growth of global soy based chemicals market is driven by factors such as increasing awareness about the benefits of bio-based products along with strict ecological regulations. In addition, rising demand for bio-degradable plastics from soy based materials is expected to boost the global market. However, lack of raw material required for this product restricts the market growth. Moreover, ongoing R&D for better product quality, and increasing demand for usage of soy based chemicals in food & beverage industry is expected to open up new growth openings for the market in the future years.
The global soy based chemicals market is mainly classified into type, application, and geography. By type, the classification includes soy-oil, polyols, fatty acids, soy wax, isoflavones, methyl soyate, and other types. The application segment is further classified into food & beverages, plastic & polymers, biodiesel, paper & pulp, cosmetic, and other applications. Furthermore, by geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).
Soy-oil accounted for the largest market share in the type segment
Soy-oil held the largest market share in the type segment, accounting for around half of the total market share in 2016, and is expected to continue this trend throughout the forecast period,2016 – 2024.The high growth is attributed due to excessive usage of soy-oil in food & beverage industry.
Biodiesel lead the highest market share in the application segment
GlobalSoy-Based Chemicals Market, by Application
Biodiesel accounted for the major market share in the application segment, in 2016. As it is a renewable fuel, and is growing in various end-use industries such as transportation, industrial, agricultural, and commercial.
North America is the leader in the global soy based chemicals market
GLOBAL SOY BASED CHEMICALS MARKET SHARE BY GEOGRAPHY, 2016 (%)
North America is the largest revenue generating region accounting for 34.6% of the total market share, and is expected to dominate the market in the given forecast period i.e.2016 – 2024, driven by higher demand for bio-based chemicals & products, and an advanced agriculture industry. In terms of growth, Asia-Pacific is likely to achieve the fastest growth with CAGR of 8.5%, driven by the presence of intensely agriculture-based economies, and a high request for this market in the region.
Archer Daniels Midland Company invested in production of Non-GMO high protein soybean meal at its crushing facility in Straubing, this investment will allow the site to serve ADM’s growing portfolio of soybean meal customers, and support local farmers in increasing the region’s soybean output.The prominent players operating in the market include The Dow Chemical Company, BioBased Technologies LLC,Archer Daniels Midland Company,Elevance Renewable Sciences Inc., Soy Technologies LLC, Cara Plastics Inc.,VertecBioSolvents Inc., Cargill Inc., Soyaworld Inc., and Bunge Ltd., among others.