NEW YORK, April 22, 2019 (GLOBE NEWSWIRE) -- The global soy based chemicals market is likely to expand from USD 19.5 billion to USD 34.1 billion by 2024, witnessing a CAGR of 8.1% over the forecast period. The growth can be primarily attributed to growing use of soy based chemicals across a diverse range of applications. Soy based chemicals are increasingly being used as an environmental friendly alternative for conventional petroleum based chemicals, which is further driving its market growth. Also, increasing investments in research & development activities is expected to propel the market demand over the forecast period.
Various environmental concerns have fostered the demand for bio-based products among the consumers. Bio-based chemicals are becoming cost competitive and represent an upcoming opportunity for replacement of petrochemicals with renewable resources. Thus, with key companies shifting their demand towards bio-based chemicals, soy chemical ingredients have penetrated into diverse end-use industries.
Key findings from the report:
- The global soy based chemicals market is likely to reach USD 34.1 billion by 2024
- Soy oil segment held the major share of the market in 2017, and is likely to witness a healthy CAGR during 2018 to 2024
- Biodiesel segment accounted for the major share of the market in 2017, and the trend is likely to continue over the next seven years
- North America dominated the global market in 2017. However, Asia-Pacific is expected to grow at the fastest CAGR over the forecast period
- Some of the key companies operating in the industry include DowDuPont Inc.; Cargill Inc..; Cara Plastics Inc.; Bunge Ltd.; BioBased Technologies LLC; ADM Co.; Griffin Industries Inc.; Chemtura Corp; Soy Technologies LLC; Elevance Renewable Sciences Inc.; Soyaworld Inc.; Vertec BioSolvents Inc.; among others
- As of October 2017, ADM entered into an agreement with Dow AgroSciences that features a comprehensive closed-loop system, designed to provide farmers the access to Enlist E3 soybeans. The farmers can thereafter deliver the soybeans as well as their resulting products to consumers for use within North America.
Soy-wax and isoflavones are expected to offer growth opportunities over the coming years
The soy-oil segment held the major share of the market in 2017 and is expected to continue its dominance over the forecast period. Soy-oil is used as a vegetable oil as well as to derive chemicals, such as polyols, isoflavones and waxes among others. The chemicals derived from soy-oil have wide applications such as in production of biodiesel, bio-degradable plastics and soaps. However, soy-wax is likely to augment at the fastest CAGR over the forecast period.
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Soy based chemicals market - Regional insight
North America dominated the global market for soy based chemicals in 2017, and is projected to maintain its dominance over the next seven years. The aforementioned growth can be primarily attributed to the increasing demand for energy security, stringent environmental regulations as well as high investment for the development of biodiesel. However, Asia-Pacific is expected to emerge as the fastest growing region owing to the expanding end-use industries in the key markets of China and India.
The report segments soy based chemicals market on the basis of type, end-use, and region.
By Type
- Soy-oil
- Soy-wax
- Fatty acids
- Polyols
- Isoflavones
- Methyl soyate
- Others
By End-Use
- Plastic & polymers
- Food & beverages
- Cosmetics
- Biodiesel
- Paper & pulp
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Central & South America (CSA)
- Middle East & Africa (MEA)
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