Increasing Awareness About the Benefits of Bio-Based Products Drives Global Soy-Based Chemicals Market

According to the latest report published by Variant Market Research, the global soy-based chemicals market size is projected to reach $22.8 Billion by 2024 from $12.4 Billion in 2016. In this report, soy-based chemicals market forecast says that the global market is growing at 7.9% CAGR from 2016 to 2024.

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Rising demand for bio-degradable plastics from soy-based materials to drive the global market

The global soy-based chemicals market trend includes increasing awareness about the benefits of bio-based products along with strict ecological regulations, and rising demand for bio-degradable plastics from soy-based materials. Though, lack of raw material required for this product may hinder the soy-based chemicals market growth. Moreover, ongoing R&D for better product quality, and increasing demand for usage of soy-based chemicals in food & beverage industry would provide an opportunity for players of market.

Market Segmentations

The global soy-based chemicals market is classified into type, application, and geography. Type segment includes soy-oil, polyols, fatty acids, soy wax, isoflavones, methyl soyate, and other types. Further, the market is classified on basis of application into food & beverages, plastic & polymers, biodiesel, paper & pulp, cosmetic, and other applications. North America (U.S., Mexico, and Canada), Europe (France, Italy, Germany, UK, and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in this market.

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Soy-oil, by type dominated the global market in 2016

Soy-oil held for the highest market share in 2016 and expected to continue its dominance over the forecast period, 2016– 2024, owing to excessive usage of soy-oil in food & beverage industry.

Biodiesel, by application dominated the global market in 2016

Biodiesel held for the highest market share in 2016 and expected to continue its dominance over the forecast period, 2016– 2024. It is a renewable fuel and is growing in various end-use industries such as transportation, industrial, agricultural, and commercial, which is the driving factor for the growth of segment.

North America dominated the global market in 2016

North America held for the highest market share in 2016 and expected to continue its dominance over the forecast period, 2016– 2024. Higher demand for bio-based chemicals & products, and an advanced agriculture industry in the region is the driving factor for the growth of the market in North America.

Competitive Landscape

Key players are offering innovative products and services to increase their soy-based chemicals market share. Major players of the market are Soyaworld Inc., The Dow Chemical Company, BioBased Technologies LLC,Archer Daniels Midland Company,Elevance Renewable Sciences Inc., Soy Technologies LLC, Cara Plastics Inc.,VertecBioSolvents Inc., Bunge Ltd., and Cargill Inc., among others.

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About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

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