Global Soy-Based Chemicals Industry Outlook: Growing Alertness Regarding the Advantages of Bio-Based Products to Drive the Market Growth
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High demand for bio-degradable plastics from soy-based materials to fuel the global market
The global soy-based chemicals market trend comprises growing alertness regarding the advantages of bio-based products, stringent ecological rules, and high demand for bio-degradable plastics from soy-based materials. However, deficit of raw material essential for this product might limit the soy-based chemicals market growth. Furthermore, mounting demand for usage of soy-based chemicals in food & beverage industry would offer an opportunity for players of market.
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
In 2016, soy-oil in the type dominated the global soy-based chemicals market with maximum market share and expected to continue its dominance over the forecast period, 2016– 2024. The growth of this segment is driven by high usage of soy-oil in food & beverages industry.
Biodiesel accounted for the largest share in the application segment in 2016
In the application segment, biodiesel held the major market shares in 2016. It is a renewable fuel and has increasing use in many end-use industries such as transportation, industrial, agricultural, and commercial, which is the driving factor for the growth of this segment.
North America was the highest revenue generating region in 2016
North America was leading region with major market share of 34.6% in 2016 and anticipated to continue its dominance over the forecast period, 2016– 2024, due to huge demand for bio-based chemicals & products as well as advanced agriculture industry in this region.
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Key players are offering innovative products and services to increase their soy-based chemicals market share. Major players of the market are VertecBioSolvents Inc., The Dow Chemical Company, BioBased Technologies LLC,Archer Daniels Midland Company,Elevance Renewable Sciences Inc., Soy Technologies LLC, Cara Plastics Inc., Cargill Inc., Soyaworld Inc., and Bunge Ltd, among others.
Scope of the Global Soy-Based Chemicals Market
• Fatty Acids
• Methyl Soyate
• Other Types
• Food and Beverage
• Plastic and Polymers
• Paper and Pulp
• Other Applications
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o South America
o Middle East
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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