The Soy-based Chemicals and Materials Market is projected to grow at CAGR of 7.03% during the forecast period to reach a market size of US$29.896 billion in 2023

The recent study on the soy-based chemicals and materials market covers in-depth analysis of the market on the basis of derived product type, end-user industry, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. According to the report titled “Soy-based Chemicals and Materials Market”, the market is expected to increase from US$19.887 billion in 2017 to US$ 29.896 billion by 2023, at a CAGR of 7.03% during the projected period. The report has segmented the soy-based chemicals and materials market by derived product type (methyl soyate solvents, oleochemicals and surfactants, painting and coatings, printing inks, thermoset plastics, biodiesel, others), end-user industry (construction, chemicals, personal care, oil and gas, others), and geography (North America, South America, Europe, Middle East and Africa, Asia Pacific). Soy-based chemicals and products are increasingly being utilized in many established commercial products such as bioplastics, biodiesels, cosmetics and etc. owing to the increasing establishment of bio-based sources in the chemicals and materials industry. Increasing need to reduce dependency on petroleum and associated price fluctuation for raw materials, and to replace suspect carcinogens are the major driving factors that are compelling manufacturers to incorporate soy-based chemicals into formulations. Soy-based chemicals are seen as a way to improve production with an uninterrupted, abundant supply of bio-based renewable raw materials. The market is expected to grow at a good rate over the forecast period owing to the growing penetration of soy-based chemicals and materials in industries such as automotive, furniture, clothing and footwear, and etc.

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Paintings, Coatings and Printing Inks will grow at a steady rate during the forecast period.

Painting, coating and printing inks segments of the soy-based chemicals and materials market will grow during the forecast period owing to the rising propensity of manufacturers towards raw materials that are not carcinogenic. The market is expected to grow at a steady rate over the forecast period owing to the availability of soybean oil in abundance and at a low cost.

The chemical industry holds a substantial share in the market.

The Chemical industry’s significant share in the market is due to the production of multiple soy-based chemicals such as polyurethane foam, paints, rubbers, and lubricants. Soybean oil as a raw material can help lower carbon dioxide emission during production. Thus, the demand for these chemicals and materials is expected to grow in this industry owing to the growing environmental concern to reduce carbon dioxide emission.

North America is expected to grow at a good rate in the forecast period.

The North America soy-based chemicals and materials market is expected to grow at a good CAGR in the global market owing to the countries investing in research, promotion and commercialization programs to help expand and develop industrial markets for Soybeans. According to the United Soybean Board, in the last decade industrial, non-diesel use of soybean oil in the U.S increased by more than 50%.

Some of the major players discussed in the reports are Soy Technologies, LLC., Cargill, Incorporated, The Dow Chemical Company, Hexion Specialty Chemicals, Elevance Renewable Sciences, Inc., Urethane Soy Systems Co., and Archer Daniels Midland Company.

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