Global Soy-Based Chemicals Market: Propelled by rising demand for bio-degradable plastics

SAN FRANCISCO, Dec. 13, 2017 According to the latest report published by Variant Market Research, Global soy-based chemicals and materials market size is estimated to reach $22.8 Billion by 2024 from $12.4 Billion in 2016; growing at a CAGR of 7.9% from 2016 to 2024.
The global soy-based chemicals and materials market is primarily driven by increasing awareness about the advantages of bio-based products
Growing awareness about the advantages of bio-based products together with strict ecological regulations is the major factor driving the growth of global soy-based chemicals market. Similarly, rising demand for biodegradable plastics originated from soy based materials have also supported the market growth. Though, lack of raw material required for this product is the major restraint for the growth of the market. Additionally, increasing demand for usage of soy-based chemicals in food and beverage domain is likely to disclose the new avenues for the market in the forecast period.
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Market Segmentation
Type, application, and geography are the major segments considered in the global soy-based chemicals and materials market. Segmentation by type includes soy wax, soy-oil, methyl soyate, polyols, isoflavones, fatty acids, and other types. Food & beverages, biodiesel, plastic & polymers, cosmetic, paper & pulp, and other applications are covered under application segment. Furthermore based on geography North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the major classification of global soy-based chemicals market. North America is further split into U.S., Mexico, and Canada whereas Europe segment includes Germany, France, Italy, UK, and Rest of Europe. Asia-Pacific is bifurcated into Japan, China, South Korea, India, Australia, and Rest of Asia-Pacific, while RoW is bifurcated into Middle East, South America, and Africa.
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Soy-oil held for the major market share in the type segment
Soy-oil dominated the highest market share in 2016, in the type segment, and is expected to continue this trend throughout the forecast period i.e. 2016 – 2024.The growth is credited due to excessive usage of soy-oil in food and beverage industry.
Biodiesel lead the highest market share in the application segment
Biodiesel accounted for the major market share in the application segment, in 2016. As it is a renewable fuel, and is mounting in various end use domains such as transportation, agricultural, commercial, and industrial.
North America occupied the leading market share global soy based chemicals market
In 2016, North America generated the largest revenue accounting for 34.6% of the market share, and is likely to continue this trend during the forecast period. Due to higher demand for bio-based chemicals & products. Asia-Pacific is anticipated to grow with fastest CAGR of 8.5%, owing to the presence of intensely agriculture-based economies.
Competitive Landscape
Key players profiled in the report include Elevance Renewable Sciences Inc., The Dow Chemical Company, BioBased Technologies LLC, Cara Plastics Inc., VertecBioSolvents Inc., Soyaworld Inc., Cargill Inc., Soy Technologies LLC, Bunge Ltd., and Archer Daniels Midland Company, among others.
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Scope of the Global Soy-Based Chemicals Market
Type Segments
• Soy-Oil
• Polyols
• Fatty Acids
• Soy-Wax
• Isoflavones
• Methyl Soyate
• Other Types
Application Segments
• Food and Beverage
• Plastic and Polymers
• Biodiesel
• Paper and Pulp
• Cosmetics
• Other Applications
Geographical Segments
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Italy
o Rest of Europe
• Asia-Pacific
o India
o China
o Japan
o South Korea
o Rest of Asia-Pacific
• RoW
o South America
o Middle East
o Africa

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