Global Soy-based Chemicals Market Trends, Applications, Analysis, Growth, and Forecast to 2028
Global Soy-based Chemicals Market: Overview
“The global Soy-based Chemicals Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Soy-based chemicals are obtained from soybean and acts as an alternative to crude and petroleum derived chemicals. Soy-based chemicals are used in various applications such as production of biodiesel, soaps, plastics, lubricants, paper, and other products.
Soy-based chemicals significantly reduce greenhouse gas emissions and lowers the impact of fossil fuel depletion as compared to petroleum-based products.
Global Soy-based Chemicals Market: Dynamics
Bio-based materials improve total cost calculations leading to sustainable economic growth, by providing energy-efficient and eco-friendly products and by-products which in turn increase demand for soy-based chemicals.
Rising environmental concerns, coupled with increasing demand for bio-diesel and bio-based products, are some of the major factors expected to drive growth of the global soy-based chemicals market. In addition, increasing adoption of bio-plastics and bio-polymers for various applications along with growing demand for green infrastructure in developed and developing countries, are some other factors expected to propel growth of the soy-based chemicals market over the forecast period.
Moreover, stringent regulations on harmful GHG emissions, shifting preference of players from conventional fuels to bio-fuels obtained by renewable sources, are among some other factors anticipated to fuel growth of the target market to a certain extent. Moreover, increasing initiatives and investments for technological advancements, and rising demand for soy-based chemicals in emerging economies are among some other factors anticipated to create opportunities for the players operating in the target market.
Global Soy-based Chemicals Market: Segment Analysis
Among the product type segments, the polyols segment is expected to account major revenue share in the global market, owing to increasing demand for bio-based and eco-friendly products.
Among the application segments, the bio-diesel segment is expected to register major revenue share in the target market, and projected to register fastest growth over the forecast period. This can be attributed to increasing environmental concerns and government initiatives for green & clean environment.
Global Soy-based Chemicals Market: Regional Analysis
The soy-based chemicals market in Asia Pacific is estimated to hold major revenue share and expected to dominate the global market. Growing demand for personal care and cosmetics is a major factor expected to fuel growth of the Asia Pacific soy-based chemicals market. Moreover, rapid industrialization, urbanization, coupled with increasing R&D activities and investments in various industries are some factors projected to create lucrative revenue opportunities in the target market.
Furthermore, the market in North America is expected to grow at a moderate rate, owing to rising demand for soy-based chemicals in coatings, adhesives, plywood, and others, along with government regulations pertaining to greenhouse gas emissions. Whereas, the market in Europe is anticipated to grow at a moderate growth rate, owing to increasing inclination of players towards bio-based chemicals for application in various industries.
Global Soy-based Chemicals Market Segmentation:
Segmentation by Product Type:
- Fatty acids
- Others (Lecithin and Epoxidized Products)
Segmentation by Application:
- Food & Beverages
- Plastics & Polymer
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- DowDuPont, Inc.
- AG Environmental Products LLC
- Archer Daniels Midland Co.
- Cargill Inc.
- Elevance Renewable Sciences Inc.
- Renewable Lubricants Inc.
- BioBased Technologies LLC
- Soya International Ltd.
- Vertec BioSolvents Inc.
- Bunge ltd
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