The soy-based chemicals market is set to thrive at a CAGR of 7.4% between 2022 and 2032. The market holds a revenue of US$ 26.15 Billion in 2022 while it is anticipated to reach a value of US$ 53.40 Billion by 2032.
Soy-based Chemicals Market Size (2022E)
US$ 26.15 Bn
Soy-based Chemicals Projected Size (2032F)
US$ 53.40 Bn
Value CAGR (2022-2032)
7.4%
The vegan movement along with the higher benefits associated with soy-based chemicals are fueling the demand for soy-based chemicals. The application of soybean protein offers a sustainable alternative to conventional fossil fuel-based plastics.
The world looks at the alternative fuel that helps systems reach their sustainable goals as the earth gets more polluted every day. This increases the popularity of soy chemicals as it’s one of the major alternatives to petroleum fuels while also being more affordable.
The government research and development programs around these fuel alternatives along with their application in major projects shape the market dynamics. These chemicals work as renewable energy sources, minimizing the dependence on crude oil.
The climate change conferences that put caps on fossil-fuel energy consumption have made nations to look for an alternative option for their energy consumption. Even the next COP 27 is going to be around the world’s collective climate goals.
The chemicals derived from soy-oil have wide applications such as in production of biodiesel, bio-degradable plastics, soaps etc. These Soy-based chemicals find application across diverse industries including cosmetics, paper, food & beverages, plastic &polymer etc.
The vendors focus on producing soy-based chemicals and sustainable plastics that help in designing and demonstrating renewable, biodegradable products. This propels the demand for soy-based chemicals in various markets. The advantages of soy-based adhesives that are a part of the soy/phenol-resorcinol-formaldehyde (PRF) system for use in oriented strand board (OSB) along with soy meal/flour formaldehyde-free adhesive to replace urea formaldehyde (UF) adhesives.
The extensive consumption of fossil fuels result in increasing carbon dioxide emissions. As a result of this, there is need to harness the potential of bio-based products. Therefore, the use of bio-based chemicals is expected to grow during the forecast period.
The chemicals derived from soybean are a reliable alternative to traditional petroleum and crude derived chemicals and ensure sustainability and reduced carbon footprints. Traditionally, soy chemicals have been used in a variety of applications across a diverse set of industries.
The most common soybean derivatives are soy-milk and soy-oil. Soy-milk and soybeans are widely used in food industries owing to their high nutrient content. Soy-oil is used as a vegetable oil as well as to derive the chemicals such as polyols, isoflavones and waxes among the others.
The chemicals derived from soy-oil have wide applications such as in production of biodiesel, bio-degradable plastics, soaps etc. These Soy-based chemicals find application across diverse industries including cosmetics, paper, food & beverages, plastic &polymer etc.
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The Soy-based Chemicals: Materials and Chemicals
The renewable, biodegradable soy protein-based plastic is grown domestically. New construction styles involve soy plastics developed through soy-based chemicals that offer more durability and sustainability to the project. The cheaper prices of soy chemicals and plastics push vendors to experiment with the materials and chemicals while implementing the soy-based chemicals. The potential applications of soy-based chemicals comprise materials and chemicals involving containers, golf tees, food service utensils, trays, outdoor sporting articles, tampon applicators etc.
In some cases, such as soy protein-based wood adhesives, weak bonding strength involves the integration of poor water and mildew resistance. Additionally, the manufacturing units use soy-based chemicals for increasing sustainability. Sustainable biomass resources integrate with a soy-based chemical. The governments providing subsidies to soy-based chemical vendors to increase sustainability levels is helping vendors experiment and produce more promising products.
Global Soy-Based Chemicals Market: Drivers and Restraints
The increasing awareness as regards the benefits involved in use of bio-based products and environmental regulations are major factors that are expected to drive the growth of global Soy-Based Chemicals Market during the forecast period.
The increasing demand for biodegradable plastics derived from soy-based chemical is slated to drive the growth of global Soy-Based Chemicals market during the forecast period. Relatively better performance of soy-based chemicals over some of the traditional chemicals is expected to drive the growth of global market for soy-based chemicals over the forecast period.
The increasing demand for soybean from traditional applications such as in food industry is expected to affect the supply of the same for production of chemicals, thus acting as an impediment to the growth of soy-based chemicals market during the forecast period
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Global Soy-Based Chemicals Market: Regional Outlook
On the basis of region, the global Soy-Based ChemicalsMarket is segmented into seven key regions namely North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, Asia-Pacific (excluding Japan) and Japan.
North America region has a strong presence in global Soy-Based Chemicals market followed by Asia Pacific and Latin America. Asia-Pacific region and Latin-America have long term growth potential and are expected to witness robust growth in their share in global Soy-Based ChemicalsMarket during the forecast period.
Global Soy-Based Chemicals Market: Key players
The increasing demand for eco-friendly products is expected to drive investments in production of Soy-Based Chemicals across the globe. The key players operating in the global Soy-Based Chemicals market are as follows:
The Dow Chemical Company
Cara Plastics Inc.
Ag Environmental Products LLC
Archer Daniels Midland Co.
Cargill Inc.
Elevance Renewable Sciences Inc.
Renewable Lubricants Inc.
Soy Technologies LLC
BioBased Technologies LLC
Soyaworld Inc.
Vertec BioSolvents Inc.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, and applications.
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The report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis include
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Global Soy-Based Chemicals Market: Segmentation
The global Soy-Based Chemicals Market is segmented on the basis of End user industry, types and region.
On the basis of type, the global Soy-based chemicals market is segmented as below:
Soy-oil
Fatty acids
Polyols
Soy-waxes
Methyl-soyate
Isoflavones
Others
On the basis of End user industry, the global Soy-Based Chemicals Market is segmented as follows:
