The soy-based chemicals and materials market was valued at US$21.770 billion in 2018 and is projected to grow at a CAGR of 7.15% during the period 2018-2024. 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 biobased sources in the chemicals and materials industry. Advancing technology, growing environmental concern and steady shift from petrochemicals to biobased sources are the major factors that are driving the soy-based chemicals and materials market growth.
Geographically, North America holds a significant share in the market owing to the increasing consumption of soy-based chemicals and materials in the region. 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%.
Drivers
- Burgeoning penetration of soy-based materials in different industries
- Rising investments in Green buildings.
Restraints
- Heavy dependency of emerging economies on petroleum-based chemicals
Industry Update
- In December 2018, The Atlantic Soy Corporation planned to double its soy production in its P.E.I plant after the federal government announced a $ 3.7 million investment into the Eastern Canada Oilseeds Development Alliance (ECODA).
- In December 2017, Cofco, Chinese state-owned agri-trader, invested in the soybean producing state in Brazil so as to increase soy exports.
The major players profiled in the Soy-based chemicals and materials market include Soy Technologies, LLC., Cargill, Incorporated, The Dow Chemical Company, Hexion Specialty Chemicals, Elevance Renewable Sciences, Inc., Urethane Soy Systems Co., Archer Daniels Midland Company, Dixie Chemical Company, Inc., LANXESS, Vantage Specialty Ingredients, Inc., and OMNOVA Solutions Inc.
Segmentation
The soy-based chemicals and materials market has been analyzed through the following segments:
By Derived Product Type
- Methyl Soyate Solvents
- Oleochemicals and Surfactants
- Paintings and Coatings
- Printing Inks
- Biodiesel
- Others
By End-User Industry
- Construction
- Chemicals
- Personal Care
- Oil and Gas
- Automotive
- Others
By Geography
North America
- USA
- Canada
- Mexico
South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Others
Middle East and Africa
- Saudi Arabia
- Israel
- Others
Asia Pacific
- China
- Japan
- Australia
- India
- Others
Table of Contents
Companies Mentioned
- Soy Technologies, LLC.
- Cargill, Incorporated,
- The Dow Chemical Company
- Hexion Specialty Chemicals
- Elevance Renewable Sciences, Inc.
- Urethane Soy Systems Co.
- Archer Daniels Midland Company
- Dixie Chemical Company, Inc.,
- LANXESS
- Vantage Specialty Ingredients, Inc.
- OMNOVA Solutions Inc.
Methodology
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