Soy-Based Chemicals And Materials Market Size, Share, COVID-19 Impact, Opportunities And Trends 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), And By Geography - Forecasts From 2019 To 2024

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 a 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 of 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, a 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.

Soy-Based Chemicals And Materials Market Scope:

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

Frequently Asked Questions (FAQs)

Q1. What is the size of the global soy-based chemicals and materials market?
A1. The soy-based chemicals and materials market was valued at US$21.770 billion in 2018. 

Q2. Who are the major players in the soy-based chemicals and materials market?
A2. The major players profiled in the soy-based chemicals and materials market include Soy Technologies, LLC., Cargill, Incorporated, The Dow Chemical Company, and Hexion Specialty Chemicals, among others. 

Q3. What are the growth prospects for the soy-based chemicals and materials market?
A3. Soy-Based Chemicals and Materials Market is projected to grow at a CAGR of 7.15% during the forecast period. 

Q4. Which region holds the largest market share in the soy-based chemicals and materials market?
A4. Geographically, North America holds a significant share of the market owing to the increasing consumption of soy-based chemicals and materials in the region. 

Q5. What factors are anticipated to drive the soy-based chemicals and materials market growth?
A5. Advancing technology, growing environmental concern, and a steady shift from petrochemicals to biobased sources are the major factors that are driving the soy-based chemicals and materials market growth.