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CHEMICALS AND ADVANCED MATERIALS

Soy-Based Chemicals Market Segmentation By Product Type [Soy Oil Derivatives (Soy Polyols, Soy Wax, Methyl Soyate and Epoxidized Soybean Oil), Natural Extracts (Soy isoflavones), Vitamin E (Tocopherols and Lecithin), Industrial Refined Soy Oil and Fatty Acid] and By Application (Adhesives, Candles, Cosmetics, Paints & Coatings, Printing Inks, Plasticizers, UV Cure, Fuel Additives, Food & beverages, Animal Feed and Pharmaceuticals) – Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Soy-Based Chemicals Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·  January 2017: Washington State University released a statement announcing that it has developed a soy-based filter that helps to purify the air. Besides, it also captures harmful and toxic chemicals which includes formaldehyde, carbon monoxide, and others which lack in the current air filters.

·  February 2020: Archer Daniels Midland Company announced that it has expanded the production of non-GMO soy protein concentrate to meet the growing demand for plant-based proteins in Europe.  The expansion in the production is planned at the Europoort, Netherlands facility.

Introduction to Soy-Based Chemicals

Soy chemicals are biologically derived chemicals that are an effective alternative to petroleum and other crude oil chemicals. Soybean chemicals are grown mainly in the United States, Mart, Argentina, India, and China. These chemicals are mainly used in products such as soy milk and soybean oil, and are also being used in products such as food and beverages, cosmetics, biofuels and paper making industry. Emergence of soybean-based chemicals as an alternative to petroleum products has massively promoted the growth of the paper industry. High consumption of fossil fuels raises the carbon dioxide emissions. Therefore, soybean-based chemicals are used to avoid such cases, which is anticipated to promote the growth of the global soy-based chemicals market.

Market Size and Forecast

The chemical industry as a whole is witnessing a shift from petroleum-based products to bio-based products in response to events such as global warming. According to the statistics by the National Centers for Environmental Information (National Oceanic and Atmospheric Administration or NOAA), global land and ocean temperature anomalies increased from 0.73°C in the year 2010 to 0.95°C in the year 2019. CLICK TO DOWNLOAD SAMPLE REPORT

Soy-Based-Chemicals-Market

The soybean-based chemical market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by product type and by application. In the product type, it is further segmented into soy oil derivatives, natural extracts, vitamin e, industrial refined soy oil, and fatty acid out of these, soymilk and soybean oil segments are anticipated to experience the highest growth owing to the fact that they are widely used in foods and beverages backed by the presence of high nutrient content. By application, plasticizers and fuel additives segments are expected to be at an elevated state owing to the increasing awareness among consumers about the negative consequences of over-consumption of fossil fuel and how biofuels can be used as effective alternatives. Consumers are increasingly demanding biodegradable plastics that can be made from soy-based derivatives, soy-protein concentrate, isolates, and flakes that can be mixed with synthetic plastics, which includes polycaprolactone and polylactic acid. This is done with a purpose to seam chemicals together with waxes, isoflavones, thermoset plastics, plasticizers, elastomer, rubber compounds, and different oleochemicals that can be used to make molded products like bio-degradable plastics, soaps and purchasing bags.

Growth Drivers

Increase In The Demand For Renewable Chemical And Fuel Source

According to International Renewable Energy Agency (IRENA), electricity capacity generated from bioenergy around the world increased from 65626MW in the year 2010 to 123806MW in the year 2019.

Soy-Based-Chemicals-Market-Size

There is considerable potential to increase energy supplies in populated countries. Liquid biofuels, a viable renewable alternative to gasoline, are used primarily in the transportation sector. The growing demand for sustainable energy sources has led to an increase in the consumption of biodiesel, mainly from raw materials such as soybeans, animal fats, and recycled edible oils, around the globe. Biodiesel emits lower levels of particles and carbon monoxide than conventional petroleum biodiesel. In the U.S. according to the Department of Energy, the use of biodiesel allows for a reduction of about 78% in CO2 emissions, thus boosting demand for the soy-based chemicals.

Increase In Demand For Eco-Friendly Products

 The market demand for bio and environmentally friendly products is increasing, among the consumers and especially in the chemicals sector worldwide. The market for soybean chemicals offers tremendous opportunities in the consumer and industrial sectors such as fertilizers, insecticides, pesticides, and lubricants, as well as other sectors. The growing demand for environmentally friendly chemicals can also be observed in industries such as consumer packaging, cosmetics (perfumes and deodorants), detergents, and food ingredients. Besides, consumer demand for environmentally friendly chemicals such as industrial polymers, eco-pesticides, eco-insecticides, plastics, pharmaceutical ingredients, bio-fertilizers, and lubricants stimulates the market growth of global soy-based chemicals market.

Restraints

Availability of Substitutes

Presence of substitutes such as natural bio mass and bio gas, which are used as an alternative for soy based chemicals are some of the factors anticipated to limit the growth of the global soy based chemicals market.

Market Segmentation

Our in-depth analysis of the soy-based chemical market includes the following segments:

By Product Type

  •  Soy Oil Derivatives
    • Soy Polyols
    • Soy Wax
    • Methyl Soyate
    • Epoxidized Soyabean Oil
  •  Natural Extracts
    • Soy Isoflavones
  •  Vitamin E
    • Tocopherols
    • Lecithin
  •  Industrial Refined Soy Oil
  •  Fatty Acid

By Application Type

  •  Adhesives
  •  Candles
  •  Cosmetics
  •  Paints & Coatings
  •  Printing Inks
  •  Plasticizers
  •  UV Cure
  •  Fuel Additives
  •  Food & beverages
  •  Nutraceuticals
  •  Animal Feed
  •  Dietary Supplements
  •  Pharmaceuticals

By Region

Based on regional analysis, the soy-based chemical market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.

North America, followed by the Asia Pacific, holds a significant share of the world soy-based chemical market as the region is a major producer and exporter of soybeans, thus ensuring an abundant supply of raw materials for chemical production. According to the United States Department of Agriculture (USDA), over 100 million metric tons of soy is produced in the United States. Also, the increasing trend of biodiesel adoption compared to other petrochemicals may drive growth in the regional market. The rate of progress in the region is closely followed by the Asia Pacific. This is owing to the existence of an agro-based economy and high demand for this market. Asia-Pacific countries have already made significant investments in the field of renewable energy sources and have shown significant growth potential in similar markets. The same applies to the soy-based chemicals market in Latin America. Both regions will show significant growth potential in the global soy-based chemicals market over the next few years. The global soy-based chemical market is expected to grow steadily with regional development in the European region as well.

The soy-based chemical market is further classified based on region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC,  Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • The Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating the Market

  • Archer Daniels Midland Company
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Cargill, Incorporated
  • Dupont de Nemours, Inc
  • Burcon NutraScience Corporation
  • Nordic Soya Oy
  • Ag Processing Inc
  • Elevance Renewable Sciences, Inc.
  • Soy Technologies, LLC
  • The Dow Chemical Company
  • Hexion Specialty Chemicals

 


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