Soy-based chemicals are alternatives to conventional chemicals and those derived from petroleum or crude oil. The report covers soy-based chemicals based on type and application. The “others” category under segmentation by type of the global soy-based chemicals market includes sucrose esters and lecithin. The “others” category under the application segmentation includes paints & coatings, lubricants, adhesive & sealants, and printing inks.
The global soy-based chemicals market is driven by worldwide concern over environmental consequence and consumer preference towards industrial ecology, eco-efficiency and demand for green chemicals. The urgency to develop noble bio-degradable product and renewable source of energy from algae and soy is also influenced by fluctuations in price of crude oil, combined with geo-political uncertainty in Middle East. All these factors have lead the development and engineering of advanced organic compound based chemicals that have performance characteristics and undergo decomposition to prevent environmental pollution. For these reasons, the production of bio-degradable materials from renewable agricultural feed-stock has attracted attention from different market segments in recent years.
Geographically, North America was the largest market for soy-based chemicals in 2017. The U.S. was the largest consumer of soy-based chemicals in North America. The major reasons behind the growth of the soy-based chemicals market in the region include high demand for energy independence and energy security, stringent environmental regulations and high investment for development of biodiesel. The governments in North America are focusing towards the development of alternative energy sources, which are renewable and sustainable. The U.S. is the major revenue contributor to the North American soy-based chemicals market. Increasing compliance for bio-fuels in the region is supporting the growth of the North American soy-based chemicals market. The U.S. Government has initiated several projects to reduce their dependency on conventional fuels.
Some of the major companies operating in the global soy-based chemical market include Archer Daniels Midland Co., The Dow Chemical Company, BioBased Technologies LLC, Soy Technologies LLC, Cargill Inc., Bunge Ltd., Cara Plastics Inc., VertecBioSolvents Inc., Soyaworld Inc. and Elevance Renewable Sciences Inc.
