NEW YORK – (GLOBE NEWSWIRE) — The global soy based chemicals market is likely to expand from USD 19.5 billion to USD 34.1 billion by 2024, witnessing a CAGR of 8.1% over the forecast period, says a report issued by Energias Market Research.[the_ad id=”31605″]The growth can be primarily attributed to growing use of soy based chemicals across a diverse range of applications. Soy based chemicals are increasingly being used as an environmental friendly alternative for conventional petroleum based chemicals, which is further driving its market growth.
Also, increasing investments in research & development activities is expected to propel the market demand over the forecast period.
Various environmental concerns have fostered the demand for bio-based products among the consumers. Bio-based chemicals are becoming cost competitive and represent an upcoming opportunity for replacement of petrochemicals with renewable resources. Thus, with key companies shifting their demand towards bio-based chemicals, soy chemical ingredients have penetrated into diverse end-use industries.
Key findings from the report:
The global soy based chemicals market is likely to reach USD 34.1 billion by 2024;
Soy oil segment held the major share of the market in 2017, and is likely to witness a healthy CAGR during 2018 to 2024;
Biodiesel segment accounted for the major share of the market in 2017, and the trend is likely to continue over the next seven years;
North America dominated the global market in 2017. However, Asia-Pacific is expected to grow at the fastest CAGR over the forecast period.
Some of the key companies operating in the industry include DowDuPont Inc.; Cargill Inc..; Cara Plastics Inc.; Bunge Ltd.; BioBased Technologies LLC; ADM Co.; Griffin Industries Inc.; Chemtura Corp; Soy Technologies LLC; Elevance Renewable Sciences Inc.; Soyaworld Inc.; Vertec BioSolvents Inc.; among others
As of October 2017, ADM entered into an agreement with Dow AgroSciences that features a comprehensive closed-loop system, designed to provide farmers the access to Enlist E3 soybeans. The farmers can thereafter deliver the soybeans as well as their resulting products to consumers for use within North America.
The soy-oil segment held the major share of the market in 2017 and is expected to continue its dominance over the forecast period. Soy-oil is used as a vegetable oil as well as to derive chemicals, such as polyols, isoflavones and waxes among others. The chemicals derived from soy-oil have wide applications such as in production of biodiesel, bio-degradable plastics and soaps. However, soy-wax is likely to augment at the fastest CAGR over the forecast period.