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Soy Chemicals Market size was over USD 26.82 billion in 2023 and is anticipated to cross USD 67.84 billion by 2036, growing at more than 7.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of soy chemicals is assessed at USD 28.41 billion.
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.
Growth Drivers
Increase In The Demand For Renewable Chemical And Fuel Source
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 chemicals.
Increase In Demand For Eco-Friendly Products
The soy chemicals 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 chemicals market.
Challenges
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 chemicals market.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
|
CAGR |
7.4% |
|
Base Year Market Size (2023) |
USD 26.82 billion |
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Forecast Year Market Size (2036) |
USD 67.84 billion |
|
Regional Scope |
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The soy chemicals 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.
Our in-depth analysis of the global market includes the following segments
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By Product Type |
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By Application Type |
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Based on regional analysis, the soy chemicals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America industry is likely to dominate majority revenue share by 2036, 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 soy chemicals 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 chemicals market in Latin America. Both regions will show significant growth potential in the global soy chemicals market over the next few years. The global market is expected to grow steadily with regional development in the European region as well.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
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