Soy-Based Chemicals Market Share

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.