Soya (also called Soy in US) has been cultivated from long time in Asia. It is a versatile plant with hundreds of uses. Apart from satisfying the food demand for the population, it is used to derive biodegradable biofuel and plastics which act as better replacement for petrochemical derived products. Soy based chemicals are used in many commercial products such as biodiesel, bio plastics, cosmetics, paints & coatings etc. With the help of various development programs and emerging technologies soy based chemicals are appearing in many new applications.
Many industries are turning their focus towards biodegradable products, derived from renewable resources such as soy based chemicals because they offer economical and societal growth within the boundaries of environmental wellness. Soybean crops ties up the nitrogen in soil making it available for next rotation crop and in turn minimizing the fertilizer intake for the next rotation crop. United States, Brazil, Argentina, China and India are the top five soybean producing countries in the world. The global market for soy based chemicals is expected to grow in future owing to the ease of production of soybean, government regulations towards usability of biodegradable materials and its wide range of application products.
Soy based chemicals are used in wide range of applications like fuel, rubber, plastics, paints, cosmetics etc. This wide range applications is one of the major factor to drive the growth for soy based chemicals. Soy based chemicals are preferred over petroleum based products owing to the rising prices of petroleum, availability uncertainty and trend towards green products usability. The advance in bio technology is helping the soy based chemicals to take competitive stand against petrochemicals based products in terms of cost, performance and reduction in green gasses emission as an added advantage. Future investments are expected in soy based chemicals business for Research and Development and other technological advancements.
Soy based chemicals are price competitive with conventional products due to switching costs in value chain production steps. Soy based chemicals also struggle to grasp the competitive edge on the performance index over conventional crude oil derived products. These factors sometimes act as opposing forces for the soy based chemicals market, but ongoing penetration of soy based chemicals in different applications and technological advancement for betterment of soy based chemicals usability are expected to lower down the possible demand restraints for soy based chemicals. Threat from the substitutes like natural bio mass and bio gas is also a restraint for the global soy chemical market.
Soy based chemicals are segmented based on the derived product type, application industry and the global regions. Based on the derived product type the global market for soy based chemicals is segmented into Soybean oil derivatives, natural extracts from soybean, refined industrial soybean oil and others. Soybean oil derivatives are further segmented as Methyl soyate (solvent), Epoxidised product, Waxes, Fatty acids, Sucrose esters, Polyol and other derivatives. Natural extracts are further classified as Vitamin E, Isoflavones, Lecithin and others.
Based on the end use industry the global market for soy based chemicals is segmented into biodiesel, bio plastics, oleo chemicals & surfactants, paints & coatings, printing inks, polyol & thermoplastics, elastomers and rubber, plasticizers and others ( adhesive, lubricant, paper ,fiber etc.). Region wise the global market for the soy based chemicals is segmented into seven key regions which are North America (U.S., Canada), Latin America (Mexico. Brazil),Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg),Eastern Europe (Poland, Russia),Asia Pacific (China, India, ASEAN, Australia & New Zealand),Japan ,Middle East and Africa (GCC, S. Africa, N. Africa).
Bio diesel is the largest end use industry for soy based chemicals market. Government support towards clean & green products and environmental concerns are driving the growth of this particular segment. Plastic industry is expected to show substantial growth in upcoming times owing to the rising demand for bio plastic and polymers. Other segments like adhesives, paints, coatings etc. are responsible for increasing demand of soy based chemicals due to significant growth in the manufacturing industry. Region wise North America is largest market for soy based chemicals and is expected to show the expansion growth in future.
Government’s stringent regulations to increase the usage of green products, customers’ shifting trends towards using bio based products are some of the reasons to drive the market growth in soy based chemical market in this region. Asia pacific is the second most important region for soy based chemical market. It is expected to show the substantial growth in upcoming years due to emerging end use applications’ industries, environmental awareness and attractive investment opportunities for the renewable chemical development. South America with global soy producing giants like Brazil and Argentina is a big market due to ample availability of the resources.
The major players in the soy based chemicals manufacturing are Ag Environmental Products LLC (US), The Dow Chemical Company (US), Cargill, Incorporated (US), Archer Daniels Midland Company (US), Columbus Foods Co.(US), Bunge Limited (US), Eco Safety Products (US), Elevance Renewable Sciences Inc.(US), Vertec BioSolvents Inc.(US) and many others.
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