According to a new report from P&S Market Research, the global soy based chemicals market was valued at $11,688.7 million in 2015 and is expected to grow at a CAGR of 7.5% during 2016 - 2022. The major factors driving the growth globally include worldwide concern over environmental consequence and consumer preference towards industrial ecology, eco efficiency and demand for green chemicals, according to P&S. It is expected that the growth of bio-plastics, bio-lubricant and bio-solvent is driven by oil prices fluctuation, high technical substitution potential and superior product quality, such as biodegradability.
In 2015, North America held the largest share in the global soy-based chemicals market with 34.5% share in terms of value, according to P&S. The developing countries in South America are also expected to make serious progress in the global soy-based chemical market. The Asian countries, such as Korea, Singapore and China are investing heavily in the renewable chemical sector. Other promising markets reportedly include Western Europe, Eastern Europe, Middle East and Africa.
Some of the major companies operating in the global soy-based chemical market include The Dow Chemical Company, Archer Daniels Midland Co., Soy Technologies LLC, BioBased Technologies LLC, Bunge Ltd., Cargill Inc., VertecBioSolvents Inc., Cara Plastics Inc., Elevance Renewable Sciences Inc. and Soyaworld Inc.
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