Size of the Market for Soy Based Chemicals

Soy based chemicals are used in the following industries: biodiesel (61%), foods and beverages (16%), plastics (10%) and all others (13%). The success of the soy chemicals industry is dependent on the continued penetration of biodiesel, as well as the adoption of alternatives to traditional, petrochemical-based materials in the manufacture of industrial products. Methyl soyate is by far the most established soy chemical due to its current dominance of the biodiesel market, although it will begin to face competition from other raw materials. Methyl soyate is also finding greater use as a solvent in a variety of markets, including cleaning products as well as paints and coatings. Other soy oil derivatives, such as polyols, will benefit from corporate initiatives to use more renewable feedstocks, as well as from consumer demands for “greener” products, particularly in the plastics (e.g., foam products) and paint and coatings markets
Geographic reference: United States
Year: 2008
Market size: $1.9 Billion
Source: Soy Chemicals, September 2009, p. NA [Online]
Original Source: Freedonia Group


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