Credence Research Logo

Home » Chemicals » South Korea Soy-Based Chemicals Market

South Korea Soy-Based Chemicals Market By Type (Soy Oil, Soy Wax, Soy-Based Polymers, Soy Fatty Acids, Soy Methyl Esters); By Application (Industrial, Cosmetics & Personal Care, Food & Beverages, Pharmaceuticals, Agriculture); By End-Use Industry (Automotive, Construction, Packaging, Healthcare, Others) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Report ID: 89098 | Report Format : Excel, PDF

REPORT ATTRIBUTE DETAILS
Historical Period 2020-2023
Base Year 2024
Forecast Period 2025-2032
South Korea Soy-Based Chemicals Market Size 2024 USD 1,234.93 million
South Korea Soy-Based Chemicals Market, CAGR 8.17%
South Korea Soy-Based Chemicals Market Size 2032 USD 2,313.92 million

Market Overview

The South Korea Soy-Based Chemicals Market is projected to grow from USD 1,234.93 million in 2024 to an estimated USD 2,313.92 million by 2032, with a compound annual growth rate (CAGR) of 8.17% from 2025 to 2032. This growth is driven by increasing demand for sustainable and renewable alternatives to petroleum-based chemicals, supported by government incentives and consumer preference for eco-friendly products.

Key drivers include the expanding biodiesel sector, particularly methyl soyate, and the rising popularity of bioplastics and biodegradable surfactants. Technological advancements in extraction and processing are enhancing the performance and cost-effectiveness of soy-based chemicals, making them more competitive with traditional petrochemicals.

Geographically, South Korea is witnessing increased adoption of soy-based chemicals, particularly in the cosmetics and biofuel industries. Major players such as Cargill, Archer Daniels Midland Company (ADM), and Bunge Limited are expanding their presence in the region, contributing to market growth.

Access crucial information at unmatched prices!

Request your sample report today & start making informed decisions powered by Credence Research Inc.!

Download Sample

Market Insights

  • The South Korea Soy-Based Chemicals Market is projected to grow from USD 1,234.93 million in 2024 to an estimated USD 2,313.92 million by 2032, with a compound annual growth rate (CAGR) of 8.17% from 2025 to 2032.
  • The Global Soy-Based Chemicals Market is projected to grow from USD 28,996.80 million in 2024 to USD 52,069.72 million by 2032, with a CAGR of 7.59% from 2025 to 2032.
  • Key drivers include the growing demand for biodiesel, bioplastics, biodegradable surfactants, and government incentives supporting eco-friendly product development.
  • High production costs associated with soy-based chemicals, and competition from alternative bio-based sources and petrochemicals, pose challenges to market growth.
  • Innovations in soy processing technologies are enhancing cost-effectiveness, improving product quality, and making soy-based chemicals more competitive with traditional alternatives.
  • South Korea’s adoption of soy-based chemicals is particularly strong in the cosmetics, biofuel, and packaging sectors, driven by consumer demand for sustainable products.
  • Major companies such as Cargill, ADM, and Bunge Limited are strengthening their presence in the South Korean market, contributing to its growth.
  • Increasing focus on sustainability, biodegradability, and renewable resources is shaping the future of the soy-based chemicals market, with South Korea being a key player in this shift

South Korea Soy-Based Chemicals Market

Market Drivers

Consumer Demand for Sustainable Products

There is a growing consumer preference for products that are environmentally friendly and sustainably sourced. In South Korea, consumers are becoming more conscious of the environmental impact of their purchases, leading to increased demand for bio-based and biodegradable products. Soy-based chemicals, being renewable and less toxic, align with these consumer values, resulting in higher adoption rates in sectors like personal care, packaging, and food products. This shift in consumer behavior is a significant driver for the soy-based chemicals market.

Rising Demand in Biodiesel Production

The global push towards renewable energy sources has led to an increased demand for biodiesel, with soy oil being a primary feedstock. In South Korea, this trend is evident as the government and industries seek to reduce carbon emissions and promote energy independence. Soy-based biodiesel offers a cleaner alternative to petroleum-based fuels, contributing to environmental sustainability. The growing adoption of biodiesel in transportation and energy sectors is, therefore, a key driver for the soy-based chemicals market in the region.

Government Support and Regulatory Incentives

The South Korean government has been actively promoting the adoption of bio-based chemicals through a range of policies and incentives. For instance, in the 2024/25 marketing year, the Ministry of Agriculture, Food, and Rural Affairs (MAFRA) doubled direct payments for farmers substituting rice acreage with soybeans, resulting in soybean production forecasts exceeding 140,000 metric tons for the first time in a decade. These direct payments follow the success of earlier programs that encouraged farmers to shift away from rice, directly supporting the expansion of domestic soybean cultivation. Such subsidies and production incentives make soy-based chemical production more financially viable for companies, reducing reliance on imported soybeans and aligning with national sustainability objectives. Additionally, the government’s broader bio-health strategy, announced in 2023, includes expanding R&D investment, nurturing talent, and reforming regulations to support bio-based industries, further encouraging companies to invest in soy-based chemical development and production. As a result, businesses like Pulmuone and Zikooin have increased their engagement in soy-based innovation, leveraging government support to develop premium products such as cultured oat-based beverages and fermented soybean snacks.

Technological Advancements in Soy Processing

Innovations in biotechnology and chemical engineering have greatly enhanced the efficiency and cost-effectiveness of soy-based chemical production. Companies are increasingly adopting advanced extraction and processing techniques, such as enzymatic and microbial conversions, to improve yields and product purity. For instance, Stepan Company announced the launch of a new soy-based surfactant in the third quarter of 2023, showcasing the industry’s commitment to developing high-performance soy-derived products. Dow Chemical invested in research for new soy-based polymers in late 2022, focusing on creating materials with properties comparable to petroleum-based alternatives. In South Korea, local companies like Pulmuone have leveraged precision fermentation to develop premium soy-based products, while startups such as PlanTable are innovating with fermented soy-based protein products for the domestic market. These advancements, supported by government-backed initiatives such as the Korean Ministry of SMEs and Startups’ 2024 Food Tech Initiative, are reducing production costs and improving scalability, making soy-based chemicals increasingly competitive with traditional petrochemical alternatives. The adoption of these technologies across the industry is driving significant growth in the soy-based chemicals sector in South Korea.

Market Trends

Advancements in Soy Processing Technologies

Innovations in biotechnology and chemical engineering have significantly enhanced the efficiency and cost-effectiveness of soy-based chemical production. Advanced extraction and processing techniques, such as enzymatic and microbial conversions, have improved yields and product purity. These technological advancements make soy-based chemicals more competitive with traditional petrochemicals, expanding their applicability across various industries. As a result, manufacturers are increasingly adopting these technologies, driving the growth of the soy-based chemicals market in South Korea.

Rising Demand in Biodiesel Production

The global shift toward renewable energy has driven up demand for biodiesel, with soy oil serving as a primary feedstock in South Korea. In 2022, South Korea produced over 683,000 metric tons of oil equivalent from biodiesel, underscoring the sector’s rapid expansion. Hyundai Oilbank, a major South Korean refiner, began commercial operations at its Daesan biodiesel plant in April 2024, with a production capacity of 130,000 tons per year. The facility utilizes a mix of feedstocks, including soybean oil, used cooking oil, and palm oil fatty acid distillates. Hyundai Oilbank also entered an agreement with Lotte Confectionery for the supply of used cooking oil as feedstock, highlighting industry collaboration to secure sustainable inputs. Across the country, nearly 70% to 80% of biodiesel is produced from imported soybean oil, while the remainder is sourced from used cooking oil. For instance, the government’s support for biodiesel is evident in its mandate for B5 blends (5% biodiesel, 95% petroleum diesel) being available at all gas stations since 2006, and B20 blends (20% biodiesel, 80% petroleum diesel) supplied to fleet vehicles at about 200 stations. Major companies such as Cargill, Archer Daniels Midland, and Bunge are key suppliers of soy oil for biodiesel production, leveraging their global sourcing networks to meet South Korea’s needs. These developments reflect a robust infrastructure and strong policy backing for soy-based biodiesel, positioning it as a cornerstone of the country’s renewable energy strategy.

Consumer Demand for Sustainable Products

South Korean consumers are increasingly seeking environmentally friendly and sustainably sourced products, driving higher adoption of bio-based and biodegradable alternatives. Leading companies such as Amorepacific and LG Household & Health Care have introduced lines of personal care products utilizing soy-based ingredients, responding to consumer demand for natural and renewable formulations. In packaging, major retailers and food service companies are shifting to biodegradable and bio-based polymers for shopping bags, food packaging, and retail bags, with bio-based packaging bags gaining significant traction in the food, beverage, and e-commerce sectors. The packaging industry’s adoption of bioplastics is supported by government regulations restricting single-use plastics and by consumer preference for eco-friendly solutions. Companies like Amcor and Mondi Plc are active in supplying biodegradable packaging materials to the South Korean market. In the food sector, soy-based chemicals are used in a range of applications, from edible oils to food additives, with manufacturers such as CJ CheilJedang and Ottogi incorporating soy-derived ingredients to meet sustainability goals. These authentic instances from leading companies illustrate how consumer preferences and regulatory frameworks are accelerating the adoption of soy-based chemicals across multiple sectors in South Korea.

Government Support and Regulatory Incentives

The South Korean government has been actively promoting the adoption of bio-based chemicals through various policies and incentives. These initiatives aim to reduce the nation’s reliance on fossil fuels and mitigate environmental impacts. By offering subsidies, tax breaks, and research grants, the government encourages companies to invest in the development and production of soy-based chemicals. This regulatory support not only makes soy-based alternatives more financially viable but also aligns with global sustainability goals. Consequently, businesses are increasingly shifting towards renewable resources, fostering growth in the soy-based chemicals sector.

Market Challenges

High Production Costs and Limited Infrastructure

One of the significant challenges facing the South Korea soy-based chemicals market is the high production costs associated with these chemicals. Authentic company data highlights that leading firms in the sector are investing heavily in innovative technologies to address this issue. For instance, companies are adopting biocatalysis, which uses natural enzymes to facilitate chemical reactions at lower temperatures and pressures, thereby reducing energy consumption and minimizing waste during production. This method enables the conversion of soy oil into high-value chemicals such as fatty acids and alcohols, which are used in industries like cosmetics and pharmaceuticals. Additionally, the integration of artificial intelligence (AI) in manufacturing processes allows companies to optimize supply chain logistics and streamline operations by analyzing real-time data, which helps reduce inventory costs and improve efficiency. Some firms are also leveraging advancements in fermentation technology, utilizing genetically modified microorganisms to convert soy biomass into biochemicals, including biodegradable plastics. These technological investments are not only aimed at lowering operational costs but also at enhancing sustainability and product quality. Despite these efforts, the lack of specialized infrastructure for soy-based chemical production in South Korea continues to result in inefficiencies, particularly in sourcing raw materials and distributing finished products. As a result, companies emphasize the need for further investment in both technology and infrastructure to make soy-based chemicals more competitive with petrochemical alternatives.

Competition from Alternative Bio-Based and Petrochemical Sources

The South Korea soy-based chemicals market faces significant competition from alternative bio-based materials and petrochemicals. On the bio-based front, other feedstocks such as corn, sugarcane, and algae are also being explored for chemical production, often at lower costs or with higher yields compared to soybeans. These alternative bio-based sources offer competitive advantages, such as more abundant availability or more straightforward processing methods, thereby posing a challenge to the adoption of soy as the preferred feedstock for bio-based chemicals.  Additionally, petrochemicals, which are well-established and deeply integrated into global supply chains, continue to dominate the chemical market. Despite increasing environmental concerns, petroleum-based chemicals benefit from mature technologies, extensive infrastructure, and lower production costs. These factors make it difficult for soy-based chemicals to compete on price, especially when petrochemical products are still perceived as more cost-effective in many industries. The need for more favorable policy support, technological advancements, and economic incentives to level the playing field with petrochemical producers remains a key challenge for the South Korean soy-based chemicals market.

Market Opportunities

Expansion of Sustainable Packaging Solutions

The growing global demand for sustainable and eco-friendly packaging presents a significant market opportunity for soy-based chemicals in South Korea. With increasing consumer awareness about environmental sustainability and the adverse effects of plastic pollution, industries such as food and beverage, cosmetics, and personal care are seeking biodegradable and renewable packaging alternatives. Soy-based chemicals, due to their biodegradable nature and renewable sourcing, can be leveraged in the production of packaging materials that align with these sustainability goals. Additionally, South Korea’s emphasis on green technologies and sustainability policies provides an enabling environment for the adoption of soy-based chemicals in packaging. As industries strive to meet regulatory requirements and consumer demand for greener solutions, soy-based chemicals have the potential to play a pivotal role in transforming packaging practices in South Korea.

Growth in Biofuel and Renewable Energy Sectors

Another promising opportunity for the South Korea soy-based chemicals market lies in the growth of the biofuel and renewable energy sectors. Soy-based biodiesel has emerged as a viable alternative to petroleum-based fuels, driven by government mandates, environmental goals, and the shift towards renewable energy sources. South Korea’s commitment to reducing carbon emissions and enhancing energy independence further bolsters the demand for renewable biofuels like soy-based biodiesel. With rising investments in green energy technologies and the government’s continued support for sustainable energy solutions, soy-based chemicals can capitalize on the expanding biofuel industry. This market opportunity offers significant growth potential for manufacturers and suppliers of soy-based chemicals, positioning them to meet both domestic and international energy demands.

Market Segmentation Analysis

By Type

Soy oil is one of the most widely used types in the soy-based chemicals market, primarily for biodiesel production. It is also valued in the food and cosmetics industries for its versatility. Soy oil-based chemicals are biodegradable, offering a sustainable alternative to petroleum-based chemicals. Similarly, soy wax is gaining popularity due to its eco-friendly properties. It is commonly used in the production of candles and other products that require renewable, clean-burning materials. Soy-based polymers, increasingly demanded in the packaging, automotive, and agricultural sectors, provide an environmentally friendly substitute for traditional petroleum-based plastics, aligning with industries focused on reducing their carbon footprint. Soy fatty acids, used in a variety of applications such as surfactants in detergents and cosmetics, are becoming more prevalent as industries shift towards replacing toxic chemicals with plant-based options. Additionally, soy methyl esters, primarily utilized in biodiesel production, are gaining traction due to their renewable properties and the increasing demand for cleaner energy sources.

By Application

Soy-based chemicals have a broad range of applications across various industries. In industrial applications, they are commonly used in coatings, lubricants, and solvents, with growing demand for eco-friendly alternatives. In the cosmetics and personal care sectors, soy-based ingredients such as soy wax, soy oil, and fatty acids are favored for their natural, non-toxic properties, contributing to their widespread use in skincare and haircare products. The food and beverage industry also benefits from soy-based chemicals, particularly soy lecithin, which serves as an emulsifier in processed foods. As plant-based diets and eco-consciousness gain popularity, the demand for soy-derived food ingredients continues to rise. In pharmaceuticals, soy-based chemicals are utilized in drug delivery systems and as excipients, offering biodegradability and non-toxicity. Furthermore, in agriculture, soy-based chemicals are increasingly used in the production of biodegradable pesticides, fertilizers, and herbicides, supporting the push for sustainable farming practices.

Segments

Based on Type

  • Soy Oil
  • Soy Wax
  • Soy-Based Polymers
  • Soy Fatty Acids
  • Soy Methyl Esters

Based on Application

  • Industrial
  • Cosmetics & Personal Care
  • Food & Beverages
  • Pharmaceuticals
  • Agriculture

Based on End Use Industry

  • Automotive
  • Construction
  • Packaging
  • Healthcare
  • Others

Based on Region

  • Seoul Capital Region
  • Yeongnam Region
  • Chungcheong Region
  • Honam Region
  • Gangwon and Jeju Regions

Regional Analysis

Seoul Capital Region (45%)

This region dominates the market, accounting for approximately 45% of the national soy-based chemicals consumption. The high concentration of industries, research institutions, and consumer markets drives demand, particularly in cosmetics, personal care, and packaging sectors. The presence of major corporations and startups focusing on sustainable products further amplifies market growth here.

Yeongnam Region (30%)

Contributing around 30% to the market, the Yeongnam region benefits from its robust manufacturing base, especially in automotive and construction industries. Ulsan and Busan, known for their industrial complexes, are increasingly integrating soy-based chemicals into their production processes, aligning with global sustainability trends.

Chungcheong Region (15%)

Accounting for about 15% of the market, this region is emerging as a hub for research and development in bio-based chemicals. Government initiatives promoting green technologies and the establishment of eco-industrial parks are fostering the adoption of soy-based chemicals in various applications.

Shape Your Report to Specific Countries or Regions & Enjoy 30% Off!

Customize Now

Key players

  • Wilmar International Limited
  • IOI Corporation Berhad
  • Godrej Agrovet Ltd.
  • PT SMART Tbk
  • KLK OLEO
  • Shandong Yuwang Industrial Co., Ltd.
  • Nihon Emulsion Co., Ltd.
  • Fuji Oil Holdings Inc.
  • Sime Darby Oils
  • Toyo Kagaku Co., Ltd.

Competitive Analysis

The South Korea soy-based chemicals market is characterized by intense competition among both global and regional players. Major companies like Wilmar International Limited, IOI Corporation Berhad, and Godrej Agrovet Ltd. lead the market with extensive product portfolios, ranging from soy oil to soy-based polymers and fatty acids. These companies leverage their robust supply chains and advanced manufacturing capabilities to meet the growing demand for sustainable and bio-based chemicals. Regional players such as PT SMART Tbk and Shandong Yuwang Industrial Co., Ltd. focus on local production, providing cost-competitive alternatives in the biofuels and personal care sectors. Furthermore, companies like Fuji Oil Holdings Inc. and Sime Darby Oils focus on technological innovation, driving new product development and improving efficiency. Despite the competition, collaborations and strategic acquisitions are key strategies to strengthen market presence and expand product offerings.

Recent Developments

  • On October 7, 2024, Evonik and BASF agreed on the first delivery of biomass-balanced ammonia, achieving a product carbon footprint reduction of over 65%. This collaboration supports Evonik’s sustainable product lines like VESTAMIN IPD eCO and VESTAMID eCO.
  • On February 26, 2025, Arkema announced a 15% expansion of its polyvinylidene fluoride (PVDF) production capacity at its Calvert City, Kentucky plant. This $20 million investment aims to meet the growing demand for high-performance resins in electric vehicles and energy storage systems.
  • On February 25, 2025, AkzoNobel offered to acquire powder coatings assets and the International Research Center from its subsidiary in India. This move is part of the company’s strategy to focus more on liquid paints and coatings in the Indian market.
  • In February 2025, Perstorp Holding AB began ester production at its Amsterdam plant, marking a significant step in expanding its product offerings in the sustainable chemicals sector.

Market Concentration and Characteristics 

The South Korea soy-based chemicals market is moderately concentrated, with a mix of global and regional players dominating the landscape. Large multinational corporations like Wilmar International Limited, IOI Corporation Berhad, and Godrej Agrovet Ltd. hold significant market share due to their extensive product portfolios, strong supply chains, and innovation in bio-based chemicals. However, regional players such as PT SMART Tbk and Shandong Yuwang Industrial Co., Ltd. also play an important role, offering competitive pricing and localized production advantages. The market is characterized by growing demand for sustainable and renewable alternatives, with companies increasingly investing in research and development to expand their product offerings, including soy-based polymers, fatty acids, and biodiesel. Technological advancements in production methods and increasing government support for green initiatives are further shaping the competitive dynamics, making it a dynamic and evolving market.

Report Coverage

The research report offers an in-depth analysis based on Type, Application, End Use Industry and Region. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

  1. Anticipated government incentives and policies will likely promote the adoption of soy-based chemicals, aligning with sustainability objectives.
  1. Ongoing innovations in soy processing technologies are expected to enhance product efficiency and broaden application scopes.
  1. The increasing demand for eco-friendly packaging solutions may drive the growth of soy-based chemicals in packaging applications.
  1. Rising interest in renewable energy sources could bolster the use of soy-based chemicals in biodiesel production.
  1. A shift towards natural and sustainable products is likely to boost the incorporation of soy-based chemicals in personal care items.
  1. Enhanced R&D efforts are expected to lead to the development of advanced soy-based chemical products with improved functionalities.
  1. The adoption of circular economy principles may encourage the use of soy-based chemicals derived from renewable sources.
  1. Growing environmental awareness could drive the demand for biodegradable soy-based chemical products across various sectors.
  1. Increased collaborations between industry players are anticipated to accelerate the development and commercialization of soy-based chemicals.
  1. Emphasis on sustainable agriculture may ensure a steady supply of soybeans, supporting the growth of the soy-based chemicals market.

CHAPTER NO. 1 : INTRODUCTION 19

1.1.1. Report Description 19

Purpose of the Report 19

USP & Key Offerings 19

1.1.2. Key Benefits for Stakeholders 19

1.1.3. Target Audience 20

1.1.4. Report Scope 20

CHAPTER NO. 2 : EXECUTIVE SUMMARY 21

2.1. Soy-Based Chemicals Market Snapshot 21

2.1.1. South Korea Soy-Based Chemicals Market, 2018 – 2032 (USD Million) 22

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 23

3.1. Russia-Ukraine and Israel-Palestine War Impacts 23

CHAPTER NO. 4 : SOY-BASED CHEMICALS MARKET – INDUSTRY ANALYSIS 24

4.1. Introduction 24

4.2. Market Drivers 25

4.2.1. Increasing demand for sustainable and biodegradable chemicals 25

4.2.2. Rising adoption of soy-based chemicals in industrial and personal care applications 26

4.3. Market Restraints 27

4.3.1. High production costs compared to petrochemical alternatives 27

4.4. Market Opportunities 28

4.4.1. Growing investments in R&D for advanced soy-based chemical formulations 28

4.5. Porter’s Five Forces Analysis 29

4.6. Buying Criteria 30

CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 31

5.1. Import Analysis by South Korea 31

5.1.1. South Korea Soy-Based Chemicals Market Import Volume/Revenue, By South Korea, 2018 – 2023 31

5.2. Export Analysis by South Korea 32

5.2.1. South Korea Soy-Based Chemicals Market Export Volume/Revenue, By South Korea, 2018 – 2023 32

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33

6.1. Demand Analysis by South Korea 33

6.1.1. South Korea Soy-Based Chemicals Market Demand Volume/Revenue, By South Korea, 2018 – 2023 33

6.2. Supply Analysis by South Korea 34

6.2.1. South Korea Soy-Based Chemicals Market Supply Volume/Revenue, By South Korea, 2018 – 2023 34

CHAPTER NO. 7 : PRODUCTION ANALYSIS 35

7.1. Production Analysis by South Korea 35

7.1.1. South Korea Soy-Based Chemicals Market Production Volume/Revenue, By South Korea, 2018 – 2023 35

CHAPTER NO. 8 : PRICE ANALYSIS 36

8.1. Price Analysis by Type 36

8.1.1. South Korea Soy-Based Chemicals Market Price, By Type, 2018 – 2023 36

8.1.2. South Korea Type Market Price, By Type, 2018 – 2023 36

CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 37

9.1. Key Raw Materials and Suppliers 37

9.2. Key Raw Materials Price Trend 37

CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 38

10.1. Manufacturing Cost Analysis 38

10.2. Manufacturing Process 38

CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 39

11.1. Company Market Share Analysis – 2023 39

11.2. Value Chain Analysis 39

11.2.1. South Korea Soy-Based Chemicals Market: Company Market Share, by Volume, 2023 40

11.2.2. South Korea Soy-Based Chemicals Market: Company Market Share, by Revenue, 2023 41

11.2.3. South Korea Soy-Based Chemicals Market: Top 6 Company Market Share, by Revenue, 2023 41

11.2.4. South Korea Soy-Based Chemicals Market: Top 3 Company Market Share, by Revenue, 2023 42

11.3. South Korea Soy-Based Chemicals Market Company Volume Market Share, 2023 43

11.4. South Korea Soy-Based Chemicals Market Company Revenue Market Share, 2023 44

11.5. Company Assessment Metrics, 2023 44

11.5.1. Stars 44

11.5.2. Emerging Leaders 44

11.5.3. Pervasive Players 44

11.5.4. Participants 44

11.6. Start-ups /SMEs Assessment Metrics, 2023 44

11.6.1. Progressive Companies 44

11.6.2. Responsive Companies 45

11.6.3. Dynamic Companies 45

11.6.4. Starting Blocks 45

11.7. Strategic Developments 46

11.7.1. Acquisitions & Mergers 46

New Product Launch 46

South Korea Expansion 46

11.8. Key Players Product Matrix 47

CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 48

12.1. PESTEL 48

12.1.1. Political Factors 48

12.1.2. Economic Factors 48

12.1.3. Social Factors 48

12.1.4. Technological Factors 48

12.1.5. Environmental Factors 48

12.1.6. Legal Factors 48

12.2. Adjacent Market Analysis 48

CHAPTER NO. 13 : SOY-BASED CHEMICALS MARKET – BY TYPE SEGMENT ANALYSIS 49

13.1. Soy-Based Chemicals Market Overview, by Type Segment 49

13.1.1. Soy-Based Chemicals Market Revenue Share, By Type, 2023 & 2032 50

13.1.2. Soy-Based Chemicals Market Attractiveness Analysis, By Type 51

13.1.3. Incremental Revenue Growth Opportunity, by Type, 2024 – 2032 51

13.1.4. Soy-Based Chemicals Market Revenue, By Type, 2018, 2023, 2027 & 2032 52

13.2. Soy Oil 53

13.3. Soy Wax 54

13.4. Soy-Based Polymers 55

13.5. Soy Fatty Acids 56

13.6. Soy Methyl Esters 57

CHAPTER NO. 14 : SOY-BASED CHEMICALS MARKET – BY APPLICATION SEGMENT ANALYSIS 58

14.1. Soy-Based Chemicals Market Overview, by Application Segment 58

14.1.1. Soy-Based Chemicals Market Revenue Share, By Application, 2023 & 2032 59

14.1.2. Soy-Based Chemicals Market Attractiveness Analysis, By Application 60

14.1.3. Incremental Revenue Growth Opportunity, by Application, 2024 – 2032 60

14.1.4. Soy-Based Chemicals Market Revenue, By Application, 2018, 2023, 2027 & 2032 61

14.2. Industrial 62

14.3. Cosmetics & Personal Care 63

14.4. Food & Beverages 64

14.5. Pharmaceuticals 65

14.6. Agriculture 66

CHAPTER NO. 15 : SOY-BASED CHEMICALS MARKET – BY END-USE INDUSTRY SEGMENT ANALYSIS 67

15.1. Soy-Based Chemicals Market Overview, by End-Use Industry Segment 67

15.1.1. Soy-Based Chemicals Market Revenue Share, By End-Use Industry, 2023 & 2032 68

15.1.2. Soy-Based Chemicals Market Attractiveness Analysis, By End-Use Industry 69

15.1.3. Incremental Revenue Growth Opportunity, by End-Use Industry, 2024 – 2032 69

15.1.4. Soy-Based Chemicals Market Revenue, By End-Use Industry, 2018, 2023, 2027 & 2032 70

15.2. Automotive 71

15.3. Construction 72

15.4. Packaging 73

15.5. Healthcare 74

15.6. Others 75

CHAPTER NO. 16 : SOY-BASED CHEMICALS MARKET – SOUTH KOREA ANALYSIS 76

16.1. Type 76

16.1.1. South Korea Soy-Based Chemicals Market Revenue, By Type, 2018 – 2023 (USD Million) 76

16.2. South Korea Soy-Based Chemicals Market Revenue, By Type, 2024 – 2032 (USD Million) 76

16.3. Application 77

16.3.1. South Korea Soy-Based Chemicals Market Revenue, By Application, 2018 – 2023 (USD Million) 77

16.3.2. South Korea Soy-Based Chemicals Market Revenue, By Application, 2024 – 2032 (USD Million) 77

16.4. End-Use Industry 78

16.4.1. South Korea Soy-Based Chemicals Market Revenue, By End-Use Industry, 2018 – 2023 (USD Million) 78

16.4.2. South Korea Soy-Based Chemicals Market Revenue, By End-Use Industry, 2024 – 2032 (USD Million) 78

CHAPTER NO. 17 : COMPANY PROFILES 79

17.1. Wilmar International Limited 79

17.1.1. Company Overview 79

17.1.2. Product Portfolio 79

17.1.3. Swot Analysis 79

17.1.4. Business Strategy 80

17.1.5. Financial Overview 80

17.2. IOI Corporation Berhad 81

17.3. Godrej Agrovet Ltd. 81

17.4. PT SMART Tbk 81

17.5. KLK OLEO 81

17.6. Shandong Yuwang Industrial Co., Ltd. 81

17.7. Nihon Emulsion Co., Ltd. 81

17.8. Fuji Oil Holdings Inc. 81

17.9. Sime Darby Oils 81

17.10. Toyo Kagaku Co., Ltd. 81

List of Figures

FIG NO. 1. South Korea Soy-Based Chemicals Market Revenue, 2018 – 2032 (USD Million) 22

FIG NO. 2. Porter’s Five Forces Analysis for South Korea Soy-Based Chemicals Market 29

FIG NO. 3. South Korea Soy-Based Chemicals Market Import Volume/Revenue, By South Korea, 2018 – 2023 31

FIG NO. 4. South Korea Soy-Based Chemicals Market Export Volume/Revenue, By South Korea, 2018 – 2023 32

FIG NO. 5. South Korea Soy-Based Chemicals Market Demand Volume/Revenue, By South Korea, 2018 – 2023 33

FIG NO. 6. South Korea Soy-Based Chemicals Market Supply Volume/Revenue, By South Korea, 2018 – 2023 34

FIG NO. 7. South Korea Soy-Based Chemicals Market Production Volume/Revenue, By South Korea, 2018 – 2023 35

FIG NO. 8. South Korea Soy-Based Chemicals Market Price, By Type, 2018 – 2023 36

FIG NO. 9. Raw Materials Price Trend Analysis, 2018 – 2023 37

FIG NO. 10. Manufacturing Cost Analysis 38

FIG NO. 11. Manufacturing Process 38

FIG NO. 12. Value Chain Analysis for South Korea Soy-Based Chemicals Market 39

FIG NO. 13. Company Share Analysis, 2023 40

FIG NO. 14. Company Share Analysis, 2023 41

FIG NO. 15. Company Share Analysis, 2023 41

FIG NO. 16. Company Share Analysis, 2023 42

FIG NO. 17. Soy-Based Chemicals Market – Company Volume  Market Share, 2023 43

FIG NO. 18. Soy-Based Chemicals Market – Company Revenue Market Share, 2023 44

FIG NO. 19. Soy-Based Chemicals Market Revenue Share, By Type, 2023 & 2032 50

FIG NO. 20. Market Attractiveness Analysis, By Type 51

FIG NO. 21. Incremental Revenue Growth Opportunity by Type, 2024 – 2032 51

FIG NO. 22. Soy-Based Chemicals Market Revenue, By Type, 2018, 2023, 2027 & 2032 52

FIG NO. 23. South Korea Soy-Based Chemicals Market for Soy Oil, Revenue (USD Million) 2018 – 2032 53

FIG NO. 24. South Korea Soy-Based Chemicals Market for Soy Wax, Revenue (USD Million) 2018 – 2032 54

FIG NO. 25. South Korea Soy-Based Chemicals Market for Soy-Based Polymers, Revenue (USD Million) 2018 – 2032 55

FIG NO. 26. South Korea Soy-Based Chemicals Market for Soy Fatty Acids, Revenue (USD Million) 2018 – 2032 56

FIG NO. 27. South Korea Soy-Based Chemicals Market for Soy Methyl Esters, Revenue (USD Million) 2018 – 2032 57

FIG NO. 28. Soy-Based Chemicals Market Revenue Share, By Application, 2023 & 2032 59

FIG NO. 29. Market Attractiveness Analysis, By Application 60

FIG NO. 30. Incremental Revenue Growth Opportunity by Application, 2024 – 2032 60

FIG NO. 31. Soy-Based Chemicals Market Revenue, By Application, 2018, 2023, 2027 & 2032 61

FIG NO. 32. South Korea Soy-Based Chemicals Market for Industrial, Revenue (USD Million) 2018 – 2032 62

FIG NO. 33. South Korea Soy-Based Chemicals Market for Cosmetics & Personal Care, Revenue (USD Million) 2018 – 2032 63

FIG NO. 34. South Korea Soy-Based Chemicals Market for Food & Beverages, Revenue (USD Million) 2018 – 2032 64

FIG NO. 35. South Korea Soy-Based Chemicals Market for Pharmaceuticals, Revenue (USD Million) 2018 – 2032 65

FIG NO. 36. South Korea Soy-Based Chemicals Market for Agriculture, Revenue (USD Million) 2018 – 2032 66

FIG NO. 37. Soy-Based Chemicals Market Revenue Share, By End-Use Industry, 2023 & 2032 68

FIG NO. 38. Market Attractiveness Analysis, By End-Use Industry 69

FIG NO. 39. Incremental Revenue Growth Opportunity by End-Use Industry, 2024 – 2032 69

FIG NO. 40. Soy-Based Chemicals Market Revenue, By End-Use Industry, 2018, 2023, 2027 & 2032 70

FIG NO. 41. South Korea Soy-Based Chemicals Market for Automotive, Revenue (USD Million) 2018 – 2032 71

FIG NO. 42. South Korea Soy-Based Chemicals Market for Construction, Revenue (USD Million) 2018 – 2032 72

FIG NO. 43. South Korea Soy-Based Chemicals Market for Packaging, Revenue (USD Million) 2018 – 2032 73

FIG NO. 44. South Korea Soy-Based Chemicals Market for Healthcare, Revenue (USD Million) 2018 – 2032 74

FIG NO. 45. South Korea Soy-Based Chemicals Market for Others, Revenue (USD Million) 2018 – 2032 75

 

List of Tables

TABLE NO. 1. : South Korea Soy-Based Chemicals Market: Snapshot 21

TABLE NO. 2. : Drivers for the Soy-Based Chemicals Market: Impact Analysis 25

TABLE NO. 3. : Restraints for the Soy-Based Chemicals Market: Impact Analysis 27

TABLE NO. 4. : South Korea Soy-Based Chemicals Market Revenue, By Type, 2018 – 2023 36

TABLE NO. 5. : Key Raw Materials & Suppliers 37

TABLE NO. 6. : South Korea Soy-Based Chemicals Market Revenue, By Type, 2018 – 2023 (USD Million) 76

TABLE NO. 7. : South Korea Soy-Based Chemicals Market Revenue, By Type, 2024 – 2032 (USD Million) 76

TABLE NO. 8. : South Korea Soy-Based Chemicals Market Revenue, By Application, 2018 – 2023 (USD Million) 77

TABLE NO. 9. : South Korea Soy-Based Chemicals Market Revenue, By Application, 2024 – 2032 (USD Million) 77

TABLE NO. 10. : South Korea Soy-Based Chemicals Market Revenue, By End-Use Industry, 2018 – 2023 (USD Million) 78

TABLE NO. 11. : South Korea Soy-Based Chemicals Market Revenue, By End-Use Industry, 2024 – 2032 (USD Million) 78

 

Request Sample

Request Free Sample

We prioritize the confidentiality and security of your data. Our promise: your information remains private.

Ready to Transform Data into Decisions?

Request Your Sample Report and Start Your Journey of Informed Choices

Providing the strategic compass for industry titans.

cr-clients-logos

Frequently Asked Questions

What is the market size of the South Korea Soy-Based Chemicals Market in 2023 and 2032, and what is its CAGR?

The South Korea Soy-Based Chemicals Market is valued at USD 1,234.93 million in 2024 and is projected to reach USD 2,313.92 million by 2032, with a CAGR of 8.17% from 2025 to 2032.

What are the key drivers of the South Korea Soy-Based Chemicals Market?

The market is driven by increasing demand for sustainable and renewable alternatives to petroleum-based chemicals and government incentives supporting eco-friendly products.

Which sectors are driving the growth of the South Korea Soy-Based Chemicals Market?

The biodiesel sector, particularly methyl soyate, and the bioplastics and biodegradable surfactants sectors are key growth drivers in the market.

Which industries are adopting soy-based chemicals in South Korea?

Industries like cosmetics, biofuels, and packaging are increasingly adopting soy-based chemicals, with major players such as Cargill and ADM contributing to market growth.

About Author

Shweta Bisht

Shweta Bisht

Healthcare & Biotech Analyst

Shweta is a healthcare and biotech researcher with strong analytical skills in chemical and agri domains.

View Profile

Related Reports By Keyword

South East Asia Umbilical Cord Blood Market

The South East Asia Umbilical Cord Blood Market size was valued at USD 180.00 million in 2018 to USD 315.69 million in 2024 and is anticipated to reach USD 1,087.29 million by 2032, at a CAGR of 16.79% during the forecast period.

South Korea Electrophysiology Devices Market

South Korea Electrophysiology Devices Market size was valued at USD 477.26 million in 2018 to USD 549.04 million in 2024 and is anticipated to reach USD 1,733.24 million by 2032, at a CAGR of 15.45% during the forecast period.

South Korea Automotive Lead Acid Battery Market

South Korea Automotive Lead Acid Battery market size was valued at USD 896.60 million in 2023 and is anticipated to reach USD 1,913.21 million by 2032, at a CAGR of 8.8% during the forecast period (2023-2032).

South Korea Single-Use Bio-Processing Systems Market

South Korea Single-Use Bio-Processing Systems market size was valued at USD 737.89 million in 2024 and is anticipated to reach USD 2,562.50 million by 2032, at a CAGR of 16.84% during the forecast period (2024-2032).

South Korea Geospatial Analytics Market

South Korea Geospatial Analytics Market size was valued at USD 3,579.49 million in 2023 and is anticipated to reach USD 8,504.79 million by 2032, at a CAGR of 10.1% during the forecast period (2023-2032).

South Africa Single-Use Bio-Processing Systems Market

South Africa Single-Use Bio-Processing Systems market size was valued at USD 70.83 million in 2024 and is anticipated to reach USD 187.86 million by 2032, at a CAGR of 12.97% during the forecast period (2024-2032).

South Africa Cardiovascular Devices Market

he South Africa Cardiovascular Devices Market is projected to grow from USD 301.65 million in 2024 to an estimated USD 435.58 million by 2032, with a compound annual growth rate (CAGR) of 4.1% from 2025 to 2032.

South Korea Industrial Solvents Market

South Korea Industrial Solvents market size was valued at USD 1,476.14 million in 2024 and is anticipated to reach USD 2,695.12 million by 2032, at a CAGR of 7.82% during the forecast period (2024-2032).

South Korea Vendor Neutral Archives (VNA) and PACS Market

South Korea Vendor Neutral Archives (VNA) and Picture Archiving and Communication Systems (PACS) market size was valued at USD 187.86 million in 2024 and is anticipated to reach USD 357.56 million by 2032, at a CAGR of 8.38% during the forecast period (2024-2032).

Purchase Options

The report comes as a view-only PDF document, optimized for individual clients. This version is recommended for personal digital use and does not allow printing. Use restricted to one purchaser only.
$2999

To meet the needs of modern corporate teams, our report comes in two formats: a printable PDF and a data-rich Excel sheet. This package is optimized for internal analysis. Unlimited users allowed within one corporate location (e.g., regional office).
$4999

The report will be delivered in printable PDF format along with the report’s data Excel sheet. This license offers 100 Free Analyst hours where the client can utilize Credence Research Inc. research team. Permitted for unlimited global use by all users within the purchasing corporation, such as all employees of a single company.
$8999

Let us help you

Credence Staff 3

WILLIAM, North America

+1 304 308 1216

Support Staff at Credence Research

KEITH PHILLIPS, Europe

+44 7809 866 263

Lee - CR Sales Staff

LEE VALLANCE, Asia Pacific

+64 22 017 0275

Kieran Jameson

KIERAN JAMESON, Australia

+61 4192 46279

Report delivery within 24 to 48 hours

What people say?

User Review

Thank you for the data! The numbers are exactly what we asked for and what we need to build our business case.

Materials Scientist
(privacy requested)

User Review

The report was an excellent overview of the Industrial Burners market. This report does a great job of breaking everything down into manageable chunks.

Imre Hof
Management Assistant, Bekaert

Trusted By

cr-clients-logos

Request Sample