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Thailand Soy-Based Chemicals Market

Thailand 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

Summary
Table Of Content

REPORT ATTRIBUTE	DETAILS
Historical Period	2020-2023
Base Year	2024
Forecast Period	2025-2032
Thailand Soy-Based Chemicals Market Size 2024	USD 103.81 million
Thailand Soy-Based Chemicals Market, CAGR	8.08%
Thailand Soy-Based Chemicals Market Size 2032	USD 193.34 million

Market Overview

The Thailand Soy-Based Chemicals Market is projected to grow from USD 103.81 million in 2024 to an estimated USD 193.34 million by 2032, with a compound annual growth rate (CAGR) of 8.08% from 2025 to 2032. This growth is driven by increasing demand for sustainable and biodegradable alternatives across various industries.

Key drivers of this market include the rising consumer preference for eco-friendly products, advancements in soy processing technologies, and supportive government policies promoting the use of renewable resources. Additionally, the growing awareness of the environmental impact of fossil-based chemicals is encouraging industries to adopt soy-based alternatives. These factors collectively contribute to the market’s robust growth trajectory.

Geographically, Thailand is witnessing a surge in the adoption of soy-based chemicals, particularly in the food and beverage sector, where soy proteins are increasingly used in plant-based products. The presence of key players such as Lactasoy Co. Ltd. and Dutch Mill Group further strengthens the market’s position. These companies are leveraging local agricultural resources and consumer trends to expand their product offerings and market reach.

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Market Insights

The Thailand Soy-Based Chemicals Market is projected to grow from USD 103.81 million in 2024 to USD 193.34 million by 2032, driven by increasing demand for sustainable alternatives.
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.
Rising consumer preference for eco-friendly, biodegradable products is a key factor propelling the market, especially in food, beverages, and cosmetics.
Improvements in soy processing technologies are boosting production efficiency and expanding the application of soy-based chemicals across industries.
Policies promoting the use of renewable resources are accelerating the adoption of soy-based chemicals, contributing to market growth.
Limited domestic production of soybeans and supply chain constraints could impact the availability and cost of soy-based chemicals.
Southeast Asia, particularly Thailand, is witnessing increased adoption of soy-based chemicals in food and beverage products, with strong domestic consumption.
Key players like Lactasoy Co. Ltd. and Dutch Mill Group are leveraging local resources to strengthen their market position and expand their product offerings.

Market Drivers

Government Initiatives and Regulations

Government policies and regulations play a crucial role in fostering the growth of the soy-based chemicals market in Thailand. National strategies aimed at reducing greenhouse gas emissions and promoting renewable energy sources are encouraging industries to explore bio-based alternatives. Subsidies, tax incentives, and research grants are being offered to support the development and commercialization of soy-based products. These initiatives not only facilitate innovation but also create a conducive environment for market expansion. Thailand’s commitment to sustainable development is evident in its support for the soy-based chemicals sector, positioning it as a key component of the country’s green economy.

Technological Advancements in Soy Processing

Advancements in soy processing technologies are significantly enhancing the efficiency and cost-effectiveness of producing soy-based chemicals. Innovations in extraction methods, fermentation processes, and product formulation are leading to higher yields and improved quality of soy-derived products. These technological improvements not only reduce production costs but also expand the range of applications for soy-based chemicals. As processing techniques continue to evolve, the competitiveness of soy-based chemicals in the market strengthens, attracting investment and accelerating adoption across various industries.

Increasing Demand for Sustainable and Biodegradable Products

The Thailand Soy-Based Chemicals Market is experiencing significant growth driven by the escalating demand for sustainable and biodegradable alternatives across various industries. As global awareness of environmental issues intensifies, there is a marked shift towards eco-friendly solutions. Soy-based chemicals, derived from renewable agricultural sources, offer a compelling alternative to conventional petrochemical products. These bio-based chemicals are utilized in diverse applications, including biofuels, adhesives, and plastics, aligning with the growing emphasis on reducing carbon footprints and promoting sustainability. For instance, companies like Ford have incorporated soy-based foams into their automotive seating, reducing the environmental impact of their products. This trend is particularly evident in sectors such as construction and packaging, where the adoption of soy-based materials is gaining momentum as part of broader efforts to mitigate environmental impact.

Health and Safety Concerns with Conventional Chemicals

Health and safety considerations are pivotal drivers in the adoption of soy-based chemicals. Traditional petrochemical products often contain volatile organic compounds (VOCs) and other harmful substances that pose risks to human health and the environment. In contrast, soy-based chemicals are generally regarded as safer alternatives, with lower toxicity profiles and reduced emissions of harmful substances. This safety advantage is particularly appealing in applications such as personal care products, food packaging, and household cleaners, where consumer health is a primary concern. For instance, companies are using soy-derived surfactants in cleaning products, which not only perform effectively but also degrade more readily in the environment, addressing consumer demand for greener products. As regulatory frameworks become more stringent and consumer awareness increases, the preference for soy-based chemicals is expected to rise, further propelling market growth.

Market Trends

Expansion of Plant-Based Applications

The Thailand Soy-Based Chemicals Market is experiencing significant growth due to the increasing adoption of plant-based alternatives across various industries. In the food and beverage sector, soy protein ingredients such as soy protein isolates and concentrates are gaining popularity as sustainable and nutritious options for meat substitutes, dairy alternatives, and nutritional supplements. For instance, SoyPro Solutions and ProTaste Extracts are leading providers of high-quality soy protein ingredients in Thailand, supplying a wide range of applications including plant-based meat alternatives and nutritional products. Companies are investing in research and development to enhance the functionality and taste profiles of soy-based ingredients. For instance, ZeaKal’s PhotoSeed technology has demonstrated the ability to increase oil composition in soybeans by up to 17 units and protein by up to 7 units on a dry weight basis, while maintaining yields comparable to modern cultivars. This kind of innovation is fueling the expansion of soy-based applications, as companies seek to meet the rising consumer demand for plant-based products and address the environmental impact of animal agriculture.

Technological Advancements in Processing

Advancements in soy processing technologies are playing a pivotal role in enhancing the efficiency and cost-effectiveness of producing soy-based chemicals. Innovations such as enzyme-assisted aqueous extraction methods now allow for the simultaneous production of high-quality oil and physiologically active soy protein, improving both yield and product functionality. However, the industrial-scale adoption of such methods is still limited by the high cost of enzymes and process instability, prompting companies to intensify research and development efforts to overcome these barriers. ZeaKal’s PhotoSeed technology, for instance, has decoupled the traditional inverse relationship between protein and oil content in soybeans, offering improved nutritional profiles without sacrificing yield. These technological improvements not only reduce production costs but also expand the range of applications for soy-based chemicals, from food and beverages to personal care and industrial uses. As processing techniques continue to evolve, the competitiveness of soy-based chemicals in the market strengthens, attracting further investment and accelerating adoption across various industries.

Government Initiatives and Policy Support

Government policies and regulations are playing a crucial role in fostering the growth of the soy-based chemicals market in Thailand. National strategies aimed at reducing greenhouse gas emissions and promoting renewable energy sources are encouraging industries to explore bio-based alternatives. Subsidies, tax incentives, and research grants are being offered to support the development and commercialization of soy-based products. These initiatives not only facilitate innovation but also create a conducive environment for market expansion. Thailand’s commitment to sustainable development is evident in its support for the soy-based chemicals sector, positioning it as a key component of the country’s green economy

Integration with Circular Economy Models

The integration of soy-based chemicals into circular economy models is becoming increasingly prominent in Thailand. Biodegradable and renewable soy-based products align with the principles of reducing waste and promoting sustainability. Industries are adopting soy-based materials for packaging, adhesives, and coatings to minimize environmental impact and enhance product sustainability. This shift towards circular economy practices is not only driven by regulatory pressures but also by consumer demand for eco-friendly products. As businesses strive to meet sustainability goals, the adoption of soy-based chemicals is expected to rise, contributing to the growth of the market.

Market Challenges

Supply Chain Instability and Raw Material Constraints

A significant challenge facing the Thailand soy-based chemicals market is the instability in the supply chain and constraints related to raw material availability. For instance, Thailand’s domestic soybean production is limited, with annual output ranging between 50,000 to 60,000 tonnes, necessitating imports to meet demand. In 2024–25, soybean imports are projected at 3.3 million tonnes, primarily from Brazil. The soybean crushing industry in Thailand operates below capacity, with utilization rates around 60-70%, due to lower-than-expected domestic consumption of soybean oil and meal for animal feed, following an economic slowdown in the second half of 2023. This underutilization leads to high inventory levels and increased production costs, affecting the competitiveness of soy-based chemicals. Additionally, fluctuations in global soybean prices and potential trade disruptions can further exacerbate supply chain challenges, impacting the stability and growth of the soy-based chemicals market in Thailand. The country’s soybean crushing capacity is substantial, with four active crushers handling a combined daily capacity of 12,500 tonnes of soybeans

Regulatory Complexities and Consumer Perception

Navigating the regulatory landscape and addressing consumer perceptions pose substantial challenges for the Thailand Soy-Based Chemicals Market. Stringent regulations governing the use of bio-based chemicals, including compliance costs and lengthy approval processes, can deter companies from entering the market. Moreover, limited consumer understanding of the benefits and applications of soy-based chemicals can impede market growth. There is a need for better education and marketing strategies to promote these products. Additionally, concerns related to genetically modified organisms (GMOs) and the presence of allergens in soy-based products can influence consumer acceptance, requiring companies to invest in transparent labeling and consumer education to build trust and expand market reach.

Market Opportunities

Growing Demand for Sustainable Alternatives

The Thailand Soy-Based Chemicals Market presents significant opportunities driven by the increasing demand for sustainable alternatives across industries. As environmental concerns and sustainability initiatives continue to gain prominence globally, businesses are increasingly turning to renewable, bio-based products to replace petrochemical-based chemicals. Soy-based chemicals, derived from renewable agricultural resources, are gaining traction due to their lower environmental impact, biodegradability, and eco-friendly properties. This shift is particularly evident in the packaging, construction, and personal care sectors, where sustainable materials are becoming more sought after. Moreover, as Thailand is focusing on strengthening its green economy, policies that encourage the use of renewable resources further support the expansion of the soy-based chemicals market, creating a vorable environment for investment and growth.

Expansion of Plant-Based Product Innovations

Another key opportunity lies in the expansion of plant-based innovations within the food, beverage, and personal care sectors. The increasing consumer preference for plant-based diets and eco-conscious products provides a significant market opportunity for soy-based chemicals. With soy proteins and oils already being used extensively in food products like meat substitutes and dairy alternatives, the market potential is vast. Additionally, the demand for soy-based ingredients in cosmetics, biofuels, and other industrial applications is expected to rise as companies strive to meet consumer expectations for cleaner, more sustainable products. Leveraging advancements in soy processing technologies to improve the functionality and cost-effectiveness of soy-based chemicals will enable companies to meet the diverse needs of various industries, driving market growth.

Market Segmentation Analysis

By Type:

The market features diverse soy-based chemical products. Soy oil, one of the key segments, holds a significant share due to its widespread use in the food and beverage industry, as well as in cosmetics and biofuels. Soy wax, another important segment, is growing rapidly as a sustainable and eco-friendly alternative to petroleum-based waxes, particularly in candles and cosmetics. Soy-based polymers are gaining momentum in the plastic industry due to their biodegradability and sustainability, making them ideal for eco-conscious applications. Soy fatty acids are used in various industrial processes such as the production of lubricants and detergents, whereas soy methyl esters are primarily utilized in biodiesel production, offering an environmentally friendly alternative to conventional diesel fuels.

By Application:

The Thailand Soy-Based Chemicals Market serves a wide range of applications. In the industrial sector, soy-based chemicals are used extensively in the production of lubricants, surfactants, and cleaning agents, owing to their non-toxic and biodegradable properties. The cosmetics and personal care segment also shows significant growth, driven by the increasing demand for natural and organic ingredients in skincare and haircare products. The food and beverage industry remains a major consumer of soy oil and soy proteins, with applications in plant-based products, oils, and additives. Soy-based chemicals in the pharmaceutical sector are utilized in the production of excipients and delivery systems, owing to their biocompatibility and natural origin. The agricultural sector also uses soy-derived chemicals in the production of fertilizers, herbicides, and insecticides, contributing to the overall demand.

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

Central Region
Eastern Region
Southern Region
Northern Region

Regional Analysis

Central Region (45%):

The Central region, including Bangkok, is the largest market for soy-based chemicals in Thailand, accounting for approximately 45% of the market share. As the economic and industrial hub of the country, this region hosts a significant portion of the nation’s food and beverage, automotive, and healthcare industries. The demand for sustainable packaging, eco-friendly construction materials, and plant-based products is particularly strong in this region. Bangkok, being the capital city, has a concentration of companies focusing on product innovation, sustainable solutions, and manufacturing, further enhancing the adoption of soy-based chemicals.

Eastern Region (30%):

The Eastern region, including provinces like Chonburi and Rayong, holds around 30% of the market share. This region is a key industrial zone for automotive, petrochemicals, and manufacturing industries, contributing to a high demand for soy-based chemicals in automotive parts and packaging. Additionally, the presence of large-scale industrial parks and proximity to major ports like Laem Chabang accelerates the distribution of soy-based products. The demand in this region is also spurred by the increasing shift towards renewable energy solutions, including biodiesel production from soy methyl esters.

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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 Thailand Soy-Based Chemicals Market is highly competitive, with major players focusing on expanding their product portfolios and enhancing their market presence through strategic partnerships and technological advancements. Wilmar International Limited and IOI Corporation Berhad, as key leaders, leverage their strong supply chain networks and diverse product offerings in soy-based chemicals. Other players such as Godrej Agrovet Ltd. and PT SMART Tbk contribute to the market through sustainable practices and innovation in soy oil and derivatives. Companies like KLK OLEO and Shandong Yuwang Industrial Co., Ltd. focus on high-quality soy-based products, strengthening their position in the industrial and food sectors. Competitive strategies include enhancing production capacity, regional expansion, and R&D to meet the growing demand for biodegradable and sustainable chemical solutions. The market is also witnessing significant investments in emerging markets, with companies striving to lead in sustainability and product differentiation.

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 Thailand Soy-Based Chemicals Market exhibits moderate concentration, with a mix of large multinational corporations and regional players operating across various segments. Major global companies such as Wilmar International Limited, IOI Corporation Berhad, and Fuji Oil Holdings Inc. dominate the market, leveraging their extensive production capabilities, well-established distribution networks, and strong financial resources. These players focus on expanding their product portfolios, improving sustainability practices, and exploring new market opportunities. Additionally, regional companies like Godrej Agrovet Ltd. and PT SMART Tbk are actively involved in the market, contributing to its growth through innovation and localized production. The market is characterized by increasing competition, with companies prioritizing eco-friendly and bio-based solutions to meet growing demand for sustainable chemicals in industries such as food and beverages, cosmetics, and biofuels. The competitive landscape is shaped by strategic partnerships, technological advancements, and a focus on sustainable product development.

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

The Thailand Soy-Based Chemicals Market is expected to experience steady growth, driven by increasing demand for eco-friendly, biodegradable products across industries.

As plant-based products gain popularity, soy-based chemicals, particularly soy proteins and oils, will see rising demand in the food and beverage sector.

Continuous improvements in soy processing technologies will enhance production efficiency, reduce costs, and expand the applications of soy-based chemicals.

Government policies promoting renewable resources and sustainable practices will continue to encourage the growth of the soy-based chemicals sector in Thailand.

The increasing adoption of biodiesel in the transportation sector will fuel the demand for soy methyl esters, a key component in biofuel production.

The growing trend toward sustainable packaging solutions will drive the adoption of soy-based materials in the packaging industry, reducing reliance on plastic.

The integration of soy-based chemicals into circular economy models will help businesses reduce waste and improve environmental sustainability in various sectors.

Soy-based chemicals will increasingly be used in cosmetics and personal care products due to their natural, biodegradable properties and growing consumer preference for organic products.

Thailand will serve as a hub for soy-based chemical production and export in Southeast Asia, meeting growing demand from neighboring countries.
Soy-based chemicals are expected to gain traction in the automotive and construction industries, where they can be used in sustainable materials and components.

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. Thailand 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 Thailand 31

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

5.2. Export Analysis by Thailand 32

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

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33

6.1. Demand Analysis by Thailand 33

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

6.2. Supply Analysis by Thailand 34

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

CHAPTER NO. 7 : PRODUCTION ANALYSIS 35

7.1. Production Analysis by Thailand 35

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

CHAPTER NO. 8 : PRICE ANALYSIS 36

8.1. Price Analysis by Type 36

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

8.1.2. Thailand 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. Thailand Soy-Based Chemicals Market: Company Market Share, by Volume, 2023 40

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

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

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

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

11.4. Thailand 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

Thailand 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 – THAILAND ANALYSIS 76

16.1. Type 76

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

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

16.3. Application 77

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

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

16.4. End-Use Industry 78

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

16.4.2. Thailand 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. Thailand Soy-Based Chemicals Market Revenue, 2018 – 2032 (USD Million) 22

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

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

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

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

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

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

FIG NO. 8. Thailand 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 Thailand 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. Thailand Soy-Based Chemicals Market for Soy Oil, Revenue (USD Million) 2018 – 2032 53

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

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

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

FIG NO. 27. Thailand 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. Thailand Soy-Based Chemicals Market for Industrial, Revenue (USD Million) 2018 – 2032 62

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

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

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

FIG NO. 36. Thailand 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. Thailand Soy-Based Chemicals Market for Automotive, Revenue (USD Million) 2018 – 2032 71

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

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

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

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

List of Tables

TABLE NO. 1. : Thailand 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. : Thailand Soy-Based Chemicals Market Revenue, By Type, 2018 – 2023 36

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

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

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

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

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

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

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

Frequently Asked Questions

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

The Thailand Soy-Based Chemicals Market was valued at USD 103.81 million in 2024 and is projected to reach USD 193.34 million by 2032, with a CAGR of 8.08% from 2025 to 2032.

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

The market is driven by the rising demand for eco-friendly products, advancements in soy processing technologies, and government support for renewable resources.

Who are the key players in the Thailand Soy-Based Chemicals Market?

Key players in the market include Lactasoy Co. Ltd. and Dutch Mill Group, both of which are leveraging local agricultural resources to expand their market reach.

What is the geographical trend in the Thailand Soy-Based Chemicals Market?

The adoption of soy-based chemicals is particularly strong in the food and beverage sector, with a notable rise in demand for plant-based products across Thailand.

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