Soy Chemicals

US soy chemical demand will grow 7.8 percent annually through 2013, driven by the continued penetration of biodiesel, and by the adoption of alternatives to traditional, petrochemical-based materials in manufacturing. Soy oil derivatives such as methyl soyate, polyols, soy-based foamed plastics, waxes and fatty acids hold particularly good prospects.

This study analyzes the $1.9 billion US soy chemical industry. It presents historical demand data for the years 1998, 2003 and 2008, with forecasts for 2013 and 2018 by product (e.g., methyl soyate, epoxidized products, soy waxes, soy fatty acids, polyols, vitamin E, isoflavones, lecithin, refined industrial soy oil) and market (e.g., biodiesel, foods and beverages, plastics, printing inks and toner).

The study also considers market environment factors, details industry structure, evaluates company market share and profiles 32 industry players, including Archer-Daniels-Midland, Ag Processing and Cargill.

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TABLE OF CONTENTS SECTION PAGE INTRODUCTION viii I. EXECUTIVE SUMMARY 1 II. MARKET ENVIRONMENT 4 General 4 Macroeconomic Environment 5 Demographic Trends 9 Consumer Spending Outlook 12 Manufacturing Outlook 14 Motor Vehicle Overview 17 Soybean Processing Overview 21 Crude Soybean Products 25 Refined Soybean Products 26 Environmental & Regulatory Issues 28 Farm Bill 31 Genetically Modified Crops Debate 32 Pricing Trends 33 Pricing Patterns: Soybeans vs Crude Oil 35 Historical Market Trends 39 Foreign Trade 41 Soybeans 41 Crude Soy Products 43 Soy Chemicals 45 International Activity 46 III. PRODUCTS 48 General 48 Soybean Oil Derivatives 51 Methyl Soyate 54 Epoxidized Products 57 Waxes 59 Fatty Acids 61 Sucrose Esters 63 Polyols 65 Other Soybean Oil Derivatives 67 Natural Extracts 70 Vitamin E 72 Isoflavones 74 Lecithin 76 Other Natural Extracts 79 Refined Industrial Soybean Oil 81 Other Soy Chemicals 84 IV. MARKETS 88 General 88 Biodiesel 91 Biodiesel Industry Outlook 92 Soy Chemicals Demand 95 Foods & Beverages 98 Food & Beverage Industry Outlook 99 Soy Chemicals Demand 102 Demand by Product 104 Demand by Application 105 Plastics 107 Plastics Industry Outlook 108 Soy Chemicals Demand 110 Demand by Product & Application 111 Demand by Industry 114 Printing Inks & Toner 117 Printing Inks Industry Outlook 117 Soy Chemicals Demand 119 Cosmetics & Toiletries 122 Cosmetics & Toiletries Industry Outlook 123 Soy Chemicals Demand 125 Candles 127 Candles Industry Outlook 128 Soy Chemicals Demand 129 Other 131 Lubricants 132 Pharmaceuticals 134 Adhesives & Sealants 135 Paints & Coatings 137 All Other 139 V. INDUSTRY STRUCTURE 141 General 141 Market Share 145 Archer-Daniels-Midland 146 Ag Processing 147 Cargill 147 Other 148 Competitive Strategies 148 Cooperative Agreements 151 Manufacturing 155 Marketing 156 Distribution 158 Research & Development 160 Company Profiles 161 Acme-Hardesty Company 162 Ag Environmental Products LLC, see Ag Processing Ag Processing Incorporated 163 Archer-Daniels-Midland Company 164 Arkema SA 167 Ashland Incorporated 168 BioBased Technologies LLC 170 Bunge Limited 171 Cara Plastics Incorporated 172 Cargill Incorporated 174 Chemtura Corporation 176 Chevron Phillips Chemical Company LLC 177 Cognis Deutschland GmbH & Company KG 178 Columbus Foods Company 180 Dow Chemical Company 181 DuPont (EI) de Nemours 182 Eco Safety Incorporated 184 Elevance Renewable Sciences Incorporated 186 Emery Oleochemicals LLC, see PTT Chemical Public Ferro Corporation 187 Griffin Industries Incorporated 188 Hercules Incorporated, see Ashland Lambent Technologies, see Petroferm Louis Dreyfus SAS 190 Ohio Decorative Products Incorporated 191 Owensboro Grain Company 192 Petroferm Incorporated 193 Procter & Gamble Company 194 PTT Chemical Public Company Limited 195 Renewable Lubricants Incorporated 196 Solae LLC, see Bunge Limited and DuPont (EI) de Nemours Soy Technologies LLC 198 SoyaWax International Incorporated 199 Stepan Company 200 Urethane Soy Systems Company Incorporated 202 Vertec BioSolvents Incorporated 203 Woodbridge Foam Corporation 204 Additional Companies 206 LIST OF TABLES TABLE NUMBER PAGE SECTION I -- EXECUTIVE SUMMARY 3 Summary Table SECTION II -- MARKET ENVIRONMENT 1 Macroeconomic Indicators 9 2 Population & Households 12 3 Personal Consumption Expenditures 14 4 Manufacturers' Shipments 17 5 Motor Vehicle Indicators 20 6 Soybean Processing Overview 23 7 Crude Soybean Product Demand 26 8 Refined Soy Product Demand 28 9 Selected Soybean Chemical Pricing Trends 35 10 Soy Chemicals Historical Market, 1998-2008 40 11 Soybean Supply & Demand 43 12 Crude Soy Supply & Demand 44 SECTION III -- PRODUCTS 1 Soy Chemicals Demand 50 2 Soybean Oil Derivatives Demand by Type 53 3 Methyl Soyate Demand 56 4 Epoxidized Products Demand 59 5 Waxes Demand 61 6 Fatty Acids Demand 63 7 Sucrose Esters Demand 65 8 Polyols Demand 67 9 Other Soybean Oil Derivatives Demand 70 10 Natural Extracts Demand by Type 71 11 Vitamin E Demand 74 12 Isoflavones Demand 76 13 Lecithin Demand 79 14 Other Natural Extracts Demand 81 15 Refined Industrial Soybean Oil Demand 84 16 Other Soy Chemicals Demand 87 SECTION IV -- MARKETS 1 Soy Chemicals Demand by Market 90 2 Biodiesel Supply & Demand 94 3 Biodiesel Market for Soy Chemicals 98 4 Food & Beverage Shipments 102 5 Food & Beverage Markets for Soy Chemicals 103 6 Food & Beverage Market: Soy Chemicals Demand by Product 104 7 Food & Beverage Market: Soy Chemicals Demand by Application 107 8 Plastics Industry Indicators 110 9 Plastics Market for Soy Chemicals 111 10 Plastics Market: Soy Chemicals Demand by Product & Application 113 11 Plastics Market: Soy Chemicals Demand by Industry 117 12 Printing Inks Production 119 13 Printing Inks Market for Soy Chemicals 122 14 Cosmetics & Toiletries Shipments 124 15 Cosmetics & Toiletries Market for Soy Chemicals 127 16 Candle Shipments 129 17 Candle Market for Soy Chemicals 130 18 Other Markets for Soy Chemicals 132 19 Lubricant Markets for Soy Chemicals 134 20 Adhesives & Sealants Market for Soy Chemicals 136 SECTION V -- INDUSTRY STRUCTURE 1 US Soy Chemicals Sales by Company, 2008 144 2 Selected Cooperative Agreements 153 LIST OF CHARTS CHART NUMBER PAGE SECTION II -- MARKET ENVIRONMENT 1 Soybean Processing Overview 24 2 Pricing Comparison: Soybeans vs Crude Oil 38 3 Soy Chemicals Historical Market, 1998-2008 40 SECTION III -- PRODUCTS 1 Soy Chemicals Demand by Product, 2008 50 2 Soybean Oil Derivatives Demand by Type, 2008 54 3 Natural Extracts Demand by Type, 2008 72 SECTION IV -- MARKETS 1 Soy Chemicals Demand by Market, 2008 91 SECTION V-- INDUSTRY STRUCTURE 1 US Soy Chemicals Market Share, 2008 146

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Soy Chemicals

1 INTRODUCTION

2 EXECUTIVE SUMMARY

Table | SUMMARY TABLE SOY CHEMICALS DEMAND (million dollars)

3 MARKET ENVIRONMENT

3.1 General

3.2 Macroeconomic Environment

Table | MACROECONOMIC INDICATORS (billion 2000 dollars)

3.3 Demographic Trends

Table | POPULATION & HOUSEHOLDS (million people)

3.4 Consumer Spending Outlook

Table | PERSONAL CONSUMPTION EXPENDITURES (billion dollars)

3.5 Manufacturing Outlook

Table | MANUFACTURERS' SHIPMENTS (billion dollars)

3.6 Motor Vehicle Overview

Table | MOTOR VEHICLE INDICATORS

3.7 Soybean Processing Overview

Table | SOYBEAN PROCESSING OVERVIEW (billion pounds)

3.7.1 Crude Soybean Products

Table | CRUDE SOYBEAN PRODUCT DEMAND (billion dollars)

3.7.2 Refined Soybean Products

Table | REFINED SOY PRODUCT DEMAND

3.8 Environmental & Regulatory Issues

3.8.1 Farm Bill

3.8.2 Genetically Modified Crops Debate

3.9 Pricing Trends

Table | SELECTED SOYBEAN CHEMICAL PRICING TRENDS (dollars per pound)

3.10 Pricing Patterns: Soybeans vs Crude Oil

3.11 Historical Market Trends

Table | SOY CHEMICALS HISTORICAL MARKET, 1998-2008

3.12 Foreign Trade

3.12.1 Soybeans

Table | SOYBEAN SUPPLY & DEMAND (million dollars)

3.12.2 Crude Soy Products

Table | CRUDE SOY SUPPLY & DEMAND (million dollars)

3.12.3 Soy Chemicals

3.13 International Activity

4 PRODUCTS

4.1 General

Table | SOY CHEMICALS DEMAN (million dollars)

4.2 Soybean Oil Derivatives

Table | SOYBEAN OIL DERIVATIVES DEMAND BY TYPE (million dollars)

4.2.1 Methyl Soyate

Table | METHYL SOYATE DEMAND (million dollars)

4.2.2 Epoxidized Products

Table | EPOXIDIZED PRODUCTS DEMAND (million dollars)

4.2.3 Waxes

Table | WAXES DEMAND (million dollars)

4.2.4 Fatty Acids

Table | FATTY ACIDS DEMAND

4.2.5 Sucrose Esters

Table | SUCROSE ESTERS DEMAND (million dollars)

4.2.6 Polyols

Table | POLYOLS DEMAND (million dollars)

4.2.7 Other Soybean Oil Derivatives

Table | OTHER SOYBEAN OIL DERIVATIVES DEMAND (million dollars)

4.3 Natural Extracts

Table | NATURAL EXTRACTS DEMAND BY TYPE (million dollars)

4.3.1 Vitamin E

Table | VITAMIN E DEMAND (million dollars)

4.3.2 Isoflavones

Table | ISOFLAVONES DEMAND (million dollars)

4.3.3 Lecithin

Table | LECITHIN DEMAND (million dollars)

4.3.4 Other Natural Extracts

Table | OTHER NATURAL EXTRACTS DEMAND

4.4 Refined Industrial Soybean Oil

Table | REFINED INDUSTRIAL SOYBEAN OIL DEMAND (million dollars)

4.5 Other Soy Chemicals

Table | OTHER SOY CHEMICALS DEMAND (million dollars)

5 MARKETS

5.1 General

Table | SOY CHEMICALS DEMAND BY MARKET (million dollars)

5.2 Biodiesel

5.2.1 Biodiesel Industry Outlook

Table | BIODIESEL SUPPLY & DEMAND (million gallons)

5.2.2 Soy Chemicals Demand

Table | BIODIESEL MARKET FOR SOY CHEMICALS