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Soy-Based Chemicals Market Overview
The global market for soy-based chemicals is projected to grow at a CAGR of 7.5% during the forecast period, and it is expected to reach a value of $19,362.8 million by 2022. This growth can be ascribed to increase in global concerns over environmental consequences, and shift in consumer preference towards eco-efficiency, thereby creating a for green chemicals.
GLOBAL SOY-BASED CHEMICALS MARKET, BY APPLICATION, $M (2012 - 2022)
Soy-based chemicals are substitutes to traditional chemicals that were derived from crude oil or petroleum oil. Soy milk are the most popular soybean derivatives. Soy milk has application in the food industry, whereas soy oil holds immense potential in the extraction of chemicals such as polyols, isoflavones, and waxes. Soy oil derivatives are then for manufacturing biodegradable soaps, biodiesel, plastics and other products. Other than usage in plastics and food & beverage industry, soy-based chemical products are also used in the cosmetics industry. The usage of bio-based chemicals has become vital owing to the rapid increase in pollution levels. Soy-based chemicals are an element of bio-fuels setup, and the market is likely to witness a fast-paced growth during the forecast period. Additionally, soybean chemicals serve as a substitute to crude oil or petroleum. Thus, with the rapid growth of global market for soy-based chemicals, the global carbon footprint is expected to decline.
Soy-Based Chemicals Market Dynamics
Soy-milk and Soy-oil are the mostly used soybean derivatives. They are used in the food and beverage sector at a large scale since soy bean derivatives have a high nutrient content. Soy-protein concentrate, isolates and flakes can be blended with synthetic plastics, such as polycaprolactone and poly lactic acid. This is done in order to extract chemicals including waxes, isoflavones, thermoset plastics, polyols, methyl soyate, plasticizers, elastomer, rubber compounds, and other oleochemicals which can be used to make molded products or edible films, including bio-degradable plastics, soaps and shopping bags.
Increasing demand of soybean from traditional usage in the food industry along with increasing usage of bio-based products are some of the major factors driving the growth of the global market for soy-based chemicals globally. Degradation of environment has led to an increase in environmental concerns fueled by issues such as ozone layer depletion, global warming, urban sprawl, acid rain, air pollution, waste disposal, water pollution, and climatic changes. With the rise in environmental concerns, the adoption of bio-based chemicals is likely to increase, in turn driving the global market for soy-based chemicals.
Additionally, there has been an increase in the market demand for bio-based and eco-friendly products, specifically the in consumer and specialty chemicals sectors across the globe. The market for soy-based chemicals holds immense opportunities in consumer and industrial sectors such as in fertilizers, insecticides, cosmetics, pesticides, greases & lubricants and other sectors. An increasing demand for environment friendly chemicals has been witnessed from industries such as consumer packaging, cosmetics (perfumes and deodorants), detergents, food ingredients. Additionally, the demand for environment friendly chemicals from end-user industries such as, cleaning chemicals, industrial polymers, eco-pesticides & eco-insecticides, plastics and pharma ingredients, biofertilizers, lubricants and greases are driving the growth of the market.
Increasing investment in emerging economics for developing renewable chemicals is one of the key opportunities for the soy-based chemicals market in the coming years. The industry is likely to face a problem of climatic changes and dwindling supply of low-cost energy sources in the coming years. Renewable sources have the potential to solve these problems. Bio based chemicals are cost competitive and represent opportunities for the replacement of petrochemicals with renewable resources. While industrial biotechnology provides a clear value proposition, and a number of obstacles need to be directed to fully achieve the commercial capacity of bio-based chemicals and products. The increasing investments in the renewable chemicals sector of emerging economies, is expected to serve as a major opportunity for the commercialization of bio-based chemicals and products.
An investment shift towards the APAC region is one of the latest trends witnessed in the soy-based chemicals market. A rapid increase in population along with quality human capital and efficient labor markets have attracted companies to invest in the region. Additionally, APAC has experienced structural changes in the types of investments it attracts.
The global soy-based chemicals market has been categorized on the basis of application and type. Based on type, the market has generated highest revenue from soy oil segment, while polyols, methyl soyate, fatty acids and isoflavones are some of the other major soy-based chemicals. By application, biodiesel sector has a major share in the global market in 2015.
Geographically, North America dominated the global soy-based chemicals market with the largest share, followed by Asia-Pacific in 2015. Developing nations in South America are also expected to witness a growth in the soy-based chemical market. Additionally, Asian countries including South Korea, Singapore and China have been heavily investing in the renewable chemical sector. Other promising markets include Western and Eastern Europe, Middle East and Africa.
Soy-Based Chemicals Market Competitive Landscape
Some of the leading players in the global market for soy-based chemicals are VertecBioSolvents Inc., Soyaworld Inc., Cara Plastics Inc., Soy Technologies LLC, The Dow Chemical Company, Elevance Renewable Sciences Inc., Archer Daniels Midland Co., Bunge Limited, BioBased Technologies LLC, and Cargill Inc.
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