The extensive consumption of fossil fuels result in increasing carbon dioxide emissions. As a result of this, there is need to harness the potential of bio-based products. Therefore, the use of bio-based chemicals is expected to grow during the forecast period. The chemicals derived from soybean are a reliable alternative to traditional petroleum and crude derived chemicals and ensure sustainability and reduced carbon footprints. Traditionally, soy chemicals have been used in a variety of applications across a diverse set of industries. The most common soybean derivatives are soy-milk and soy-oil. Soy-milk and soybeans are widely used in food industries owing to their high nutrient content. Soy-oil is used as a vegetable oil as well as to derive the chemicals such as polyols, isoflavones and waxes among the others. The chemicals derived from soy-oil have wide applications such as in production of biodiesel, bio-degradable plastics, soaps etc. These Soy-based chemicals find application across diverse industries including cosmetics, paper, food & beverages, plastic &polymer etc.
Global Soy-Based Chemicals Market: Drivers and Restraints
The increasing awareness as regards the benefits involved in use of bio-based products and environmental regulations are major factors that are expected to drive the growth of global Soy-Based Chemicals Market during the forecast period. The increasing demand for biodegradable plastics derived from soy-based chemical is slated to drive the growth of global Soy-Based Chemicals market during the forecast period. Relatively better performance of soy-based chemicals over some of the traditional chemicals is expected to drive the growth of global market for soy-based chemicals over the forecast period. The increasing demand for soybean from traditional applications such as in food industry is expected to affect the supply of the same for production of chemicals, thus acting as an impediment to the growth of soy-based chemicals market during the forecast period
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Global Soy-Based Chemicals Market: Segmentation
The global Soy-Based Chemicals Market is segmented on the basis of End user industry, types and region.
On the basis of type, the global Soy-based chemicals market is segmented as below:
- Fatty acids
On the basis of End user industry, the global Soy-Based Chemicals Market is segmented as follows:
- Food & Beverages
- Plastics & Polymer
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Global Soy-Based Chemicals Market: Regional Outlook
On the basis of region, the global Soy-Based Chemicals Market is segmented into seven key regions namely North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, Asia-Pacific (excluding Japan) and Japan. North America region has a strong presence in global Soy-Based Chemicals market followed by Asia Pacific and Latin America. Asia-Pacific region and Latin-America have long term growth potential and are expected to witness robust growth in their share in global Soy-Based Chemicals Market during the forecast period.
Global Soy-Based Chemicals Market: Key players
The increasing demand for eco-friendly products is expected to drive investments in production of Soy-Based Chemicals across the globe. The key players operating in the global Soy-Based Chemicals market are as follows:
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- The Dow Chemical Company
- Cara Plastics Inc.
- Ag Environmental Products LLC
- Archer Daniels Midland Co.
- Cargill Inc.
- Elevance Renewable Sciences Inc.
- Renewable Lubricants Inc.
- Soy Technologies LLC
- BioBased Technologies LLC
- Soyaworld Inc.
- Vertec BioSolvents Inc.