Synopsis of Soy-based chemicals Market
With the
growing use of bio-based sources in various industries, the soy-based chemicals
market is expected to show a considerable growth during the forecast period.
Soy-based chemicals are used in various application such as paper, cosmetics
& personal care, food & beverages, plastics & polymers, biodiesel,
and others. The growing awareness about the harmful emissions from the use of
fossil fuels has shifted to biobased products, which, in turn, is expected to
drive the global soy-based chemicals market during the forecast period.
Soy-based chemicals are regarded as an efficient substitute for petroleum and
other crude-derived chemicals. The global soy-based chemicals market is
expected to exhibit a CAGR of over 6% during the forecast period. The growing
demand for environmentally sustainable materials is likely to drive the market
for soy-based chemicals during the forecast period. Moreover, the growing
demand for biofuels is further expected to propel the growth of the soy-based
biodiesel during the forecast period.
Among the various application, the biofuel is anticipated to be the
largest application owing to the growing encouragement by the governments
across the globe to limit the harmful emissions. Moreover, the plastic industry
is also expected to show a significant growth owing to the high adoption of
bioplastics and polymers.
Market Scenario
The biofuel segment is leading the market on account of its growing investment
by the government in the development of biofuel across the globe. Moreover, the
growing inclination towards the renewable sources is likely to contribute
substantially to the growth of the segment during the forecast period. Plastic
and polymer segment is anticipated to be the fastest growing segment during the
forecast years.
Market Segmentation
The global soy-based chemicals market is segmented into product type and
application. On the basis of the type, the market is segregated into soy oil,
fatty acid, polyols, soy waxes, methyl soyate, isoflavones, and others. On the
basis of application, the global soy-based chemicals market is further
bifurcated into paper, personal care & cosmetics, food & beverages,
plastics & polymers, biofuel, and others.
Regional Analysis
The global soy-based chemicals are spanned across five key regions: Europe,
Latin America, Asia Pacific, North America, and the Middle East & Africa.
Among these, Asia Pacific is anticipated to be the fastest growing market with
an expanding CAGR during the forecast period. The growing demand from the
application in the region such as food & beverage and personal care is
expected to fuel the market growth. North America is another dominant region in
the global soy-based chemicals market. The developed end-user industries along
with the increasing adoption of soy-based chemicals are fuelling the market
growth. The major countries attributing to this growth are the U.S. and Canada.
Competitive Analysis
Some of the prominent players operating in the global soy-based chemicals
market: The Dow Chemical Company (U.S), Archer Daniels Midland Co (U.S.),
BioBased Technologies LLC (U.S.), Bunge Limited (U.S.), K+S AKTIENGESELLSCHAFT
(Germany), Cargill Inc (U.S.), LAXNESS (Germany), CFC Internation Corporation
(U.S.). Eco Safety Products (U.S), and Elevance Renewable Sciences, Inc. (U.S.
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