Global soy chemicals market is expected to grow over the forecast period owing to its increasing demand in automobile and biopolymer industry. Soy chemicals constitute extracts from soybeans in the form of soy waxes, epoxidized products, isoflavones, methyl soyate, soy fatty acids, lecithin, polyols and refined industrial soy oil. Fatty acids, soy waxes, polyols and methyl soyate are extensively used in renewable plastics and biofuels. Replacing petrochemicals by the use of these biofuels have a positive environmental advantage which is the root cause for the growth of soy chemicals in automobile industry. Petrochemicals when used to run automobiles emit huge amounts of GHGs which are the root cause of air pollution globally. Soy chemicals are used in several other industries including cosmetics, paper, bedding, furniture, food & beverages and toiletries.
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Soy chemicals exhibit properties of heat stability and hydrophobicity which makes them water proof and an effective chemical to be used in the processing of thermal papers. Use of soy chemicals is increasing gradually due to their enhanced performance and cost efficiency over petrochemicals for manufacturing adhesives, paints & coatings and foams. Excessive usage of petrochemicals and its derivatives is the primary cause of green house effect degrading the environment resulting in environmental concern globally. Owing to its eco-friendly nature, biofuels are preferred worldwide these days by most of the governmental bodies as their aim to save the environment from pollution.
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Key players present in the global soy chemicals market include The Dow Chemical Company, BioBased Technologies LLC, Bunge Ltd., ADM Co., Cara Plastics Inc., Cargill Inc., Elevance Renewable Sciences Inc., Soy Technologies LLC, Griffin Industries Inc., Vitasoy USA Inc., Soyaworld Inc., VertecBiosolvents, Columbus Foods Co. and Chemtura Corporation. North America constituted the largest market for soy chemicals in 2014 due to its substantial demand in automobile industry for biofuel usage and for the production of renewable plastics. Asia Pacific was the second largest market for soy chemicals owing to its increasing consumer adoption of cheaper alternatives to petrochemicals coupled with ample raw material availability. Increasing investments in developing renewable countries here such as China, Korea and Singapore is expected to augment soy chemicals market in the region over the projected period. Arkansas, a U.S.-based company, is engaged in the development and marketing of bio-based polyols promoting the use of non-renewable and energy efficient resources. Arkanas markets its product under the brand name “Agrol” which are used in several applications including lubricants, building products, furniture, diesel additives, automotive, agricultural products, adhesives, carpet backings, printing inks and industrial coatings.
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