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.
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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.
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.
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.
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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