Market Outline: Soy Chemicals Market
Soy chemicals are extracted from soybeans and major soy chemicals include epoxidized products, soy waxes, isoflavones, methyl soyate, lecithin, soy fatty acids, polyols and refined industrial soy oil. Soy waxes, fatty acids, methyl soyate and polyols are expected to provide potential growth opportunities for the market owing to their increasing application scope in biodiesel and renewable plastics. Soy based chemicals are preferred over petroleum based products owing to the rising prices of petroleum, availability uncertainty and trend towards green products usability. The advance in bio technology is helping the soy based chemicals to take competitive stand against petrochemicals based products in terms of cost, performance and reduction in green gasses emission as an added advantage.
Market Dynamics: Global Soy 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 bio based products, which, in turn, is expected to drive the global soy-based chemicals market during the forecast period. Moreover soy based chemicals are price competitive with conventional products due to switching costs in value chain production steps. Soy based chemicals also struggle to grasp the competitive edge on the performance index over conventional crude oil derived products. These factors sometimes act as a restraint for the growth of the market.
Market Scope: Global Soy Chemicals Market
The market is segmented based on derived product type, application, and end user
Based on derived product type, market is segmented into the following:
- Soybean Oil Derivatives
- Natural Extracts from Soybean
- Refined Industrial Soybean Oil
Based on the end use industry, the market is segmented into the following:
- Oleo Chemicals
- Paints & Coatings
- Printing Inks
- Polyol & Thermoplastics
- Elastomers & Rubbers
Regional Analysis: Global Soy Chemicals Market
Geographically, global pain management devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific Soy Chemicals Market holds a major share of the market and is expected to be the fastest-growing market during the forecast years. The growing manufacturing units in the region has resulted in an increase in the adoption of soy-based chemicals in the region. Moreover, the increasing demand for cosmetic & personal care in the region has further augmented the demand for soy-based chemicals. North America Soy Chemicals Market is another dominant region in the global soy-based chemicals market and is expected to show an expanding CAGR during the forecast period. The growing awareness about greenhouse emissions coupled with the stringent government regulations regarding greenhouse emissions are the major factors driving the growth of the market. Europe Soy Chemicals Market is another major region in the soy-based chemicals market. Germany, France, Spain are some of the major countries attributing to the growth of the market. The presence of stringent EU regulations regarding the harmful emissions has shifted to bio-based chemicals, which, in turn, is adding to the growth of the soy-based chemicals market in the region.
- Ag Environmental Products LLC
- The Dow Chemical Company
- Cargill Incorporated
- Archer Daniels Midland Company
- Columbus Foods Co.
- Bunge Limited
- Eco Safety Products
- Elevance Renewable Sciences Inc.
- Vertec BioSolvents Inc
Notable Market Developments:
- In September 14, 2018 – Cargill has reached an agreement to acquire Konspol, one of Poland’s leading value-added food companies, providing an array of products in the chilled convenience, frozen and cold cut categories.