Global soy chemicals market is expected to witness lucrative growth over the next seven years on account of increasing demand for biodiesel and renewable plastics. Technological advancement in biotechnology is one of the key driving factors for the soy chemicals industry over the past few years. Increasing biobased chemicals demand owing to increasing environmental concerns is also anticipated to have a positive impact on the soy-based chemicals market over the forecast period. Soy-based chemicals are extensively used in many industrial applications replacing petrochemicals owing to its numerous benefits in reducing GHG emission. Demand for soy chemicals is also expected to boost owing to its better performance and low cost compared to petroleum-based chemicals. Companies have been shifting their demand from fossil fuels to biobased fuels through renewable sources including soy chemical which is likely to push market demand in the near future. Soy chemical ingredients have been penetrating into many industries including plastics, foods, and beverages, which are further anticipated to propel the market growth over the next seven years. Strong desire of industries and government to minimize dependency on crude oil imports is expected to promote soy chemical industries over the projected period.
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 soy chemicals market owing to their increasing application scope in biodiesel and renewable plastics.
Biodiesel emerged as the largest end-use segment for the soy chemicals market in 2013 and trend is expected to continue over the forecast period. Rising environmental concerns coupled with strong support from the government to promote biodiesel usage in automotive is one of the key factors to drive the market in this segment. The plastic industry is anticipated to witness strong growth over the forecast period on account of increasing demand for renewable plastics and biopolymers. Manufacturing industries including paints & coatings, adhesives, and foams have been shifting their towards soy-based chemicals on account of enhanced performance of soy chemicals over petrochemicals in addition to other benefits including cost and reduced environmental effects. Other industries including foods & beverages and cosmetics & toiletries are expected to witness significant growth over the next seven years on account of soy chemical penetration in these industries.
North America was the largest regional market for soy chemicals in 2013 owing to its increasing application in biodiesel and renewable plastics. Strong adoption of biodiesel usage in automobiles in the U.S. is one of the key factors to drive the market in this region. Asia Pacific is the second-largest market for soy chemicals in the same years and is anticipated to witness significant growth over the next seven years. Increasing investments in developing renewable chemicals in countries including Korea, China, and Singapore is expected to open several growth prospects for soy-based chemicals market in the near future.
Key players in soy chemicals market include BioBased Technologies LLC, Bunge Ltd., The Dow Chemical Company, ADM Co., Cargill Inc., Cara Plastics Inc., Elevance Renewable Sciences Inc., Griffin Industries Inc., Soy Technologies LLC, Vitasoy USA Inc., VertecBiosolvents, Soyaworld Inc., Columbus Foods Co. and Chemtura Corp.
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The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.