Global Soy-Based Chemicals Market: Overview
Fossil fuel production and consumption has grown significantly recently, leading to several problems, both industrial and environmental. The impact on the environment is especially severe, as growing carbon emission levels are disrupting the ecosystem and causing health complications for humans and animals. This has led to a movement to consolidate the research and production rates of renewable energy sources, with bio-based fuels being one of the top sources.
The use of bio-based chemicals is being made increasingly important in the face of growing pollution levels. The global soy-based chemicals market is one of the constituents of this bio-based fuels setup and is expected to show an accelerated growth rate in the coming years. Soybean chemicals are regarded as a stable and positive alternative to the conventional chemicals derived from crude oil or petroleum. Therefore, the growth of the global soy-based chemicals market is expected to help reduce the carbon footprint of regions in which it is stronger.
Soy milk and soy oil are the two most common derivatives of soybean. The former is used widely in the food industry while the latter holds massive potential in the derivation of chemicals, including different types of waxes, isoflavones, and polyols. These derivatives find major uses in the production of soaps, biodegradable plastics, biodiesel, and others. Apart from the food and beverage industry and the plastics and polymers industry, products from the global soy-based chemicals market can be used in industries such as cosmetics.
Highly descriptive details are provided on the global soy-based chemicals market, based on intensive market research, historical data and its analysis, and market projections through the use of trends analysis and proven industry measurement tools. The global soy-based chemicals market is analyzed primarily through a segmented format for the sake of simplicity as well as a categorical perspective, across segments spanning through applications, end users, product types, and major regions.
Global Soy-Based Chemicals Market: Key Trends and Opportunities
The biggest driver for the global soy-based chemicals market has to be the increasing awareness rates of consumers and industries about the effects of the overconsumption of fossil fuels and how bio-based fuels can be used as efficient alternatives. The same can be said regarding the consumption of plastics. Consumers are increasingly demanding biodegradable plastics, which can be produced from soy-based derivatives.
Other factors promoting the growth of the global soy-based chemicals market are the products’ advantages in quality over conventionally derived products. However, the global soy-based chemicals market is expected to receive stiff competition from the food and beverages industry, which is simultaneously witnessing an increasing demand for soy-based food and drinks. The health benefits of consuming soy-based food products is creating a higher demand for it in what is the primary industry that uses soybean. This is, therefore, expected to be a major complication for the global soy-based chemicals market.
The global soy-based chemicals market can be divided on the basis of type into isoflavones, polyols, fatty acids, soy-oil, waxes, and others. The major end users of soy-based chemicals are the industries of polymers, cosmetics, food and beverages, paper, and bio-diesel. Each end-user industry is expected to steadily ramp up its demand for soy-based products and chemicals in the near future.
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Global Soy-Based Chemicals Market: Region-wise Outlook
Geographically speaking, the global soy-based chemicals market has consistently been led by North America in the recent past. North America holds a major share in this market, owing to higher demand for bio-based products and chemicals and an advanced agriculture industry. This region’s progress rate is followed closely by that of Asia Pacific, owing to the presence of deeply agriculture-based economies and a high demand for this market.
Asia Pacific nations such as China, Singapore, and South Korea have already made large investments in the renewable chemicals fields, revealing a major scope of growth in similar markets. The same can be said about the Latin America soy-based chemicals market. Both regions are showing major potential for growth in the global soy-based chemicals market for the coming years.
The global soy-based chemicals market is also expected to gain a steady boost from developments in the regions of the Middle East and Africa, Eastern Europe, and Western Europe.