Global soy chemicals market to reach $13 billion by 2017
Global Industry Analysts Inc. announces the release of a comprehensive global report on the soy chemicals market. Global demand for soy chemicals is projected to reach $13 billion by 2017. Factors catalyzing growth in the market is the increasing demand for biodiesel and renewable plastics and shift in industry focus towards alternative renewable sources of energy.
Soy chemicals are derived from soybean, and some of the frequently used ones include methyl soyate, epoxidized products, soy waxes, soy fatty acids, polyols, isoflavones, lecithin, and refined industrial soy oil. Advances in biotechnology have made biobased chemicals such as soy chemicals to compete on par with petroleum-based chemicals in terms of performance, cost and other additional benefits such as reducing greenhouse gas emissions. Sustained increase in crude oil prices and the need for new energy sources from ecofriendly feedstocks including soybean is expected to step up investment in soy chemicals. Further the growing desire among companies to reduce dependency on fossil fuels, through renewable sourcing, sustainability, and decreasing landfill space is pushing the demand for soy chemicals. Several new and innovative soy based industrial products are expected to emerge with the ongoing penetration of soy ingredients in various sectors including plastics and food and beverages. The growing desire of business and government to reduce dependency on imports of crude oil is expected to promote the growth of industrial markets. The ongoing research and development activities of soy industry participants would be another driving factor.
As stated by the new market research report on soy chemicals, the U.S. continues to remain the largest regional market, closely followed by Asia-Pacific. Over the long-term, developing countries in Asia-Pacific and Latin America are expected to take center stage in the global soy chemicals market. Countries in these regions, which largely consume chemicals developed from petrochemical feedstock, are expected to offer immense opportunities for renewable chemicals. Asian countries such as Korea, China and Singapore are increasing their investments in the renewable chemicals sector for gaining a strong foothold in the renewable chemicals market.
In terms of end-use markets, biodiesel represents the largest end-user of soy chemicals. The plastics segment is forecast to display maximum potential for growth driven by growing demand for renewable plastics and polymers. Further, the narrowing cost differential between petroleum-based polyols and soy oil based polyols and enhanced performance of soy chemicals over petrochemical-based materials in recent years has increased the interest in soy chemicals for production of foams, coatings and adhesives. Soy waxes segment holds strong growth opportunities for natural wax market along within a wide array of waxes blended with cheaper petroleum and synthetic products. Demand for natural waxes would be fuelled by rising interest in natural products among the masses. In addition, the application of these products in candles and food processing, and toiletries and cosmetics market is expected to expand further.
Major players profiled in the report include Ag Environmental Products LLC, Archer Daniels Midland Co., BioBased Technologies LLC, Bunge Limited, Cara Plastics Inc., Cargill Inc., Chemtura Corp., Columbus Foods Co., Dow Chemical Co., Eco Safety Inc., Elevance Renewable Sciences Inc., Ferro Corp., Griffin Industries Inc., Renewable Lubricants Inc., SoyaWax International Inc., Soyaworld Inc., Soy Technologies LLC, Vitasoy International Holdings Limited, Vitasoy USA Inc., and Vertec BioSolvents Inc.
The research report, titled "Soy Chemicals: A Global Strategic Business Report," announced by Global Industry Analysts Inc., provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections for major regional markets including U.S., Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. End-use segments analyzed include plastics, biodiesel, food and beverages and others.
For more details about this comprehensive market research report, click here.