Soy-Based Chemicals : Global Outlook and Growth Analysis by 2027
Soy-based chemicals are used in various end-user
industries such as paper, food & beverage, Plastic & polymers, cosmetic
& personal care among others. The increasing demand from the developing
economies are the major factors driving the global market for soy-based
chemicals. The stringent regulations relating to the emission from fossil fuels
is anticipated to be the key factor driving the global market. Moreover, the
growing investment in the production of fossil fuel across the globe is
expected to further add to the market for soy-based chemicals. Among the
various application segment, biofuel segment closely followed by plastic and
polymer sector are expected to show substantially growing during the assessed
years.
Regional Analysis
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.
Competitive Analysis
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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Market Scenario
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.
Market Segmentation
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.
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