Overview:
The production and consumption of fossil fuel has grown drastically, leading to increase in carbon dioxide emissions. Soybean chemicals are considered as a steady and positive alternative to the conventional chemicals derived from crude oil or petroleum. Therefore, the demand of soy-based chemicals is projected to grow at a significant rate over the next six years. The two most common derivatives of soybean are soy milk and soy oil. Soy milk is widely used in the food industry and on the other hand soy oil is widely used in the production of biodegradable plastics, biodiesel and cosmetics industry.
Rising awareness about the benefits of bio based products coupled with stringent environmental regulations is the major factor driving the market growth. Furthermore, rising demand for bio based plastics is another factor contributing towards the market growth. However, lack of raw material availability is projected to impediment the growth of soy-based chemicals market.
North America is projected to be the most promising market for soy-based chemicals followed by Europe. Rise in environmental concerns to reduce green house gas emissions along with stringent environmental regulations are likely to stimulate the market growth for soy based chemicals in this regions. However, Asia Pacific and Latin America regions offer huge market potential. This is due to rise in consumer awareness towards eco-friendly products.
Global soy-based chemicals market is segmented on the following bases:
Key Players Identified in the Soy-Based Chemicals Market include but are not limited to:
The Dow Chemical Company, Archer Daniels Midland Co., Cargill Inc., Elevance Renewable Sciences Inc, Renewable Lubricants Inc, Soyaworld Inc and Vertec BioSolvents Inc.
This report offers:
