Soy-Based Chemicals Market to Expand with Significant CAGR During 2024
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.
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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.
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