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Soy chemicals are the type of chemicals that are derived from soybean seeds. These chemicals are biodegradable and are increasingly used in commercial products, which include bioplastics, cosmetics, biodiesel, and others. The development of formulations, processes, and chemical modification has permitted biobased materials to be used along with petroleum-based materials. The rising awareness towards bio-based products due to health and environmental concerns, and depleting petroleum reserves has increased the opportunity for soy-based chemicals to be used in new products, and processes.
The factors expected to drive the soy chemicals market is the rising demand for renewable fuel sources. Soybean based biodiesel can be used in diesel engines with little or no modifications as it has low emission compared to petroleum diesel and is a renewable energy source. The above reason is expected to act as a market driver for the soy chemicals market.
Key Market Driver -
Rising demand for renewable fuel sources
Key Market Restraint -
High dependence of developing countries on petroleum based chemicals
High dependence of developing countries on petroleum-based chemicals is expected to act as a market restraint for the soy chemicals market. Technologies have already been designed based on petroleum-based fuels and chemicals. For emerging economies to shift from petroleum-based chemicals to bio-based chemicals would be a costly affair. Hence, the above reason is expected to act as a market restraint.
Based on type, the market is segmented into methyl soyate, soy wax, polyols, and others. Based on application, the soy chemicals market is segmented into biodiesel, bioplastics, oleochemical & surfactant, paints & coatings, printing inks, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The major companies in the global soy chemicals market report include Soy Technologies LLC, Cargill, Acme Synthetic Chemicals, Ag Processing Inc., LANXESS, Elevance Renewable Sciences, Chimista Specialty Chemical LLC, Archer Daniels Midland, Vertec BioSolvents, and other key players.
The global soy chemicals market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The rising demand for soy chemicals for applications such as foods & beverages and cosmetics is expected to grow the market in Asia Pacific region. In North America, growth will be primarily due to the increasing adoption of soy-based chemicals by the industries.
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Stringent regulations and directives to control emission and minimize the consumption of fossil fuel are the factors expected to promote the growth of soy chemicals market in Europe. Latin America and the Middle East & Africa are anticipated to witness growth in soy chemicals market owing to the demand for healthcare & pharmaceutical applications. Soy-based isoflavones are used in medicines for treating cholesterol, heart diseases, and hypertension.
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