Future Market Insights announces the addition of a new report to its comprehensive database of market research reports. The report titled, “Soy-Based Chemicals Market: Global Industry Analysis and Opportunity Assessment 2016-2026” offers 10-year market forecast on the key drivers, restraints, and trends in the adoption of soy-based chemicals for commercial applications.
Market Size of Soy Chemicals Over US$ 10 Bln
According to the report, adoption of biobased sources in chemicals and materials industry is gaining traction, owing to increasing emphasis on global warming and climate change. Soy-based products are widely used in the manufacture of isoflavones, polyols, paints and coatings, adhesives, and hydrogels.
Fluctuations in the prices of crude oil, combined with geo-political uncertainty in the Middle East are also promoting the use of biobased fuels, such as algae and soy. Soy derived biodiesel is being touted as a feasible alternative to non-renewable sources of energy; however, large-scale commercialisation is still a far-fetched thing.
Consumer preference towards green and environmentally-friendly materials is a key driving factor that’s led to increasing adoption of soy based chemicals. However, challenges with consumer preferences translating into willingness to pay more for green products are impeding widespread adoption. While end-use industries are looking to incorporate soy chemicals in their offerings, they don’t want to pay substantially higher price.
According to Future Market Insights’ report, use of soy chemicals in the manufacture of methyl soyate, oleochemicals, surfactants, paints and coatings, printing inks, polyols, thermoset plastics, elastomers, rubber compounds, plasticisers, adhesives, lubricants, etc. will continue to fuel the growth of the market.
The global soy chemicals market is worth nearly US$ 10 billion, and is expected to increase at a healthy compound annual growth rate (CAGR) in the next decade. North America and the developing markets of Asia Pacific and Latin America are expected to offer growth opportunities to companies operating in the soy chemicals market landscape.
Currently, biodiesel industry accounts for the bulk of demand for soy chemicals; however, it is expected that soy chemicals will find increasing applications in plastic and polymers industry, making this industry one of the highest revenue contributors to the market during the forecast period 2016-2026.
Soy Chemicals Market Share Lower than Petroleum-Based Chemicals
Another major factor that’s led to increasing adoption of soy chemicals is the technology advancement in the biotechnology sector. Thanks to innovative extraction procedures, the quality of soy derivatives has consistently increased, leading to improvement in quality. FMI’s report forecasts that for soy based chemicals to eat into the market share of petroleum-based chemicals, innovations in biotechnology will have to play a major role.
Leading Companies in Soy Chemicals Market
Leading companies operating in the soy chemicals market include Cara Plastics Inc., Ag Environmental Products LLC, Elevance Soy Technologies LLC Renewable Lubricants Inc., The Dow Chemical Company, Renewable Sciences Inc., Archer Daniels Midland Co., Cargill Inc., BioBased Technologies LLC, Soyaworld Inc., Vertec BioSolvents Inc.
A free sample and TOC of the report, “Soy-Based Chemicals Market: Global Industry Analysis and Opportunity Assessment” is available for download at http://www.futuremarketinsights.com/reports/sample/rep-gb-1361
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