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NEWARK, N.J. , July 11, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global soy chemicals market is expected to grow from USD 25.5 billion in 2021 to USD 50.5 billion by 2030, at a CAGR of 7.9% during the forecast period 2022-2030.
Soy chemicals are a substitute for conventional products based on crude and petroleum. It is a significant element in the bio-fuels setup and is considered a reliable and stable alternative to traditional chemicals as they help regulate pollution levels. The use of biodiesel has shown a reduction of about 78% in CO2 emissions, per the U.S. Department of Energy. This has thus helped in boosting the demand for soy chemicals. The increasing demand for environmentally friendly chemicals in industries such as cosmetics, detergents, consumer packaging, and food ingredients increases the need for soy chemicals. There is a high demand for biodegradable plastics made from soy protein concentrate, isolates, flakes, and soy-based derivatives, mixed with synthetic plastics, including polylactic acid, and polycaprolactone. This aims to combine chemicals with isoflavones, waxes, thermoset plastics, elastomers, different oleochemicals, plasticizers, and rubber compounds that can make molded products like soaps, biodegradable plastics, and purchasing bags.
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To enhance their market position in the global soy chemicals market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Soy-based chemicals are widely used to replace petroleum-based products, which drive the market's growth. To reduce the emission of carbon dioxide and reduce the consumption of fossil fuels, most industries are shifting towards bio-based products as an alternative to petroleum-based products, thus propelling the market's growth. However, soy chemicals and their production cost are relatively high compared to conventional chemical products, which hamper the market's growth. Soy chemicals are widely used in various applications such as food, paper, cosmetics, plastics, and polymers, providing an opportunity for the market's growth. It is also widely used in manufacturing biodegradable plastics, soaps, and biodiesel, propelling the market's growth. Increasing demand for environment-friendly chemicals in several industries, such as consumer packaging, cosmetics, food ingredients, and detergents, drives growth.
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The product type segment is divided into fatty acids, isoflavones, soy oil, polyols, methyl soyate, soy waxes, and others. In 2021, the polyols segment dominated the market with the largest market share of 16% and revenue of 4.08 billion. Polyols are highly durable and sustainable materials available at a lower price. Due to this, they are widely used in making mattresses and pillows, which drives the segment's growth.
The application segment is divided into food & beverages, paper, cosmetic & personal care, biofuel, plastic & polymers, and others. In 2021, the biofuels segment accounted for the largest share of the market, with 28% and market revenue of 7.14 billion. The rising demand for renewable fuels to drive vehicles, coupled with the increasing sales in the automotive sector, are some of the driving factors for the growth of the soy chemicals market in the segment.
Regional Segment Analysis of the Soy Chemicals Market
Among all regions, North America emerged as the largest market for the global soy chemicals market, with a market share of around 40.8% and 10.4 billion of the market revenue in 2021. The soy chemicals market has been rapidly growing in the North American region due to the substantial use of biodiesel made from soy chemicals in vehicles. Furthermore, the increasing investment by the government to develop renewable chemicals propels the growth of the market in the region.
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Key players operating in the global soy chemicals market are:
This study forecasts global, regional, and country revenue from 2019 to 2030. Brainy Insights has segmented the global soy chemicals market based on the below-mentioned segments:
Global Soy Chemicals Market by Product Type:
Global Soy Chemicals Market by Application:
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The global soy chemicals market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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