A new market study, titled “Global Soy-Based Chemical Market Analysis, Forecast to 2026”, has been featured on Allied Market Research
The growth of the market is mainly driven by emergence of soy-based chemicals as a substitute to petroleum products. High consumption of fossil fuels result in increased carbon dioxide emissions. Thus, soy-based chemicals are used to avoid such instances, hence, acts as a major factor responsible for the growth of the Soy-Based Chemical Market. Consumers are well versed with the emissions from carbon compounds that hamper the environmental conditions, due to which they have switched to bio based products. The overall chemical industry is witnessing a shift of petroleum products to bio-based products in response to events such as global warming. This further results in the growth in consumption of bio-based chemicals, with soy-based chemicals being one of them.
Soybean chemicals are bio-based chemicals which are derived from soybean and are an effective substitute for petroleum and other crude-derived chemicals. Soybean chemicals are mostly cultivated in the U.S., Brazil, Argentina, India, and China. These chemicals are mainly used in applications such as food & beverages for products like soymilk & soy oil, and it’s mostly used in applications such as cosmetics, biofuel, and paper.
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On the split side, increase in soybean allergies that occur from the usage of numerous products such as tofu, soymilk, and others restrain the growth of the soy chemical market in the coming years. On contrary, easy production of soybean and increase in investments from the public sector for the production of soy-based chemicals is likely to offer lucrative growth opportunities for the market. Furthermore, increase in R&D investments in product development is projected to offer a significant growth opportunity for the Soy-Based Chemical Market.
The market is segmented into type, application, and region. By, it is divided into soy oil, fatty acid, polyols, soy waxes, methyl soyate, isoflavones, and others. By application, it is classified into paper, food & beverages, cosmetics & personal care, plastic & polymers, biofuel, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
North America is the largest regional market due to the largest soy-based chemical production and strict regulations on fossil fuel emissions.
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The Major Key Players Are:
Dow, Archer Daniels Midland Company, BioBased Technologies LLC, Bunge Limited, Ag Processing Inc, Cargill Inc, LANXESS, Vertec BioSolvents, Eco Safety Products, Elevance Renewable Sciences, Inc.
Key Benefits For Stakeholders:
- The Soy-Based Chemical Market size has been analyzed across all regions.
- Porter’s five force analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- The report outlines the current Soy-Based Chemical Market trends and future scenario of the market from 2018 to 2026 to understand the prevailing opportunities and potential investment pockets. The market is forecasted for 2019-2026.
- Major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and market opportunities and their detailed impact analysis are elucidated in the study.
- The Soy-Based Chemical Market analysis covers in-depth information of major industry participants.
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