"Companies covered in the Soy Chemicals Market are Chimista Specialty Chemical LLC, Soy Technologies LLC, Vertec BioSolvents, Cargill, Archer Daniels Midland, LANXESS, Acme Synthetic Chemicals, Elevance Renewable Sciences, AG Processing Inc., Other key market players profiled.
The Global soy chemicals market is likely to gain impetus from the increasing awareness programs regarding the availability of bio-based products because of the rising environmental and health concerns. Also, depletion of petroleum reserves is upsurging the opportunities for soy-based chemicals that are to be used in new processes and products. This information is given by Fortune Business Insights™
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Highlights of This Report-
- Comprehensive coverage of the soy chemicals market trends, opportunities, and challenges.
- A holistic and deep understanding of the market
- Competitive landscape consisting of investments, mergers and acquisitions, collaborations, partnerships, joint ventures, novel product launches, agreements, and contracts.
- SWOT analysis and an array of graphics of major industry segments
- Impact analysis and a well-defined technological growth map
- Data about the growth drivers and hindrances.
Drivers & Restraints-
Increasing Demand for Renewable Energy to Fuel Growth
Higher demand for renewable fuel sources is one of the major factors that is likely to drive the soy chemicals market growth during the forecast period. Biodiesel based on soybean can be easily used in diesel engines with little or no changes. Unlike petroleum diesel, biodiesel has low emission of carbon and is considered to be a crucial renewable source of energy. However, in the developing nations, people largely depend on petroleum-based chemicals. Apart from that, various technologies based on petroleum-based chemicals and fuels have been developed in many regions. In the emerging nations, the masses would not be able to efficiently shift towards bio-based chemicals from petroleum-based chemicals as it is an expensive process. These factors may hamper the market growth.
Extensive Usage in Cosmetics & Food & Beverages Industries to Favor Growth in Asia Pacific
Geographically, the market is categorized into the Middle East and Africa, Latin America, Europe, Asia Pacific, and North America. Out of these, in Asia Pacific, the rising demand for soy chemicals for applications in the cosmetics and food and beverage industries is set to propel the market. North America would experience considerable growth by generating comparatively higher soy chemicals market revenue. This growth is attributable to the increasing utilization of soy-based chemicals in a wide range of industries.
Europe, on the other hand, is projected to exhibit significant growth stoked by the implementation of stringent government rules and directives for minimizing the usage of fossil fuel and controlling emission in the atmosphere. In the Middle East & Africa and Latin America, the market would grow gradually backed by the increasing demand from the pharmaceutical and healthcare sectors. In medicines, soy-based isoflavones are extensive used for treating hypertension, heart diseases, and cholesterol.
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Key Companies Focus on Launching Cutting-edge Products to Upsurge Sales
The market houses many small, medium, and big companies that are currently conducting various research and development activities to launch eco-friendly products for their consumers. It is also helping them in gaining more soy chemicals market share. Below are a couple of the latest industry developments:
- November 2019: HP, a multinational information technology company headquartered in the U.S., announced its plan to invest approximately USD 200 million in the next five years to create new water-based ink technologies. It would soon introduce soy- and vegetable-based inks to lower the impact from the production process to end use. Such inks are environmentally friendly and sustainable. They will be mainly used for printing on corrugated materials and textiles.
- March 2017: Solbar Plant Extracts (SPE), a wholesale distributor of groceries and related products based in Israel, unveiled its wide range of soy extracts. These are best suited for the usage in cosmeceutical skin care products. The new extract is called Solgen C and it consists of 98% water soluble. It is mainly aimed at cosmetic manufacturers to use it as an ingredient in oil-based products, such as sunscreen, skin care products, and face creams.
Fortune Business Insights™ presents a list of all the companies operating in the soy chemicals market. They are as follows:
- Chimista Specialty Chemical LLC
- Soy Technologies LLC
- Vertec BioSolvents
- Archer Daniels Midland
- Acme Synthetic Chemicals
- Elevance Renewable Sciences
- AG Processing Inc.
- Other key market players
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