Synopsis of Soy-Based Chemicals Market —
Soy-Based Chemicals are used in various end-user industries such as paper, food & beverage, Plastic & polymers, cosmetic & personal care among others. The increasing demand from the developing economies are the major factors driving the global market for Soy-Based Chemicals. The stringent regulations relating to the emission from fossil fuels is anticipated to be the key factor driving the global market. Moreover, the growing investment in the production of fossil fuel across the globe is expected to further add to the market for Soy-Based Chemicals. Among the various application segment, biofuel segment closely followed by plastic and polymer sector are expected to show substantially growing during the assessed years.
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Some of the prominent players operating in the Global Soy-Based Chemicals Market: The Dow Chemical Company (U.S), Archer Daniels Midland Co (U.S.), BioBased Technologies LLC (U.S.), Bunge Limited (U.S.), K+S AKTIENGESELLSCHAFT (Germany), Cargill Inc (U.S.), LAXNESS (Germany), CFC Internation Corporation (U.S.). Eco Safety Products (U.S), and Elevance Renewable Sciences, Inc (U.S.).
The Global Soy-Based Chemicals Market is segmented into Product Type and Application.
On the Basis of the Product Type, the market is segregated into soy oil, fatty acid, polyols, soy waxes, methyl soyate, isoflavones, and others.
On the Basis of the Application, the Global Soy-Based Chemicals Market is further segmented into paper, personal care & cosmetics, food & beverages, plastics & polymers, biofuel, and others.
The Soy-Based Chemicals Market is segmented across five regions: Europe, Asia Pacific, North America Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing market during the forecast years. The growing manufacturing units in the region has resulted in the increase in the adoption of Soy-Based Chemicals in the region. Moreover, the increasing demand for cosmetic & personal care in the region has further augmented the demand for Soy-Based Chemicals. Furthermore, the growing demand for Soy-Based Chemicals is further expected to boost the market growth. In addition to this, the growing population in the region has augmented the building and construction industry, in turn, adding to the demand for soy-based chemicals.
North America is another dominant region in the Global Soy-Based Chemicals Market and is expected to show an expanding CAGR during the forecast period. The growing awareness about greenhouse emissions coupled with the stringent government regulations regarding greenhouse emissions are the major factors driving the growth of the market. Moreover, the growing application in the food and beverage is also expected to have a positive impact on the market growth. Furthermore, the growing demand for green residential and commercial building in the region has augmented the use of Soy-Based Chemicals in adhesives, coatings, plywood, roofing shingles, and other products.
Europe is another major region in the Soy-Based Chemicals Market. Germany, France, Spain are some of the major countries attributing to the growth of the market. The presence of stringent EU regulations regarding the harmful emissions has shifted to Bio-Based Chemicals, which, in turn, is adding to the growth of the Soy-Based Chemicals Market in the region. Moreover, the growing inclination towards biofuel has further augmented the demand for Soy-Based Chemicals.
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