The most widespread soybean derivatives include soy-milk and soy-oil. These are extensively used in food and beverage industry, owing to their high nutrient content. Soy-protein concentrate, flakes and isolates can be compounded with synthetic plastics, such as poly lactic acid; and polycaprolactone to extract chemicals, such as polyols, methyl soyate, waxes, thermoset plastics, elastomer, plasticiser, rubber compounds, isoflavones and other oleochemicals that are utilized to make edible films or moulded products, such as bio-degradable plastics, shopping bags, and soaps.
Another main factor contributing to the growth of the global soy-based chemicals market is the advancement and technological improvement in bio-technology sector. Due to innovative extraction procedures, more quantity of soy protein can be economically extracted, which could lead to greater manufacturing of various soy-based chemicals and widespread applications.
These soy-based chemicals find their use across various industries, such as food and beverage, plastic and polymers, cosmetics, paints and coatings, hydrogels and adhesive. Other industries include soy-based lubricant, soy ink, soy crayon and biodiesel.
The development of modern oil-seed production, vegetable oil refining, processing and animal feed industries during modern times has been a major factor shaping the soy-based chemical market in many ways. After World War-2, the soybean production reached its peak; however, after 1979 soybean planting decreased dramatically because of various factors, such as increased competition for land, in order to cultivate other crops and counterproductive farm policies. The method of procurement and manufacturing of green chemicals changes with consumer's willingness to pay more for that product. Therefore, the end-use industries are preventing to include soy-based chemicals in their offerings, till widespread adoption of bio-degradable products has been implemented.
The demand for soy-based proteins and derivatives is likely to increase significantly in the coming years. The market penetration of these chemicals is expected to increase with hike in petrochemical prices and enhanced performance of soy chemicals over petroleum-based chemicals. For this reason, the existing global companies are introducing new products in their product mix to address the market's demand. In addition, the use of these products in candles and food processing, toiletries and cosmetic industries are expected to grow further.
The traditional food industry is expected to be the main contributor to this development and will also play a noteworthy role to affect the supply of same for the production of chemicals, thus acting as barrier in the growth of the soy-based chemicals market.
The global soy-based chemicals market was valued at $11,688.7 million in 2015, and it is expected to grow at a CAGR of 7.5% during 2016-2022. North America was the largest regional market, followed by Asia-Pacific in 2015. The developing countries in South America are also expected to make serious progress in the global soy-based chemical market. The Asian countries, such as Korea, Singapore and China are investing heavily in the renewable chemical sector. Other promising markets include Western Europe, Eastern Europe, Middle East and Africa.
Some of the major companies operating in the global soy-based chemical market includeThe Dow Chemical Company, Archer Daniels Midland Co., Soy Technologies LLC, BioBased Technologies LLC, Bunge Ltd., Cargill Inc., VertecBioSolvents Inc., Cara Plastics Inc., Elevance Renewable Sciences Inc., and Soyaworld Inc.
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