Usage of Soy Polyols in Automotive Cushions to Push Soy Chemicals Sales at 7.5% CAGR

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Jun 13, 2022, 10:30 ET

Demand for Biodegradable Products to Propel Soy Chemicals Market Size Past US$ 24.3 Bn in 2022

Fact.MR's new report on the global soy chemicals market provides a 10-year forecast through 2022 & beyond. The report highlights crucial dynamics, such as opportunities, trends, growth drivers, and challenges shaping the market. The report has also been segmented in terms of type, end use, and region to present an illustrative representation of the market outlook.

NEW YORK, June 13, 2022 /PRNewswire/ -- The global soy chemicals market size is expected to reach US$ 50.06 Bn in 2032. Sales in the market are projected to increase at a CAGR of 7.5% over the forecast period, with the market valuation reaching nearly US$ 24.35 Bn in 2022.

High demand for biodegradable products and rising government initiatives to boost the usage of renewable chemical sources are likely to fuel growth. Rapid expansion of the agriculture and food and beverage industries is also expected to drive the market.

Moreover, as soybean products are rich in zinc, calcium, iron, and protein, they are extensively utilized in skincare products for skin rejuvenation and acne reduction. Rising usage of soy chemicals in shampoos, soaps, and other personal care products for hair growth and wrinkle repair will continue pushing sales in the market.

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Besides this, increasing usage of soy chemicals in food and beverages as additives to improve the nutritional value is anticipated to foster growth. Rising utilization of soy chemicals in pharmaceutical products to treat fetal development, type 2 diabetes, and breast cancer is also expected to propel demand.

As per the World Health Organization (WHO), nearly 2.3 million women were diagnosed with breast cancer in 2020 and approximately 68,5000 deaths had occurred across the globe in the same year. These numbers are likely to grow at a rapid pace in the forthcoming years, thereby spurring demand for soy chemicals in the pharmaceutical sector.

Further, rising adoption of biodiesel, along with increasing awareness about sustainable energy sources will bode well for the market. High demand for soy polyols for usage in automotive seats & cushions, upholstered furniture, pillows, and mattresses across the globe is another vital factor that is anticipated to bolster growth.

Key Takeaways:

The U.S. soy chemicals market is projected to expand at a CAGR of 7.4% and create an absolute $ opportunity of US$ 15.82 Bn in 2032.
China is expected to account for the dominant soy chemicals market share of 46.6% in Asia Pacific throughout the forecast period.
Based on type, the soy oils segment is anticipated to exhibit a CAGR of 8.7% and reach a market valuation of US$ 17.56 Bn by 2032.
In terms of end use, sales in the plastics and polymers category are likely to generate a market share of 25.3% in 2022 and showcase a CAGR of 9.9% in 2032.
The North America soy chemicals market is set to account for a share of 34.3%, while Asia Pacific is projected to generate a revenue of US$ 16.38 Bn by 2032.

Growth Drivers:

Increasing replacement of petrochemicals with soy-based chemicals to reduce greenhouse gas emissions is expected to augment growth.
High demand for soy chemicals in the foams, adhesives, and paints & coatings industries is projected to spur demand.

Restraints:

Rising prevalence of soybean allergies owing to the consumption of soy textured proteins, yogurts, tofu, cheese, and milk may hinder growth.
Various side-effects of soy-based chemicals, including diarrhea, hives, skin redness, and abdominal pain are expected to obstruct growth.

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Competitive Landscape:

Leading players operating in the global soy chemicals market are increasingly focusing on strategic collaborations and partnerships to enhance their technical expertise, as well as expand their production capacities.

They are also investing in research and development activities to create innovative products and broaden their existing portfolios. Meanwhile, some of the other key players are acquiring small-scale companies to strengthen their positions in the global market.

For instance,

In April 2022, BASF, a multinational chemical company headquartered in Germany, developed a new bio-based anionic surfactant named Plantapon Soy. It is mainly derived from soy protein that provides several sustainability benefits. It is best suited for both natural cosmetic standards and vegan formulations.
In December 2021, Pioneer, a multinational corporation based in Japan, launched a wide range of 87 corn and soybean seed products in the U.S. market. These new classes of products were developed by using novel genetics extracted from the Corteva Agriscience global germplasm library.

Key Companies Profiled by Fact.MR

BioBased Technologies LLC
Bunge Ltd.
The Dow Chemical Company
ADM Co.
Cargill Inc.
Cara Plastics Inc.
Elevance Renewable Sciences Inc.
Lanxess
Griffin Industries Inc.
Soy Technologies LLC
Vitasoy USA Inc.
VertecBiosolvents
Soyaworld Inc.
Columbus Foods Co.
Chemtura Corp.

More Valuable Insights on Soy Chemicals Market

In the latest study, Fact.MR offers a detailed study on global soy chemicals market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of soy chemicals through detailed segmentation as follows:

By Type:

Soy Oil
Soy Wax Market
Fatty Acids
Soy Polyols
Soy Isoflavones
Soy Methyl Soyate
Other Types

By End Use:

Plastics & Polymers
Food & Beverages
Cosmetics
Biodiesels
Paper & Pulp
Other End Uses

By Region:

North America
Latin America
Europe
APAC
MEA

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Key Questions Covered in the Soy Chemicals Market Report

What is the projected value of the soy chemicals market in 2022?
At what rate will the global soy chemicals market grow until 2032?
Which are the factors hampering the growth in the soy chemicals market?
Which region is expected to lead in the global soy chemicals market during 2022-2032?
Which are the factors driving the soy chemicals market during the forecast period?
What is the expected market value of the soy chemicals market during the forecast period?

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