Global Soy-Based Chemicals Market – Trends, Drivers, Challenges, and Vendor Analysis | Technavio

LONDON–(BUSINESS WIRE)–#Research–The global
soy-based chemicals market is expected to grow at a CAGR of
close to 8% during the period 2018-2022, according to a new market
research study by Technavio.

The report categorizes the global
soy-based chemicals market by application, including biodiesel,
food and beverages, plastic and polymers, paper and pulp, and personal
care and cosmetics. The report also determines the geographic breakdown
of the market in terms of detailed analysis and impact, which includes
key geographies such as APAC, the Americas, and EMEA.

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Market driver: increasing demand for biofuels

As they reduce carbon emissions and removes the dependency on fossil
fuels, the use of biofuels had increased. Also, the production of
biofuels requires feedstock, which is generally renewable in nature. The
use of biofuel is high in agriculture-based economies such as India,
China, and Brazil because of the availability of vast area for the
feedstock production. As they can reduce the emission of greenhouse
gases, biofuels are used as a substitution for petroleum-based fuels.

According to a senior analyst at Technavio for specialty
chemicals research, “Countries such as the US and
Germany are supporting the use of biofuels to reduce the dependence on
imported crude oil, which will boost the consumption of biofuel such as
soy-based biodiesel. The production of biodiesel involves the use of
soy-based chemicals. The growth in the global soy-based chemicals market
during the forecast period is expected to increase due to the
consumption of biofuels such as soy-based biodiesel.”

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Market trend: growing demand for natural waxes in candle industry

Rising environmental concerns and the demand for bio-based products are
expected to foster the consumption of soy-based chemicals in the natural
wax industry. In the natural wax industry, soy-based chemicals are used
as substitutes of petroleum and synthetic products. Due to similar
properties and functionality offered by soy wax, the major vendors in
the candle industry are opting for soy wax than paraffin wax. Also, soy
wax is a biodegradable product which is produced from soybeans, whereas
paraffin wax is produced from petroleum. Paraffin wax releases
substances that are harmful to humans such as black soot and
carcinogens. Soy wax candles are non-toxic. They also facilitate cleaner
burning, higher durability, and excellent fragrance. Soy-wax has a
greater potential in the candle industry, owing to such properties.

Market challenge: volatility in soybean prices

The fluctuations in the costs of commodities have put a lot of financial
pressure on the numerous producers in recent years. Fluctuation in the
cost of soybean is affecting the cost of products derived from soybean
after the global crisis (2008). For example, the cost of soy-based
consumer packaged goods saw an increase of double digits in recent
years. Only a few have recovered from the global crisis. Major economies
are yet to recover; some are still struggling to recover. The
fluctuations in prices of raw materials are yet to stabilize, even
though the global economy has shown signs of a positive outlook. Many
vendors do not have the adaptability to cater to market volatility.

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Some of the major contributors in the global soy-based chemicals
market:

• Ag Processing
• Archer Daniels Midland
• Bunge
• Cargill
• Stepan
• Soy Technologies

The global
soy-based chemicals market is moderately fragmented. Though
there are few leading vendors, new vendors look at capturing the market
share. Players in the market are trying to increase their global
footprint by mergers and acquisitions and collaborating with local or
regional players.

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