Why will Sales of Soy-Based Chemicals Surge in Asia-Pacific in Future?
Soy-Based Chemicals Market
The rising requirement for soybean for traditional use in the food industry and the growing utilization of bio-based products are the main factors fueling the demand for soy-based chemicals across the globe. Moreover, rapid environmental degradation, increasing air and water pollution levels, global warming, the problem of waste disposal, and the rising incidence of acid rain are boosting the popularity of bio-based chemicals, which is, in turn, propelling the requirement for soy-based chemicals around the world.
Additionally, the rising requirement for environment-friendly and bio-based products, especially in the specialty chemicals and consumer sectors all over the world, is pushing up the sales of soy-based chemicals across the globe. The usage of soy-based chemicals is increasing rapidly, especially insecticides, pesticides, fertilizers, cosmetics, and greases & lubricants. Moreover, the burgeoning requirement for eco-friendly chemicals in end-use industries such as industrial polymers, plastics and pharma ingredients, and cleaning chemicals is further propelling the sales of soy-based chemicals.
Due to the aforementioned factors, the global soy-based chemicals market is exhibiting rapid expansion. Soy-based chemicals are basically substitutes to the conventionally used chemicals that are derived from petroleum oil or crude oil. Soy milk is one of the most widely used soybean derivatives. It is extensively used in the food industry. On the other hand, soy oil is heavily used for extracting chemicals such as waxes, isoflavones, and polyols.
Soy oil derivatives are then used for producing biodegradable soaps, plastics, biodiesel, and various other products. Apart from being heavily used in the food and beverage and plastics industries, soy-based chemicals are also required in huge amounts in the cosmetics industry. Soy-oil, fatty acids, soy-wax, polyols, isoflavones, and methyl soyate are the main types of soy-based chemicals used across the world. Out of these, the usage of soy-oil was found to be the highest during the last few years.
Food and beverages, cosmetics, paper and pulp, plastic and polymers, and biodiesel are the major application areas of soy-based chemicals. Out of these, the utilization of soy-based chemicals was found to be the highest in biodiesel applications in the past years. Globally, the sales of soy-based chemicals were the highest in North America in the past, as per the findings of P&S Intelligence, a market research company based in India.
Soy-based chemicals are substitutes to traditional chemicals that were derived from crude oil or petroleum oil. Soy milk are the most popular soybean derivatives. Soy milk has application in the food industry, whereas soy oil holds immense potential in the extraction of chemicals such as polyols, isoflavones, and waxes. Soy oil derivatives are then for manufacturing biodegradable soaps, biodiesel, plastics and other products. Other than usage in plastics and food & beverage industry, soy-based chemical products are also used in the cosmetics industry. The usage of bio-based chemicals has become vital owing to the rapid increase in pollution levels. Soy-based chemicals are an element of bio-fuels setup, and the market is likely to witness a fast-paced growth during the forecast period. Additionally, soybean chemicals serve as a substitute to crude oil or petroleum. Thus, with the rapid growth of global market for soy-based chemicals, the global carbon footprint is expected to decline
In the coming years, the demand for soy-based chemicals is predicted to rise sharply in the Asia-Pacific (APAC) region. This will be a result of the surging investments being made in the renewable chemical industry in the regional countries such as Singapore, China, and South Korea. In addition to this, the sales of soy-based chemicals are predicted to boom in Middle East and Africa and Eastern and Western European countries in the future years.
Hence, it is quite clear that the demand for soy-based chemicals will explode all over the world in the upcoming years, mainly because of their growing requirement in the food and beverages industry and the rising popularity of bio-based products around the world.
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