Global Soy Chemicals Market to Reach $13 Billion by 2017
Market penetration of soy chemicals is likely to expand with the continued hike in prices of petrochemicals and the enhanced performance of soy chemicals over petrochemical-based materials. Health benefits, as well as rising demand of natural ingredients for consumer products, str projected to bolster the market for natural extracts. Refined industrial soybean oil is projected to earn low revenues, as the oil is used for saturated and declining application areas such as alkyd resins and newspaper inks.
In the soy chemicals category, methyl soyate is the most established market owing to its dominance in the bio-diesel sphere. The chemical is also used as a solvent in various other applications areas, such as cleaning products and coatings.
The market for soy-polyols and other oil-derived chemicals is expected to grow as a result of corporate initiatives encouraging the usage of sustainable and renewable feedstock. In addition, rising consumer demand for environmentally friendly products, specifically in the coatings and plastic markets, is expected to boost long-term prospects. Smaller volume markets such as consumer wax, adhesives and lubricants are expected to grow in the future. Major factors driving demand for soy chemicals include rising environmental concerns and enhanced products, such as soy protein flour finding application in the wood adhesives market. In consumer wax applications, soy waxes are increasingly penetrating the commercial candle market due to their ability to support high fragrance loading and clean burn.
The U.S. and Asia-Pacific make up two of the largest markets for soy chemicals, according to the report. In view of long-term growth potential, the developing markets of Latin America and Asia-Pacific are projected to surge ahead at a CAGR of more than 9.0% through 2017. By end-use segment, the biodiesel market displays dramatic expansion over the years and reigns as the largest end-user of soy chemicals. However, over the long-term, the plastics segment is forecast to race ahead at the highest compounded rate of 8.5% during the analysis period.
For more information, visit www.strategyr.com/soy_chemicals_market_report.asp.