Global Soy Chemicals Market is set to grow from its current market value of more than $25 billion to over $44.5 billion by 2024; according to a new research report by Global Market Insights, Inc.
Escalating awareness about medicinal benefits of soybean and growing demand for bio-based products will augment soy chemicals market share by 2024. Also, intensifying environmental concerns are likely to offer impetus to soy chemicals industry growth. Soy chemicals have found wide application as substitutes for petroleum and other traditional chemicals and help to reduce impact of harmful GHG emissions.
Rapidly amplifying threats of acid rain, global warming, ozone layer depletion, and water pollution has resulted into accelerating adoption of greener products worldwide. Benefits of soybean has led soy-based product to be used as renewable chemicals which have wide-ranging application in paints & coatings, plasticizers, and adhesives sector. Growing usage in these sectors in turn will help in the supplementing soy chemicals market outlook.
Soy chemicals industry forecast report estimates that soy tocopherols business size will exceed $350 million by 2024. The product is extracted from non-GMO soybeans which are extensively used in personal care applications like lipsticks, moisturizers, face powders, foundations, detergents, and bath soaps. These products offer protection against numerous environmental stressors including pollution and UV rays. Furthermore, soy tocopherols are used as anti-aging, antioxidant, natural preservatives, and skin conditioning agents, thus protecting skin and improving soy chemicals market trends.
Refined industrial soybean oil industry outlook from lubricant applications is likely to expand considerably with revenue share of more than $1.5 million by 2024. Soybean oil is refined and blustered under controlled circumstances to achieve low flammability, improved lubricity, and high viscosity. Refined industrial soybean oil is utilized as raw materials to decrease energy costs, CO2 emissions, and reducing need of high-priced additives and antioxidants which will stimulate soy chemicals market trends.
Europe soy wax sector from application in candles is expected to earn profits of around 3.5% over 2018-2024. Soy wax are prepared from soybeans as opposed to its counterparts including paraffin wax which are usually made from petroleum. Moreover, these products offer cleaner burning, improved scent, environmental advantages free from pollutants, carcinogens, and toxins which help to accelerate soy chemicals market size expansion.
North America GMO soy lecithin segment is expected to gain more than 5% profits from food & beverage applications over 2018-2024. The product has found its application as food additive like emulsifiers which are added in several food items such as baked goods, dietary supplements, infant formulas, convenience foods, and ice creams. It is heavily utilized to maintain cholesterol and enhance brain functions. GMO soy lecithin are usually sold in the form of supplements which are extensively used to promote overall wellness and health of individuals. Furthermore, growing concerns of obesity in the U.S. and augmenting lifestyle related diseases will shift consumer preference towards healthy plant-based food sources. Such factors favoring North America soy chemicals market landscape will further boost global industry growth.
Source: https://www.gminsights.com/pressrelease/soy-based-chemicals-market
