Soy-Based Chemicals Market Growth 2022-2030
Soy-based chemicals are used in various end-user industries such as paper, food beverage, Plastic polymers, cosmetic personal care among others. The increasing demand from the developing economies are the major factors driving the global soy-based chemicals market for soy-based chemicals. The stringent regulations relating to the emission from fossil fuels is anticipated to be the key factor driving the global market.
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Competitive Analysis
Some of the prominent players operating in the global soy-based chemicals market: The Dow Chemical Company (U.S), Archer Daniels Midland Co (U.S.), BioBased Technologies LLC (U.S.), Bunge Limited (U.S.), K+S AKTIENGESELLSCHAFT (Germany), Cargill Inc (U.S.), LAXNESS (Germany), CFC Internation Corporation (U.S.). Eco Safety Products (U.S), and Elevance Renewable Sciences, Inc (U.S.)
Moreover, the growing investment in the production of fossil fuel across the globe is expected to further add to the market for soy-based chemicals. Among the various application segment, biofuel segment closely followed by plastic and polymer sector are expected to show substantially growing during the assessed years.
Market Segmentation
The global soy-based chemicals market growth is segmented into product type and application. On the basis of the type, the market is segregated into soy oil, fatty acid, polyols, soy waxes, methyl soyate, isoflavones, and others. On the basis of application, the global soy-based chemicals market is further bifurcated into paper, personal care cosmetics, food beverages, plastics polymers, biofuel, and others.
Market Scenario
The biofuel segment is leading the market on account of its growing investment by the government in the development of biofuel across the globe. Moreover, the growing inclination towards the renewable sources is likely to contribute substantially to the growth of the segment during the forecast period. Plastic and polymer segment is anticipated to be the fastest growing segment during the forecast years.
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