The 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. This was among the findings of 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 the soy chemicals market share by 2024.
Also, intensifying environmental concerns are likely to offer impetus to the soy chemical industry growth. Soy chemicals have found wide applications as substitutes for petroleum and other traditional chemicals and help to reduce impact of harmful GHG (greenhouse gas) emissions.
Rapidly amplifying threats of acid rain, global warming, ozone layer depletion, and water pollution has resulted into accelerating adoption of greener products worldwide.
The benefits of soybean has led soy-based product to be used as renewable chemicals, which have wide-ranging applications in such sectors as paints and coatings, plasticisers and adhesives. Growing usage in these sectors in turn will help in the supplementing soy chemicals market outlook.
Soy chemicals industry forecast report estimates that the soy tocopherols business size will exceed $350 million by 2024. The product is extracted from non-GMO (genetically-modified organism) soybeans which are extensively used in personal care applications like lipsticks, moisturisers, 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.
The 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 utilised as raw materials to decrease energy costs, CO2 (carbon dioxide) emissions, and reducing need of high-priced additives and antioxidants, which will stimulate soy chemicals market trends.
The European soy wax sector, from applications in candles, is expected to earn profits of around 3.5 per cent between 2018 and 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 five per cent profits from food and beverage applications between 2018 and 2024. The product has found its application as food additives, like emulsifiers, which are added in several food items such as baked goods, dietary supplements, infant formulae, convenience foods, and ice cream.
It is heavily utilised 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 US, and augmenting lifestyle-related diseases will shift consumer preference towards healthy plant-based food sources. Such factors favouring the North American soy chemicals market landscape will further boost global industry growth.
