Soy Chemicals Market Analysis

Soy Chemicals Market Analysis

Soy polyols segment from polyurethane applications may surpass USD 1.9 billion by 2024. These products are highly used in mattresses, pillows, upholstered furniture and automotive cushions and seats. Soy polyols are majorly used as alternatives to petrochemical counterparts providing cost benefits, durability, light weight and sustainability. Rising government initiatives for reducing GHG emissions along with rapid production of vegetable oils in Indonesia, Malaysia and Thailand may fuel the soy chemicals market share

Soy wax business from candle applications may register significant gains at over 4% by the end of forecasted timeframe. The product is a vegetable wax free from carcinogenic compounds & derived from soybean oil which is highly used in candle making. It is a natural and renewable resource and has lower melting point as compared to paraffin wax. Increasing awareness and benefits of vegetable wax may stimulate the soy chemicals market demand.

Soy isoflavones segment from nutraceutical applications was valued at over USD 5 billion in 2017. These products are known as phytoestrogens which are present in various dietary supplements and majorly used for used to improve metabolism of glucose, weight management, diabetes, osteoporosis and polycystic ovary syndrome (PCOS) in women.

North America soy chemicals market size led by the U.S., Canada and Mexico may register growth at over 5% by 2024. The region is a leading producer and exporter of soybeans ensuring abundant supply of raw materials for chemical production. According to The United States Department of Agriculture (USDA), more than100 million metric tons of soybeans were produced in the U.S. Moreover, increasing trend of bio-diesel adoption as compared to other counterparts may push soy chemicals regional growth.
 

Europe led by UK, France, and Germany may surpass USD 10 billion by 2024. Stringent government regulations regarding emission control and various favorable directives for reducing consumption of fossil fuels such as petroleum diesel contributing to GHG emissions may promote the regional soy chemicals market growth. Over 85% of reduction in carcinogenic emissions and 75% reduction in GHG emissions is obtained by the usage of soy based biodiesel which may further enhance soy based chemicals demand in the region.
 

Asia Pacific led by China, Japan, and India may expect growth at over 5.5% by the end of 2024. Rising demand of soybean based chemicals from various end-use industries such as healthcare & nutraceutical industries may boost the soy chemicals market growth. Asia Pacific nutraceuticals industry was valued at over 60 billion in 2017 owing to rising healthcare awareness and risk of chronic disease. Soy based isoflavones are available as medicines and dietary supplements for treating heart diseases, cholesterol, bone problems and hypertension.