The rising requirement for soybean for traditional use in the food industry and the growing utilization of bio-based products are the main factors fueling the demand for soy-based chemicals across the globe. Moreover, rapid environmental degradation, increasing air and water pollution levels, global warming, the problem of waste disposal, and the rising incidence of acid rain are boosting the popularity of bio-based chemicals, which is, in turn, propelling the requirement for soy-based chemicals around the world.
Due to the aforementioned factors, the global soy-based chemicals market is exhibiting rapid expansion. Soy-based chemicals are basically substitutes to the conventionally used chemicals that are derived from petroleum oil or crude oil. Soy milk is one of the most widely used soybean derivatives. It is extensively used in the food industry. On the other hand, soy oil is heavily used for extracting chemicals such as waxes, isoflavones, and polyols.
Soy oil derivatives are then used for producing biodegradable soaps, plastics, biodiesel, and various other products. Apart from being heavily used in the food and beverage and plastics industries, soy-based chemicals are also required in huge amounts in the cosmetics industry. Soy-oil, fatty acids, soy-wax, polyols, isoflavones, and methyl soyate are the main types of soy-based chemicals used across the world. Out of these, the usage of soy-oil was found to be the highest during the last few years.
Food and beverages, cosmetics, paper and pulp, plastic and polymers, and biodiesel are the major application areas of soy-based chemicals. Out of these, the utilization of soy-based chemicals was found to be the highest in biodiesel applications in the past years. Globally, the sales of soy-based chemicals were the highest in North America in the past, as per the findings of PS Intelligence, a market research company based in India.
Hence, it is quite clear that the demand for soy-based chemicals will explode all over the world in the upcoming years, mainly because of their growing requirement in the food and beverages industry and the rising popularity of bio-based products around the world.