Soy Chemicals Market Trends 2022

1. Soy Chemicals Market Analysis, Statistics, Revenue, Demand and Trend Analysis Research Report by 2024

2. Global soy chemicals market outlook is driven by escalating demand for bio-based ingredients across diverse industry verticals, such as cosmetics, food & beverage, and others. • Soy chemicals are widely used as alternatives for petroleum, as well as other conventional chemicals, as utilization of the product results in minimal GHG emissions. Rising environmental concerns along with preference for bio-based products may fuel the demand for soy chemicals. In addition, deteriorating environmental conditions, such as global warming, water pollution, ozone layer depletion, and acid rain have led to the enactment of various stringent regulatory norms pertaining to the reduction of harmful emissions. Strong regulatory push has prompted various end-user industries to adopt soy chemicals, which may further complement business scenario. • In terms of revenue, soy chemicals market size is forecast to surpass USD 44.5 billion by 2024. • Soy chemicals are extensively used in the manufacturing of adhesives, paints & coatings and plasticizer industry. The chemical is renewable and witnessing widespread acceptance from various industry verticals, which may change soy chemicals industry trends in the forthcoming years. • Soy tocopherols industry is likely to garner proceeds above USD 350 million over the analysis period. Soy tocopherols are extracted from Non-GMO soybeans and are extensively utilized in personal care applications, such as detergents, bath soaps, moisturizers, face powders, foundations, and lipsticks. These products offer protection against pollution, harsh UV rays, and various other environmental stressors.

3. Soy tocopherols offer a slew of desirable properties for skin enhancing, such as anti-aging, skin conditioning, natural preservative and antioxidant. Growing focus on enhancing skin quality, texture, and delaying skin aging may boost product adoption, hence supplementing soy chemicals industry share. • Refined industrial soybean oil market is forecast to gain USD 1.5 million from lubricant applications by 2024. Soybean oil is extremely refined and produced under controlled conditions for attaining various beneficial features, such as low flammability, enhanced lubricity, and high viscosity. Utilization of these products as raw materials help to significantly cut down energy costs, minimize the need for expensive additives & antioxidants, and reduce harmful emissions. • Europe soy wax industry share from candle applications may register a CAGR of 3.5% over the projected timeframe. Soy wax is increasingly gaining traction over its counterparts, such as paraffin wax, that are primarily extracted from petroleum. In contrast, soy wax is derived from soybeans and is renewable. Soy-wax candles offer better scent, cleaner burning, and is environment-friendly as it is free from toxins, carcinogens, and other pollutants, which may harm natural atmosphere. Increasing adoption rate of soy-wax candles over paraffin wax candles may foster soy chemicals industry size.

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