2011-07-11 19:33:45 -
Soy Chemicals: A Global Strategic Business Report - a new market research report on companiesandmarkets.com
The global soy chemicals market is forecast to reach over $13 billion by the year 2017, spurred by the anticipated high demand from bio-diesels market and growing adoption of alternative renewable sources of energy. In particular, the soy-derived chemicals such as soy-based foamed plastics, polyols, methyl soyate, fatty acids and waxes hold tremendous potential for future growth. Increase in petrochemical and crude oil prices, combined with rising environmental concerns generated several opportunities for sustainable/renewable raw materials. The scenario bodes well for the soybean and other chemicals made from sunflowers, corn, algae and other renewable sources.
Soy-derived chemicals such as soy-based foamed plastics, polyols, methyl soyate, fatty acids and waxes hold tremendous potential for growth. The bio-diesel market is expected to support
the growth of soy market consistently, despite the effect of bio-diesel on global food supplies and rising competition from alternative sources of feedstock. Increase in petrochemical and crude oil prices in 2007-08 combined with rising environmental concerns generated several opportunities for sustainable/renewable raw materials. These factors suggest good prospects for soybeans-derived chemicals and create opportunities for the recently developed chemicals derived from sunflowers, corn, algae and other renewable sources. Market penetration of soy chemicals is likely to expand with continued hike in prices of petrochemicals and enhanced performance of soy chemicals over petrochemical-based materials. The health benefits as well as rising demand of natural ingredients for consumer products, including cosmetics is projected to bolster the market for natural extracts. Refined industrial soybean oil is projected to earn low revenues as the oil is used for saturated and declining application areas such as alkyd resins and newspaper inks. In the soy chemicals category, methyl soyate is the most established market owing to its dominance in the bio-diesel sphere. The chemical is used as solvent in various other applications areas such as cleaning products and paint and coatings.
The market for soy-polyols and other oil derived chemicals, is expected to grow as a result of corporate initiatives encouraging the usage of sustainable and renewable feedstock. In addition, rising consumer demand for environment-friendly products specifically in the paint and coatings and plastic markets is expected to boost long-term prospects. Smaller volume markets such as consumer wax, adhesives and lubricants are expected to witness growth in the future. Major factors driving demand for soy chemicals include rising environmental concerns and enhanced products such as soy protein flour finding application in wood adhesives market. In consumer wax applications, soy waxes are increasingly penetrating the commercial candle market owing to their ability to support high fragrance loading and clean burn.
The year 2009 proved to be highly challenging for majority of chemical manufacturers, on account of the global economic slump. The beginning of the year witnessed a drastic decline for chemical-based products, driven by a fall in demand by several end-use markets. The growth in the soy chemicals industry in the near future would be primarily dependent upon on its performance in the diverse end-use markets. Overall, the plastics, food & beverage and pharmaceuticals segments displayed relatively better resistance to recession, compared to other sectors. The petroleum/biodiesel products market witnessed the deepest impact from the recession, with severe demand declines during the period 2008-09. Market recovery in the segment is likely to be slow and pick up pace only over the long-term.
According to Global Industry Analysts, the US and Asia-Pacific constitute two of the largest markets for soy chemicals. In view of long-term growth potential, developing markets of Latin America and Asia-Pacific are projected to surge ahead at a CAGR of more than 9.0% through 2017. By end-use segment, the Biodiesel market displays dramatic expansion over the years and reigns as the largest end-user of soy chemicals. However, over the long-term, the Plastics segment is forecast to race ahead at the highest compounded rate of 8.5% during the analysis period.
Key market participants profiled in the report include Ag Environmental Products, LLC, Archer Daniels Midland Company, BioBased Technologies® LLC, Bunge Limited, Cara Plastics, Inc., Cargill, Incorporated, Chemtura Corporation, Columbus Foods Company, Dow Chemical Company, Eco Safety, Inc., Elevance Renewable Sciences, Inc., Ferro Corporation, Griffin Industries Incorporated, Renewable Lubricants Incorporated, SoyaWax International, Inc., Soyaworld Inc., Soy Technologies, LLC, Vitasoy International Holdings Limited, Vitasoy USA Inc and Vertec BioSolvents, Inc.
The research report titled Soy Chemicals: A Global Strategic Business Report provides a comprehensive review of industry outlook, overview, competitive overview, growth drivers, product overview, recent industry activity, and profiles of market players worldwide. Analysis and overview is presented for major geographic markets such as US, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. Market analytics are provided in terms of terms of dollar (value) for end-use segments including Plastics, Biodiesel, Food & Beverages and Others. The study also presents historic data for an insight into market evolution over the period 2003 through 2008. © Global Industry Analysts.
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