In a recent published report, Kenneth Research has updated the market report for Soy-Based Chemicals Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Soy-Based Chemicals Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
As per the latest report published by Variant Market Research, Global Soy-Based Chemicals Market is estimated to reach $22.8 Billion by 2024; growing at a CAGR of 7.9% from 2016 to 2024. Soy based chemicals are originated from crude oil or petroleum, and are alternatives to conventional chemicals. The chemicals derived from soy bean are not only reliable alternative to traditional crude oil and petroleum, but also ensure sustainability and reduce carbon footprints. Conventionally, soy chemicals find its use in various applications across a different set of industries. The chemicals originated from soy-oil have been used in variety of applications such as bio-degradable plastics, biodiesel, and soap among others.
Rising awareness about the advantages of bio based commodities coupled with stringent environmental regulations are the primary factors driving the growth of global soy based chemicals market. Besides, increasing demand for bio-degradable plastics derived from soy based chemicals have fueled the market growth. Though, lack of raw material required for soy based products is the major restraint for the growth of the market. Moreover, growing demand for usage of soy based chemicals in food & beverage industry, and ongoing R&D for better quality product is likely to gain significant impetus for the market growth in the forecast timeframe.
Type, application, and geography are the major segments considered in the global soy based chemicals market. The segmentation by type comprises soy-oil, fatty acids, polyols, isoflavones, soy-wax, methyl soyate, and other types. On the basis of application, the segmentations are food and beverages, biodiesel, paper and pulp, plastic and polymers, cosmetics, and other applications.
Based on geography, global soy based chemicals market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consists of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The key players in the global soy based chemicals market include Archer Daniels Midland Company, The Dow Chemical Company, BioBased Technologies LLC, Soy Technologies LLC, VertecBioSolvents Inc., Cara Plastics Inc., Elevance Renewable Sciences Inc., Cargill Inc., Soyaworld Inc., and Bunge Ltd., among others.
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The key takeaways from the report
The report will provide detailed analysis of Soy Based Chemicals Market with respect to major segments such as type, and application
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Soy Based Chemicals Market has been included in the report
Profile of the key players in the Soy Based Chemicals Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Soy Based Chemicals Market
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Food and Beverage
Plastic and Polymers
Paper and Pulp
Rest of Europe
Rest of Asia-Pacific
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