Global Soy-based Chemicals Market 2018-2022
About Soy-based Chemicals
Soy-based Chemicals are derived from soybeans. Soybeans are a rich source of essential nutrients. The major output is processed and used as feedback, and the rest is used as additives in various applications.
Technavio’s analysts forecast the global soy-based chemicals market to grow at a CAGR of 7.60% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global soy-based chemicals market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of soy-based chemicals.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Soy-based Chemicals Market 2018-2022
Technavio recognizes the following companies as the key players in the global soy-based chemicals market: adidas, Canterbury, Grays of Cambridge, Nike, Rhino Rugby, and Under Armour
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is rising need for natural waxes in candle industry. The increasing environmental concerns and rising demand for bio-based products have driven the usage of soy-based chemicals in the natural wax industry. The rising popularity of soy-wax candles are mainly due to its advantages such as cleaner burning, increased durability, and good fragrance. This will lead to the growth of the soy-based chemicals market.”
According to the report, one of the major drivers for this market is the rising demand for biofuels. Factors such as reduction of carbon emission and elimination of increased reliance on fossil fuels drive the demand for biofuels. Moreover, agriculture-based countries such as India, China, and Brazil have shown high demand for biofuels due to the presence of wide areas for feedstock production. The governments of different countries such as US and Germany offer increased support for the utilization of biofuels to lower the dependence on imported crude oil. Such factors will increase the consumption of biofuels such as soy-based biodiesel during the forecast period.
adidas, Canterbury, Grays of Cambridge, Nike, Rhino Rugby, and Under Armour
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