USAgNet - 04/13/2012
Global Industry Analysts, Inc., released a comprehensive report this week on the global soy chemicals market, which projects demand for soy chemicals to reach $13 billion by 2017. According to a press release, the report, titled "Soy Chemicals: A Global Strategic Business Report," provides a comprehensive review of trends, issues and industry activities; profiles of major companies; and market estimates and projections for major regional markets. End-use segments analyzed include plastics, biodiesel, food and beverages and others.
"The plastics segment is forecast to display maximum potential for growth driven by growing demand for renewable plastics and polymers," stated the report. "Further, the narrowing cost differential between petroleum-based polyols and soy oil-based polyols and enhanced performance of soy chemicals over petrochemical-based materials in recent years has increased the interest in soy chemicals for production of foams, coatings and adhesives."
Examples of soy chemicals include methyl soyate, soy waxes, soy fatty acids, polyols, isoflavones, lecithin, and refined industrial soy oil. Global Industry Analysts suggests that increases in crude oil prices and the need for new energy sources from eco-friendly feedstocks, including soybeans, is expected to spur investment in soy chemicals.
The company cites renewable sourcing goals, sustainability, and decreasing landfill capacity, as well as an ongoing research and development activities of soy industry participants as factors pushing the demand for soy chemicals.