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Soy Chemicals Market to hit $44.5 Bn by 2024, Key Players are DowDupont, Archer Daniels Midland Company, Bunge, Cargill, Ag Processing Inc
Soy Chemicals Market
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Refined industrial soybean oil industry outlook from lubricant applications is likely to expand considerably with revenue share of more than $1.5 million by 2024. Soybean oil is refined and blustered under controlled circumstances to achieve low flammability, improved lubricity, and high viscosity.
Refined industrial soybean oil is utilized as raw materials to decrease energy costs, CO2 emissions, and reducing need of high-priced additives and antioxidants which will stimulate soy chemicals market trends.
Europe soy wax sector from application in candles is expected to earn profits of around 3.5% over 2018-2024.
Major key players in the market are DowDuPont, Agarwal Industries Pvt. Ltd., Soy Technologies, LLC, Archer Daniel Midland (ADM), Bunge Limited, Vippy Industries Ltd, Cargill, acme synthetic chemicals, Caila & Pares, Ag Processing Inc, Earth&, ;s Own Food Company Inc.
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Soy wax are prepared from soybeans as opposed to its counterparts including paraffin wax which are usually made from petroleum. Moreover, these products offer cleaner burning, improved scent, environmental advantages free from pollutants, carcinogens, and toxins which help to accelerate soy chemicals market size expansion.
North America GMO soy lecithin segment is expected to gain more than 5% profits from food & beverage applications over 2018-2024. The product has found its application as food additive like emulsifiers which are added in several food items such as baked goods, dietary supplements, infant formulas, convenience foods, and ice creams.
It is heavily utilized to maintain cholesterol and enhance brain functions. GMO soy lecithin are usually sold in the form of supplements which are extensively used to promote overall wellness and health of individuals.
Furthermore, growing concerns of obesity in the U.S. and augmenting lifestyle related diseases will shift consumer preference towards healthy plant-based food sources. Such factors favoring North America soy chemicals market landscape will further boost global industry growth.
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