San Francisco, California, December 06, 2018 – The rising demand for biofuels and eco-friendly plastics made from sustainable assets is a key trend driving the demand for soy-based chemicals. Rapid advances being made in biotechnology are imparting increasing impetus to the growth of the soy chemicals market. A report by TMR Research takes a critical look at such key elements influencing growth dynamics of the soy chemicals market. The report bears the title “Soy Chemicals Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018–2028”.
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Over the past few years, the global soy chemicals market has been witnessing rapid growth momentum from the growing preference of soy chemicals over petrochemicals. Several advantages over petrochemicals account for this preference, such as higher cost-effectiveness and better performance profiles. The shift of oil and gas companies to bio-based fuels, attributed to the growing popularity among end-use industries, is a key trend propelling the growth of the market.
The growing demand for soy-based ingredients in the making of bio-degradable plastics is a notable factor boosting the soy chemicals market. The growing focus of regulators to reduce greenhouse carbon gas emissions for a low-carbon economy is also bolstering the demand for soy chemicals as a substitute for petrochemicals. The rising application of soy chemicals in food and beverages industry is also contributing large revenues to the global market.
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Some of the key players operating in the soy chemicals market are Archer Daniels Midland, Ag Processing Inc. (AGP), DowDuPont, Bunge limited, and Cargill. A growing number of players are focusing on developing unique product portfolio and are entering into strategic collaborations, in order to consolidate their positions in the soy chemicals market.