Demand for Soy Chemicals Forecast to Increase
CLEVELAND – According to Soy Chemicals, a new study from The Freedonia Group Inc., demand for soy chemicals is forecast to increase 7.8 percent per year to $2.7 billion in 2013. The success of the soy chemicals industry is dependent on the continued penetration of biodiesel, as well as the adoption of alternatives to traditional, petrochemical-based materials in the manufacture of industrial products.
Methyl soyate is by far the most established soy chemical due to its current dominance of the biodiesel market, although it will begin to face competition from other raw materials. Methyl soyate is also finding greater use as a solvent in a variety of markets, including cleaning products, and paint and coatings. Other soy-oil derivatives, such as polyols, will benefit from corporate initiatives to use more renewable feedstocks, as well as from consumer demand for “greener” products, particularly in the plastics and paint and coatings markets. Intense research and development activities will further fuel growth in soybean-oil derivatives, as new products enter the market over the next five to 10 years.
Methyl soyate is by far the most established soy chemical due to its current dominance of the biodiesel market, although it will begin to face competition from other raw materials. Methyl soyate is also finding greater use as a solvent in a variety of markets, including cleaning products, and paint and coatings. Other soy-oil derivatives, such as polyols, will benefit from corporate initiatives to use more renewable feedstocks, as well as from consumer demand for “greener” products, particularly in the plastics and paint and coatings markets. Intense research and development activities will further fuel growth in soybean-oil derivatives, as new products enter the market over the next five to 10 years.
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