Scienza e Tecnologia
Usage of Soy Polyols in Automotive Cushions to Push Soy Chemicals Sales at 7.5% CAGR
NEW YORK , June 13, 2022 /PRNewswire/ -- The global soy chemicals market size is expected to reach US$ 50.06 Bn in 2032. Sales in the market are projected to increase at a CAGR of 7.5% over the forecast period, with the market valuation reaching nearly US$ 24.35 Bn in 2022.
High demand for biodegradable products and rising government initiatives to boost the usage of renewable chemical sources are likely to fuel growth. Rapid expansion of the agriculture and food and beverage industries is also expected to drive the market.
Moreover, as soybean products are rich in zinc, calcium, iron, and protein, they are extensively utilized in skincare products for skin rejuvenation and acne reduction. Rising usage of soy chemicals in shampoos, soaps, and other personal care products for hair growth and wrinkle repair will continue pushing sales in the market.
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Besides this, increasing usage of soy chemicals in food and beverages as additives to improve the nutritional value is anticipated to foster growth. Rising utilization of soy chemicals in pharmaceutical products to treat fetal development, type 2 diabetes, and breast cancer is also expected to propel demand.
As per the World Health Organization (WHO), nearly 2.3 million women were diagnosed with breast cancer in 2020 and approximately 68,5000 deaths had occurred across the globe in the same year. These numbers are likely to grow at a rapid pace in the forthcoming years, thereby spurring demand for soy chemicals in the pharmaceutical sector.
Further, rising adoption of biodiesel, along with increasing awareness about sustainable energy sources will bode well for the market. High demand for soy polyols for usage in automotive seats & cushions, upholstered furniture, pillows, and mattresses across the globe is another vital factor that is anticipated to bolster growth.
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Leading players operating in the global soy chemicals market are increasingly focusing on strategic collaborations and partnerships to enhance their technical expertise, as well as expand their production capacities.
They are also investing in research and development activities to create innovative products and broaden their existing portfolios. Meanwhile, some of the other key players are acquiring small-scale companies to strengthen their positions in the global market.
For instance,
In the latest study, Fact.MR offers a detailed study on global soy chemicals market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of soy chemicals through detailed segmentation as follows:
: Increasing environmental concerns are set to propel the usage of oleochemicals in soaps & detergents, food & beverage, pharmaceuticals, personal care & cosmetics, and polymers industries. In addition, rising prices of crude oil are expected to push sales of oleochemicals across the globe.
: Ability of electroplating chemicals to improve or brighten the uniformity of the plating metal and preventing corrosion is expected to drive the market. Besides, increasing usage of electroplating chemicals in the automotive and aerospace industries is set to aid growth.
: High demand for sustainable solutions and the urgent need to prevent plant failure are anticipated to propel sales of cooling tower chemicals in future. Apart from that, implementation of stringent norms by government bodies to curb the usage of harmful chemicals is likely to contribute to market growth.
Cosmetic Chemicals Market is expected to reach US$ 39.4 Billion by 2032. Cosmetic chemicals for skincare and hair care products to hold 30% of the demand.
Fact.MR projects the textile chemicals market is expected to witness exhibiting growth at 4.3% CAGR during 2022 and 2032 in comparison to a CAGR of 2.8% with which it grew from 2017 and 2021.
The market for aroma chemicals is expected to grow at a CAGR of 4.7% between 2022 and 2032, from US$ 5,127 Million in 2022 to reach US$ 8,115.52 Million in 2032.
The Fact.MR report provides complete information about the market overview and comprehensive projections on the chiral chemical market based on the end use, technology, and geographical regions.
: During the past year, the industry registered a Y-o-Y increase worth 5.9%. From 2022 to 2032, Imaging Chemicals sales are poised to flourish at a CAGR of 6% to reach a value of US$ 48.2 Billion by the end of 2032.
In 2022, the use of specialty oilfield chemicals in enhanced oil recovery applications accounted for a value of US$ 1.72 billion, which is expected to rise at a CAGR of 3.8% across the forecast period.
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