Report Buyer, the online destination for business intelligence for major industry sectors, has added a market report
According to the report “Soy Chemicals: US industry forecasts for 2013 & 2018” available at http://www.reportbuyer.com/
While soy ingredients will continue to penetrate the food and beverage industry, industrial markets (e.g., biodiesel, paints and lubricants) will also emerge. Growth in industrial markets will be the result of continued intense research and development activities among soy industry participants, and a growing desire by government and business to reduce dependence on imports of crude oil. Utilisation of a renewable resource and a favourable environmental profile are factors promoting the development and use of soy-based industrial products.
The 307 page report says that historically, soy chemicals were used sparingly throughout industrial markets, as they faced a significant cost disadvantage compared to petroleum-based alternatives. While support from both government and business to reduce US reliance on imports of crude oil initiated interest for soy chemicals in industrial markets, another boost to the soy industry came from significant increases in petroleum pricing during the middle part of this decade, when manufacturers quickly became interested in finding reasonably priced petroleum alternatives.
During the past decade, biodiesel has gone from barely existing as an outlet for soy chemicals to the single largest market in 2008. Demand for methyl soyate in biodiesel is driven by environmental concerns, and government incentives to find renewable resources and an alternative fuel. While biodiesel will continue to provide opportunities for soy chemicals, demand will begin to slow as biodiesel producers diversify into other renewable feedstocks to reduce dependency on one particular product.
Among other industrial end uses, more favourable opportunities will arise in relatively smaller volume markets, such as adhesives, lubricants and consumer wax. In these market, soy chemicals demand will be driven by environmental concerns and the development of improved products; for example, soy protein flour can be utilised in the production of wood adhesives. Industrial lubricant applications for soy chemicals (e.g., industrial soybean oil) include the manufacture of greases, metalworking fluids and transformer oils. In consumer wax applications, soy waxes are rapidly penetrating the commercial candle market due to their clean burn and ability to hold a high fragrance loading.
The report “Soy Chemicals: US industry forecasts for 2013 & 2018” is available from Report Buyer at:
http://www.reportbuyer.com/
Report Buyer product ID: FED00490
About Report Buyer.
Report Buyer (http://www.reportbuyer.com/
