Global soybean derivatives market is expected to be driven on account of increasing fortification of protein based ingredients in the formulation of functional foods and nutrition supplements. Soybean derivatives are majorly used in manufacturing baked products, sauces, spreads, and snacks. Growing application of soybean fibres in animal feed for growth stimulation is expected to have a positive impact on soybean derivatives market over the forecast period.
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Rising environmental concerns and volatility in crude oil prices has resulted in shifting trend towards naturally derived products. Increasing application of soybean derivatives in manufacturing lubricants and hydraulic fluids on account of exhibiting lubrication properties such as high viscosity index and low toxicity is expected to drive the market in the near future. Increasing application of soybean derivatives for the production of bio-diesel is expected to augment market growth over the forecast period. Growing importance of VOC emissions in paints industry has resulted in increasing application of bio based products and is anticipated to have a positive impact on the soybean derivatives market over the next six years. Rising application of soybean derivatives in manufacturing scented candles on account of emitting less soot and smoke is expected to have a positive impact on the market. Soybean derivatives are expected to find application in manufacturing crayons on account of non-toxic characteristics. Increasing soybean derivatives demand in manufacturing cleaning agents on account of good surfactant properties is expected to have a positive impact on soybean derivatives market over the forecast period.
Emergence of bio based plastics market on account of shifting trends among chemical manufacturers towards reducing reliance on petrochemical feedstock is expected to have a positive impact on the market over the next seven years. Increasing application of bagasse and wood pulp as biomass for the production of bio plastics and bio gas is expected to have a negative impact on soybean derivatives market in the near future. Key players in the soybean derivatives market include, Louis Dreyfus Commodities, Wilmar International Company, Cargill Inc. and Archer Daniels Midland Company. In June 2012, Smart Earth Corporation launched a new soybean lubricant aimed at replacing WD 40, a cleaner used in chain lubrication.
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