The analysts forecast global soy-based chemicals market to grow at a CAGR of 7.60% during the period 2018-2022. The latest trend gaining momentum in the market is rising need for natural waxes in candle industry.
The increasing environmental concerns and rising demand for bio-based products have driven the usage of soy-based chemicals in the natural wax industry.
The rising popularity of soy-wax candles are mainly due to its advantages such as cleaner burning, increased durability, and good fragrance. This will lead to the growth of the soy-based chemicals market.
Major key players in the global soy-based chemicals market: adidas, Canterbury, Grays of Cambridge, Nike, Rhino Rugby, and Under Armour
According to the soy-based chemicals market report, one of the major drivers for this market is the rising demand for biofuels. Factors such as reduction of carbon emission and elimination of increased reliance on fossil fuels drive the demand for biofuels.
Moreover, agriculture-based countries such as India, China, and Brazil have shown high demand for biofuels due to the presence of wide areas for feedstock production. The governments of different countries such as US and Germany offer increased support for the utilization of biofuels to lower the dependence on imported crude oil.
Such factors will increase the consumption of biofuels such as soy-based biodiesel during the forecast period.
Market driver: The rising demand for biofuels
Market trend: Rising need for natural waxes in candle industry
Report at www.reportsnreports.com/.aspx?name=1286869.
Key questions answered in this report
What will the market size be in 2022 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
Major Points from Table of Contents:
1: Executive Summary
2: Scope of The Report
3: Research Methodology
5: Market Landscape
6: Market Sizing
7: Five Forces Analysis
8: Pestle Analysis
9: Market Segmentation by Product
10: Market Segmentation by Distribution Channel
11: Customer Landscape
12: Regional Landscape
13: Decision Framework
14: Drivers and Challenges
15: Market Trends
16: Competitor Landscape
17: Key Competitor Analysis