The global market for soybean derivatives has been growing at a “significant pace,” due to increased use in functional foods and nutritional supplements. Soybean’s high viscosity index and low level toxicity also means soybean residues are being increasingly used as to produce lubricants for the automotive industry. Soybean residues are also being increasingly used to produce biodiesel.
Looking ahead, Transparency Market Research expects demand for soybean derivatives to grow for applications such as biobased plastics, crayons, scented candles, paints, cleansing agents, and coatings. Soybean derivatives could see its growth prospects slow, however, by increasing availability of bagasse and wood pulp, especially in industrial applications.