Different types of companies manufacture their different types of products. These manufactured products have different technical names. The names are given to these products according to their sources and the way they are manufactured.
Different products are sometimes created from a single source. For example, all dairy products have milk as a common ingredient.
Joint Products and by Products help to explain how different products are made. A good example is the blast furnace whereby gases released which include the pig iron and slag are the joint products. Gasoline that is released after the process of oil refining is considered the by-product.
Joint Product Vs. By Product
Joint products have the same value as the original products by which they are created. By-Products on the other hand have a completely different value from the original product and this is what makes the two different.
When the original product is being manufactured, the side products generated are what we refer to as the joint products. They are given an equal rating to that of the original product in terms of value. They are both commonly consumed by the people and have an equally high demand in the market.
By-products on the other hand are the residue or the waste products generated during the manufacture of the original product. They require no further processing as they are the end products. Their demand is unequal to the main product and does not have a high market demand.
Comparison between Joint Product and By-Product
- A joint product is a product created as a result of the making of another product while a by-product is an unintentional result from the making of the original product.
- When we talk about value, the joint product has the same value as the main or original product. A by-product is mostly considered waste or crap after the manufacture of the original product and therefore has no value.
- A joint product requires additional steps of processing while the by-product, being considered waste, requires no further processing.
- Joint products have great value and are therefore considered very useful. By-products on the other hand have no value and therefore add no market value.
- Inputs included in the processing of the joint products include raw materials like crude oil, milk, and others. By-products come about as a result of side products or waste including butter, peels of processed fruits among others.
- The economic status of joint products in the market is very high as it has the same value as the main product. By-products on the other hand have a very low market and economic status and are not as useful nor do they have much value as the main product.
- Joint products are produced as the main objective during the production process while the same is not the case for the by-product.
What is a Joint Product?
When the original product is being manufactured, the results that come about, as a result, are what we refer to as the joint product. Unlike the by-products, the joint products have their market and economic value. They are also highly demanded in the market. They are manufactured from raw materials.
Joint products are intentionally created as they have high value and have their usage. They have a resultant product, which is manufactured further for making them useful. The further steps of manufacturing involve polishing, cleaning, and processing.
Joint products can be two or more two. They have an individual separation point. After this point, there is no room for further processing. Regardless of these, joint products still need simultaneous standard processing.
What is a By-Product?
By-products do not have an intentional motive during processing. They incidentally come about as a result of the processing of the original product. They have fewer sales and market value when compared to the joint products. Most times, they are a waste and result in being disposed of.
Unlike joint products, the by-products need further processing to make them useful as well as increase their value. An increased value makes it possible to sell them in the market. Useful products after further processing of the byproduct include examples like refined sugar that creates molasses and butter that creates buttermilk. These are useful byproducts. Byproducts like harmful gases are byproducts that are not useful at all.
By-products are mostly waste and do not contribute to any value in the market.
Difference between Joint Product and By-Product
- The product that comes as a result of the making of another product, the original product is called the joint product. On the other hand, the unintentional product that comes about as a result of the manufacture of the original product is the by-product.
- By-products are created from waste or side products that are not useful while joint products come from raw materials like crude oil and milk.
- Joint products have a very high economic status in the market and give them a very high demand. By-products on the other hand have a very low economic status because they are less useful.
- By-products are not produced with an objective because they are certainly waste. However, the main objective of Joint products production is because they have a high value.
- By-products do not need to be manufactured further. They have little or no value. Joint products on the other hand are manufactured further to make them valuable and useful.
In conclusion, we can say that product manufacturing involves several steps. These steps bring about several side products. These side products will sometimes have high value and great market demand while other times they will be just waste.
Joint products are useful products. They have the same high value and usefulness as the original product even after further manufacturing. They will sometimes require to be processed further to increase their usefulness.
By-products in most cases will not need to be processed further. They can sometimes be very toxic and will even require immediate disposal. They could release harmful gases and toxic chemicals.