Methy soyate Market Overview to 2023
Methy soyate derived from soybean oil, and is a key ingredient in an eco-friendly mixture of solvents. Volatile in crude oil prices and increasing concerns about the environmental impact of chemical cleaners and strippers propel the growth of alternative biofuel such as methyl soyate. Methyl soyate is used in various end use industries such as paints & coatings, industrial & domestic cleaning, printing inks, cosmetics & personal care, and others. They possess low toxicity and low volatile organic compound (VOCs) emission rates which make it suitable for use in cosmetics and personal care and paints & coating sector.
Competitive analysis to 2023
The major market players operating in the methyl soyate market include: BASF SE (Germany), Stepan Company (U.S.), Cargill, Incorporated (U.S.), Camco Chemical Co. Inc. (U.S.), Florida Chemical Company (U.S.), Vertec BioSolvents (U.S.), Unicon Fibro Chemicals Pvt. Ltd. (India), and others.
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Geographically, Asia Pacific is expected to witness high growth rate for methyl soyate market. Owing to the investment by major companies, specifically in India, China, and Thailand. Whereas growth rate of methyl soyate in Europe and North America is comparatively low. Countries such as Argentina and Brazil is expected to witness moderate growth over the forecast period due to the moderate growth rate of cosmetic and personal care industry.
Methyl soyate is segmented on the basis of application and end use industry. On the basis of application, the market is categorized into degreasers, paint stripper, hand cleaners, ink removal, and others. Methyl soyate is used as a paint stripper and can be a better alternative for the conventional paint removal solvents. Manufacturers of paints & coatings are replacing conventional solvents with bio based solvents owing to its biodegradable nature, thus increasing the growth of end use industry. Methyl soyate based degreaser are gaining importance and helps in boost up the industrial and domestic cleaning market. Waterless hand cleaners are used to remove grease, dirt, and ink from hands without the use of soap. Methyl soyate is widely used in the manufacturing of waterless hand cleaner, thus increasing the growth of domestic cleaning industry.
On the basis of end use industries, methyl soyate is segmented into paints & coatings, industrial & domestic cleaning, printing inks, cosmetics & personal care, and others. Methyl soyate is cost saving and readily biodegradable, owing to these properties methyl soyate is widely used in paints & coatings and cosmetic & personal care industries. VOC emission rate of methyl soyate is relatively low in comparison to conventional solvents, thus methyl soyate is widely used in paints and coating. In addition, Methyl soyate possess longer settle time, thus it has an additional advantage over traditional solvents where longer settle times are required and make it suitable for usage in industrial and domestic cleaning.. Methyl soyate is widely utilized in formulation of consumer products ranging from hand cleaners to personal care to auto care products, thus benefiting end use industries such as domestic & industrial cleaning, cosmetic & personal care.
Methyl Soyate can be used in the recovery and cleaning of spilled petroleum products, thus increasing its usage and contributing to the growth of industrial cleaning. Additionally, methyl soyate is included in the list of national contingency plan product for oil spills because of its eco- friendly nature, thus raising the growth of general cleaning industry. Methyl soyate based solvent such as citrusoy solvent, degreaser and cleaner are suitable for removing asphalt, tar, wax, gum, graffiti and more. Thus, with rise in application, methyl soyate is contributing to the growth of paints & coatings industry.
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Methyl soyate is preferable on environmental stand point and it can be used in personal care and cosmetics as an emollient, means it keeps hair smooth and soft on its application. It can be also used as a conditioning agent. There are other benefits associated it with such as it is renewable made from soybeans, 100% biodegradable, easy and inexpensive to recycle. As the demand for VOC free solvent is rising significantly in the manufacturing industries, there will be a further advancement in methyl soyate technology to benefit the market
Asia Pacific has emerged as the leading regional market of methyl soyate due to its vast application in cosmetics and personal care, paints and coating sector. Moreover, demand from building & construction, and automotive have been witnessing significant growth in countries such as India and China. Asia Pacific and Latin America offers significant growth potential for methyl soyate market over the coming years, mainly driven by industrial growth, technological advancement and low cost production in countries such as Japan, Brazil, and China.
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Stringent government norms as well as increasing health awareness in North America and Europe is anticipated to drive the demand for methyl soyate market in that region. Environmental Protection Agency consider methyl soyate as an ecofriendly solvent due to its low VOCs emission rate, thus boost up the growth of methyl soyate market in North America.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.
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