Global Methyl Soyate Market Information- By Application (Degreasers, Paint Stripper, Hand Cleaners, Ink Removal, and others), By End Use Industry (Paints & Coatings, Industrial & Domestic Cleaning, Printing Inks, Cosmetics & Personal Care, and others) and By Region- Forecast Till 2023
Asia Pacific region is predicted to lead the market during the forecast period due to high consumption of methyl soyate in the paints & coatings, industrial & institutional, cosmetics & personal care, and others. Cleaning products which are based on methyl soyate have their wide application in institution, households and restaurants. In the past years, significant growth is observed in restaurant, academic institution, thus contributing to the growth of methyl soyate as domestic cleaning in Asia Pacific region. Methyl soyate is mainly used in printing inks, especially colored inks, replacing hydrocarbon or petroleum solvents. It improved product safety in addition to environmental safety. All these factors drives the growth of methyl soyate in manufacturing coatings, adhesives, and inks. In Asia Pacific there is a rapid growth of methyl soyate based industries because of its environmental friendly nature, safe storage, and complete biodegradable nature. Major companies in China, India and Japan are focusing more into development of methyl soyate due to its high demand in bio solvent.
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Conventional solvent possess certain properties such as high VOCs emission rate, flammability, and ozone depletion properties. In addition, increase in the regulatory control by the various agencies such as Environment Protection Agency (EPA), compel the manufacturers to shift from conventional solvents to bio based solvents such as methyl soyate. Moreover, the paints & coatings industry in North America and Europe is tapping developing market like China, India and South Africa for increasing market share which will further strengthen the position in global market.
The major factors driving the demand of methyl soyate market in Asia Pacific followed by Europe and North America are rising demand for anti-aging cream, household cleaners, graffiti cleaners and change in lifestyle among the youth population. Increasing disposable income and increasing consumer awareness about benefits of methyl soyate like low cost and easy biodegradable among the youngsters in metropolitan cities enhance the growth of methyl soyate market. Furthermore, the growth is projected to be mainly driven by the special discounts and offers by the retail outlets as well as online distribution channels.
In North America and Europe due to the technological advancement and rising consumer health awareness regarding personal care are projected to drive the demand for methyl soyate market. Various government agencies in Asia Pacific have imposed fine on the usage of VOCs emission solvent and thus the increasing usage of methyl soyate over conventional solvents will boost the overall market growth.
- 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)
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Methyl Soyate is manufactured by the transesterification of soy oil esters. It is a mixture of long chain fatty acid methyl esters. Methyl soyate has a wide range of application as an industrial solvent as parts cleaners, carrier solvents, and resin removers; other applications include car care products, paint strippers, and hand cleaners. Methyl soyate is used in the cytosol process, which is a procedure is used in the removal and recovery of spilled crude oil, generally from coastal and inland spill sites. Thus, the usage of methyl soyate in cystosol process is anticipated to increase the demand for Industrial cleaning sector. Methyl soyate is most commonly used as a biodiesel, specifically in North America. Growing awareness of the various benefits of methyl soyate as a bio solvent coupled with increase in environmental concern propel the market growth during the forecast period.
- Methyl Soyate manufacturers
- Traders and distributors of methyl soyate
- Production process industries
- Potential investors
- Raw material suppliers
- Nationalized laboratory
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In developed regions such as U.S and Europe, the share of methyl soyate is expected to grow due to the establishment of State Implementation Plans (SIP) to limit the VOC content of various products including sealants & adhesives. Various government agencies such as Environmental Protection Agency (EPA) of North America implement various regulations to reduce volatile organic compound (VOCs) emission rate in atmosphere, thus increasing the growth of methyl soyate market in North America. Latin America is expected to witness moderate growth, owing to the sluggish performance of cosmetics and personal care industry in Argentina and Brazil. The global methyl soyate market is segmented on the basis of application, end use industry and region. Based on the application, market is segmented into de-greasers, paint stripper, hand cleaners, ink removal, and others. Based on end use industry, the market is categorized into paints & coatings, industrial & domestic cleaning, printing inks, cosmetics & personal care, and others. Based on region, this market is segmented into Asia Pacific, Europe, Latin America, North America, and Middle East & Africa.
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