Methyl Soyate Market Industry Trends, Key Regions, Segmented by Product Type and Forecast to 2023
Added: (Thu Mar 28 2019)
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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. Methyl Soyate is manufactured by the transesterification of soy oil esters. It is a mixture of long chain fatty acid methyl esters. Methyl soyate is most commonly used as a biodiesel, specifically in North America.
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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. Methyl soyate is widely used in the manufacturing of waterless hand cleaner, thus increasing the growth of domestic cleaning industry.
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 is segmented based on application and end use industry. Based on application, the market is categorized into degreasers, paint stripper, hand cleaners, ink removal, and others. 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 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.
Based on 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.
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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. 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 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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