Methyl soyate is a biobased solvent derived from soybean oil or from esters of soybean oil. It is also known as soy methyl ester. The combination of low toxicity and high solubility with other mixture makes it a viable alternative to other petrochemical-derived solvents. The global methyl soyate market report by Market Research Future (MRFR) looks at the main drivers, challenges, trends, and opportunities for the period of forecast period.
Market Analysis
The global Methyl Soyate Market is anticipated to grow at a substantial CAGR between 2022-2030, states the latest Market Research Future (MRFR) report. Methyl soyate, simply put, is a bio-based solvent that is prepared from soyabean oil. It is made through the transesterification of soy oil esters. This is an excellent alternative to petrochemical solvents. It has a mild odor similar to that of butter and is a golden-clear fluid. The methyl soyate price is cost-effective. No wonder methyl soyate uses are indeed wide, including cosmetics and personal care, printing inks, industrial and domestic cleaning, paints and coatings, and others. It is also known by other names such as soyabean oil methyl ester, SME, palm methyl ester, and methyl esters of soy bean oil.
Methyl soyate structure is organic and renewable; thus, it is considered a safe substitute both for the environment and the workplace. It is turning into an ideal alternative for chlorinated and petroleum products owing to their environmental impacts and harsh health. Owing to its eco-friendly nature, it is used for cleaning up and recovering spilled petroleum products from streams and shorelines. Non-toxic, high flashpoint and low in volatile organic compounds are some of the key characteristics of methyl soyate.
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Various factors are propelling the methyl soyate market growth. Such factors, according to the latest Market Research Future report, include volatile prices of crude oil, rising concerns regarding the environmental impact of strippers and chemical cleaners, and increasing awareness about the different advantages of methyl soyate as a bio solvent.
Segmentation
The global methyl soyate market is segmented on the basis of application and end use industry.
Based on the application, market is segmented into ink removal, de-greasers, paint stripper, hand cleaners, and others.
Based on end use industry, the market is segmented into printing inks, cosmetics personal care, paints coatings, industrial domestic cleaning, and others. The industrial domestic cleaning industry is expected to drive global market demand till 2023. This can be attributed to the use of the chemical in cytosol process will bode well for the segment.
Regional Analysis
On the basis of region, global methyl soyate market segmentation includes its current and estimated demand in Asia Pacific (APAC), Europe, Latin America, North America, and Middle East Africa (MEA).
North America is expected to induce heavy demand for methyl soyate owing to the inclination towards biodiesel as compared to conventional fuel sources. Awareness among consumers of the negative impacts of greenhouse gas emissions and the need for alternative sources can fuel the regional market demand till the end of the forecast period. Regulations passed by the Environmental Protection Agency (EPA) for limiting the VOC content can drive the growth in the North America methyl soyate market.
APAC is set to dominate the global methyl soyate market owing to heavy demand from sectors of cosmetics personal care, industrial domestic cleaning, and paints coatings. It is preferred owing to containing negligible amounts of volatile organic compounds (VOCs) and low toxicity levels. Developing countries of India and China can drive market demand owing to rapid industrialization and a rise in disposable income levels of customers.
Key Players
Notable players profiled in the methyl soyate market report include:
Unicon Fibro Chemicals Pvt. Ltd. (India)
Vertec BioSolvents (US)
Florida Chemical Company (US)
Camco Chemical Co. Inc. (US)
Cargill
Incorporated (US)
Stepan Company (US)
and BASF SE (Germany). Key players have incorporated specific strategies to stay head and shoulders above others in the competition
such as acquisitions
mergers
partnerships
RD activities
collaborations
product innovations
and others.
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