Market Overview:

Methy soyate Market 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.

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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.

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 are expected to witness moderate growth over the forecast period due to the moderate growth rate of cosmetic and personal care industry.

Competitive analysis:

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

Regional Analysis:

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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Market Segmentation:

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. 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.

Related Link:- https://www.marketwatch.com/press-release/methyl-soyate-market-growth-model-of-top-10-companies-potential-investor-strategy-2018-10-26

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