Press release
Global Methyl Soyate Market 2023 Top Key Players – Cargill Incorporated, Stepan Company, BASF SE, Vertec BioSolvents
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.
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Market Segmentation:
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
• Based on End Use Industry, the market is categorized into paints & coatings, industrial & domestic cleaning, printing inks, cosmetics & personal care
• Based on Region, this market is segmented into Asia Pacific, Europe, Latin America, North America, and Middle East & Africa
Key Players
The prominent 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)
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Intended Audience
• Methyl Soyate manufacturers
• Traders and distributors of methyl soyate
• Production process industries
• Potential investors
• Raw material suppliers
• Nationalized laboratory
Regional Analysis
On the basis of region, global methyl soyate market segmentation includes its current and estimated demand in Asia Pacific, Europe, Latin America, North America, and Middle East & Africa. Regionally, Asia Pacific is set to witness exponential growth within the forecast period due to growing demand from paints & coatings, industrial & domestic cleaning, and cosmetic & personal care. Methyl soyate possess low toxicity and emits low volatile organic compound (VOC) with respect to conventional chemical solvents, thus they are widely used in paints and coatings, and cleaning products. Tremendous growth is observed in methyl soyate market owing to its excellent application in end use industries. The Asia Pacific region growth is attributed to increasing popularity of methyl soyate in the cosmetics & personal care and industrial & domestic cleaning industry. Developing countries such as India and China are expected to witness high growth, due to rapid industrialization and high disposable income of people.
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.
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Geographical Analysis
The report covers brief analysis of geographical regions such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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