Methyl Soyate Market Revenue, Opportunity, Forecast and Value Chain 2021-2031

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Methyl Soyate Market – Overview

The global methyl soyate market is expected to grow at a favorable rate from 2021 to 2031 (forecast period). Transesterification of soy oil esters produces methyl soyate. It is a combination of methyl esters of long-chain fatty acids. Methyl soyate is used as an industrial solvent in a variety of applications such as carrier solvents, resin removers, and parts cleaners; other applications involve automobile care products, hand cleaners, and paint strippers.

Methyl soyate is utilized in the cytosol process, which is a process for removing and recovering spilled crude oil from inland and coastal spill sites. As a result, the use of methyl soyate in the cytosol process is expected to enhance demand in the industrial cleaning sector. Moreover, in North America, methyl soyate is typically utilized as biodiesel. Increasing awareness of the multiple advantages of methyl soyate as a bio solvent, combined with a rise in environmental concern, is expected to boost the global methyl soyate market throughout the projection period.

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Methyl Soyate Market – Competitive Landscape

Major players active in the global methyl soyate market include Camco Chemical Co. Inc. (U.S.), BASF SE (Germany), Unicon Fibro Chemicals Pvt. Ltd. (India), Stepan Company (U.S.), Florida Chemical Company (U.S.), Cargill, Incorporated (U.S.), Vertec BioSolvents (U.S.), and others. 

To boost their worldwide exposure, key market players are continuing to pursue market strategies such as collaborations, acquisitions, investments, technological innovations, and R&D activities.

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Methyl Soyate Market – Trends and Opportunities

Increased awareness of the numerous benefits of methyl soyate as a bio solvent and increased environmental concerns are projected to boost the global methyl soyate market during the forecast period. Methyl soyate has shown to be an excellent replacement for chemical-laden solvents and cleansers. The development and commercialization of biobased products are quickly rising as the number of government laws and the need for healthy, safe, and ecologically acceptable alternatives to terpene or petrochemical-based solvents and cleaner/degreasers containing butyls increases. Such factors are projected to propel the global methyl soyate market during the forecast period.

The global methyl soyate market can be classified into two segments based on application: industrial solvent and others. It is used in carrier solvents, parts cleaners, and resin removers in industrial solvents. Paint strippers, car care products, and hand cleaners are some of the other applications. Moreover, despite being a component in cleansers and strippers to substitute chlorinated or petroleum chemicals, methyl soyate is also utilized as a carrier solvent.

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Methyl Soyate Market – Regional Landscape

The Asia Pacific methyl soyate market is expected to develop throughout the projection period due to rising demand for industrial and residential cleaning, personal care and cosmetic, and paints and coatings. Since methyl soyate is less hazardous and generates fewer volatile organic compounds (VOC) than typical chemical solvents, it is frequently utilized in cleaning goods and paints and coatings. The methyl soyate market is experiencing tremendous expansion as a result of its strong use in end-use industries. The increasing use of methyl soyate in the industrial & domestic cleaning and personal care & cosmetics industries is likely to boost the regional market growth. Moreover, emerging economies such as China and India are likely to experience significant growth as a result of fast industrialization and increasing disposable income.

The methyl soyate market in North America is projected to expand during the forecast period. The use of methyl soyate is anticipated to rise in developed regions such as the United States as a result of the implementation of State Implementation Plans (SIP) to reduce the VOC content of numerous products such as adhesives and sealants. Several government organizations in North America, such as the Environmental Protection Agency (EPA), implement various laws to limit the rate of volatile organic compound (VOC) emission in the atmosphere, hence encouraging the expansion of the methyl soyate market in North America.