Rising Demand for Cleaning Products to Drive the Demand in Global Methyl Soyate Market
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 2022 to 2030(forecast period).
The global methyl soyate market is predicted to thrive during the forecast period owing to the inclination towards green fuels by the public. Methyl soyate is being increasingly used in all industrial sectors owing to its low toxic content and adherence to latest regulations by federal bodies. Introduction of new products containing methyl soyate in industrial and domestic cleaning products by showcasing high efficacy as compared to their counterparts will drive the market growth. Development and commercialization of biobased solvents owing to government regulations and health mandates will facilitate market growth.
Spillage of oils near seashores or the seas have evoked the need for biobased cleaning products. Approval of methyl soyate to being used as a shore cleaner can work in favor of the global market. The high flashpoint of the chemical can be a catalyst for the market demand during the forecast period. The surge in prices of petrochemicals has led to manufacturers offering methyl soyate based solvents for commercial usage. Increasing demand for personal care and cosmetics products is expected to fuel the demand for methyl soyate.
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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.
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.
Vertec BioSolvents, Stepan Company, BASF SE, Unicon Fibro Chemicals Pvt. Ltd., Cargill, Incorporated, Camco Chemical Co. Inc., Florida Chemical Company, and others are prominent manufacturers in the global methyl soyate market.
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