Methyl Soyate Market is Driven By Growth of End Use Industries Including Paints & Coatings, Industrial & Domestic Cleaning

Pune, India, August 3, 2017 MRFR Press Release- Market Research Future published a half cooked research report on the global Methyl Soyate market

Methyl Soyate Market Highlights

Asia Pacific region is predicted to lead the market during the forecast period due to high consumption of methyl soyate in the paints & coatings, industrial & institutional, cosmetics & personal care, and others. Cleaning products which are based on methyl soyate have their wide application in institution, households and restaurants. In the past years, significant growth is observed in restaurant, academic institution, thus contributing to the growth of methyl soyate as domestic cleaning in Asia Pacific region. Methyl soyate is mainly used in printing inks, especially colored inks, replacing hydrocarbon or petroleum solvents. It improved product safety in addition to environmental safety. All these factors drives the growth of methyl soyate in manufacturing coatings, adhesives, and inks. In Asia Pacific there is a rapid growth of methyl soyate based industries because of its environmental friendly nature, safe storage, and complete biodegradable nature. Major companies in China, India and Japan are focusing more into development of methyl soyate due to its high demand in bio solvent.

Conventional solvent possess certain properties such as high VOCs emission rate, flammability, and ozone depletion properties. In addition, increase in the regulatory control by the various agencies such as Environment Protection Agency (EPA), compel the manufacturers to shift from conventional solvents to bio based solvents such as methyl soyate. Moreover, the paints & coatings industry in North America and Europe is tapping developing market like China, India and South Africa for increasing market share which will further strengthen the position in global market.

The major factors driving the demand of methyl soyate market in Asia Pacific followed by Europe and North America are rising demand for anti-aging cream, household cleaners, graffiti cleaners and change in lifestyle among the youth population. Increasing disposable income and increasing consumer awareness about benefits of methyl soyate like low cost and easy biodegradable among the youngsters in metropolitan cities enhance the growth of methyl soyate market. Furthermore, the growth is projected to be mainly driven by the special discounts and offers by the retail outlets as well as online distribution channels.

In North America and Europe due to the technological advancement and rising consumer health awareness regarding personal care are projected to drive the demand for methyl soyate market. Various government agencies in Asia Pacific have imposed fine on the usage of VOCs emission solvent and thus the increasing usage of methyl soyate over conventional solvents will boost the overall market growth.

Global methyl soyate market share, by region (2016) (%)

SegmentationSegmentation of global methyl soyate market is done on the basis of application, end use industry and region. On the basis of application, market is segmented into degreasers, paint stripper, hand cleaners, ink removal, and others. Based on the end use industry, the market is categorized into paints & coatings, industrial & domestic cleaning, printing inks, cosmetics & personal care, and others. Based on region, this market is segmented into Asia Pacific, Europe, Latin America, North America, and Middle East & Africa. 

Key players-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 are the major operating players in global methyl soyate market.

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