Wilmington, Delaware, United States, March 24, 2023 (GLOBE NEWSWIRE) -- According to the latest research report by Transparency Market Research, the global methyl soyate market was valued USD 162.5 Mn in 2022 and is projected to reach USD 291.3 Mn by 2031 with CAGR of 6.7%. Globally, the methyl soyate industry generated US$ 162.5 Mn in 2022.
Adding value to soybeans through the United Soybean Board led to the development of methyl soyate and many other soybean-based chemicals. Due to low toxin levels, low volatile organic compound properties, and high flash points, this industry is expected to experience rapid growth in the market. In addition to being readily biodegradable and eco-compatible, the demand is expected to grow for methyl soyate in the market.
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Market Snapshot:
| Market Revenue | USD 162.5 Mn in 2022 | |
| Estimated Value | USD 291.3 Mn by 2031 | |
| Growth Rate - CAGR | 6.7% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 150 Pages | |
| Market Segmentation | By Application and End-use | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Format | Electronic (PDF) + Excel | |
Workplace safety and health are one of the most important aspects of modern workplaces. The use of methyl soyate as an alternative to petroleum chlorides and oxygen solvents offers several environmental and safety advantages to the market. Biobased solvents are becoming more appealing as concerns regarding the use of chemical cleaners and solvents increase.
Industrialization is continuing in both developed and developing nations, which will increase demand for methyl soyate. A new marketing channel is reaching out to lubricity enhancers containing methyl soyate biodiesel as after-market products to the market. The number of companies offering multiple formulations of methyl soyate has increased in recent years, opening up new opportunities for companies.
Biofuels such as biodiesel, which can be a leading source of energy in the United States, represent an opportunity to replace petroleum products in the market. The thermal properties of biodiesel make it a superior alternative to conventional diesel engines. It is used to reduce unburned hydrocarbons, carbon monoxide, and particulates while eliminating sulfate components. As a result, biodiesel is a target market for cities and government fleets subject to new federal clean air requirements.
Key Findings of Market Report
- Owing to the significant environmental impacts of chemical cleaners and paint strippers demand for methyl soyate is expected to dominate the market.
- With industrial solvents and biodiesel continuing to grow, methyl soyate is expected to dominate the market.
- Using SIP, the United States and Canadian markets will dominate the methyl soyate market.
- Market demand for personal care products is expected to expand the market for methyl soyate.
- As the number of new solvent applications grows, soy technologies are expected to play a crucial role in the market.
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Global Methyl Soyate Market: Growth Drivers
- Methyl soyate offers an impressive alternative to chemical-based cleaners and solvents. The eco-friendly nature of methyl soyate makes it an excellent product for cleaning up spilled petroleum products from the ocean and streams.
- According to the National Contingency Plan, the EPA plans to use a biosolvent based on methyl soyate in case of an oil spill. Additionally, California has licensed this product for use on shorelines as a shoreline cleaner.
- As a solvent carrier, methyl soyate has the potential to replace chlorinated or petroleum products in cleaners and strippers. The slow evaporation time of methyl soyate makes it a good solvent for removing ink and paint.
- Due to its cleaning capacities, this compound is used in products such as hand sanitizers, nail polish removers, moisturizers, and automobile polishes.
- For industrial cleaning and degreasing, methyl soyate has proven to be the perfect solvent. This product can also be used to raise the flashpoint of paints and lacquers, which helps to speed up the drying process.
- In addition, it can be found in adhesives and anti-graffiti products. In addition to its use as a cleaner, methyl soyate can also be used as a renewable diesel fuel in different forms.
Global Methyl Soyate Market: Regional Landscape
- Methyl soyate market value is expected to increase due to the increased production of methyl soyate for industrial uses and biodiesel fuel in the United States.
- The increased number of commercial plants and the presence of new and existing layers in the market are key factors contributing to the market's growth.
- Growing disposable income and rapid industrialization in emerging economies like India and China to grow the Asia Pacific market.
- A number of large players in the Asia Pacific region and the adoption of advanced technologies are likely to drive growth in this region.
Global Methyl Soyate Market: Key Players
Some of the key market players in the global methyl soyate market are BASF SE, Stepan Company, Cargill, Krishi Oils Ltd., Exen Chem, Kedia Organic Chemicals Pvt Ltd, Camco Chemical Co., Florida Chemical Company, Vertec BioSolvents, Unicon Fibro Chemicals Pvt.Ltd, Archer Daniels Midland, and Bunge.
- In February 2022, Bunge, a leading global agribusiness company, announced a major increase in the production of soybean-based renewable diesel in the United States. As soybean oil demand rises, this move will likely help the business.
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Global Methyl Soyate Market: Segmentation
Application
- Biodiesel
- Industrial Solvents
- Degreasers
- Ink Removal
- Paint Strippers
- Others
End-use Industry
- Paints & Coatings
- Cosmetics & Personal Care
- Printing Inks
- Industrial & Domestic Cleaning
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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