Transparency Market Research in its new report titled, “Methyl Soyate Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the methyl soyate market. The TMR report anticipates that the rise in awareness about various benefits of methyl soyate as bio solvent and increase in environmental concerns will propel the methyl soyate market during the forecast period i.e, 2018-2026. Methyl soyate is proving to be an ideal alternative for chemical-laden cleaners and solvents. Development and commercialization of biobased products is rapidly expanding owing to the increase in number of government regulations and demands for safe, healthy, and environmentally-friendly alternatives for terpene or petrochemical based solvents and cleaner/degreasers containing butyls, says the report.
The report has segregated the global methyl soyate market based on application and region. On the basis of application, the methyl soyate market is split into industrial solvent and others. In industrial solvents, it finds application in parts cleaners, carrier solvents, and resin removers. Other applications include car care products, paint strippers, and hand cleaners. Methyl soyate is also used as carrier solvent, despite being an ingredient in cleaners and strippers to replace chlorinated or petroleum products. In terms of regional perspective, the methyl soyate market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the dominant region of the methyl soyate market due to the rise in number of restrictions on various chemicals for emission of VOCs.
According to the report, the market in Asia Pacific is anticipated to witness exponential growth during the forecast period owing to the rise in demand for methyl soyate in paints & coatings and cosmetic & personal care industries. Methyl soyate possesses low toxicity and emits low volatile organic VOCs vis-à-vis conventional chemical solvents. This, methyl soyate is extensively used in paints and coatings and cleaning products. The methyl soyate market in India and China is estimated to expand significantly, due to rapid industrialization and high disposable income of people in these countries. The methyl soyate market in Latin America is projected to expand at a fast pace in the near future, owing to the growth in cosmetics and personal care industries. Major companies operating in the methyl soyate market are profiled in this report that include BASF SE, Stepan Company, Cargill, Graham Chemical Corporation, Vertec BioSolvents, Kerley Ink, and Unicon Fibro Chemicals Pvt. Ltd.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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