Epoxidized Soybean Oil Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2017 – 2024
Report ID: GMI1723
Epoxidized Soybean Oil Market size has emerged in past couple of years and is likely to witness the same strong development during the forecasted years. Upsurge in demand for phthalate free stabilizers owing to stringent government intervention on utilization of phthalate stabilizers is the significant driving component for ESBO market, as PVC makers over the globe are concentrating on utilization of phthalate free stabilizers keeping in mind to meet the end goal to meet the ecological controls.
Expanding interest of phthalate free bio based plasticizers from the developing economies including India, China and Brazil is propelling the epoxidized soybean oil market worldwide. Additionally, easy accessibility of inexpensive raw materials likewise contributes essentially to the development of the industry market.
Market growth is stimulated by the anticipated high demand from various end-user industry owing to its easy accessibility of ESBO in vast volumes and at lower costs. It is widely used in food and beverage industry in metal cover gaskets of glass jugs, which can cause adulteration of ESBO with food items. Consequently, health jeopardy due to abundance use of ESBO in the food and beverage sector can hamper the development of epoxidized soybean oil market.
On the of the raw materials epoxidized soybean oil market is divided into hydrogen peroxide, soybean oil, formic acid and acetic acid. Amongst, soybean oil is more favoured by oleo oil makers as compared to other bio-based oils due to its minimal cost and simple availability. Using this product helps the application industries with reducing the manufacturing costs and maximizing profits.
Based on the applications, epoxidized soybean oil market can be segmented into fuel additives, plasticizers, pharmaceuticals, flavours & fragrances, UV cure applications, sealants and pigment dispersion agents. Among them, plasticizer market covers a larger market owing to its wide application in PVC products which are used in making medical products, food package materials, artificial leather, sheet materials and different kinds of films.
UV cure application is the second largest application segment owing to its widespread applications in adhesives, coatings, drying inks and printing. UV cure treatment is expected to soar at high CAGR during the forecasted years owing to its eco-friendly solutions which acts as a substitute over petroleum based products.
North America, dominated by the U.S epoxidized soybean oil market and is likely to observe the same owing to accelerating plasticization and PVS industries in the region. Several other countries which include Mexico and Canada will foresee a substantial rise in the product market attributing to increasing use of ESBO in plasticizer industry. Moreover, upsurge in demand for non-phthalate and eco-friendly compounds in various end-uses including laminations, transparent films and coatings will reinforce the market in the region.
Europe is expected to register a rapidly growing epoxidized soybean oil market during the forecasted years. The main key reasons attributed to this growth is increasing healthcare & pharmaceuticals, adhesives & sealants and food & beverage industries in both developed and developing economies which include, UK, Germany, Turkey, Italy and France. Germany dominated the ESBO market owing to favourable investment policies, rising demand for phthalate free PVC compounds and stringent environmental norms created by European Union and will drive the market during the forecasted years.
Asia-Pacific is considered to be the fastest growing epoxidized soybean oil market due to its easy accessibility of raw materials at lower prices in the region. ESBO is extensively used as an additive in plasticizers and is preferred more as it is cost effective and eco-friendly in nature. Growth in the region can be credited to its increasing population and strict government interventions. ESBO market is growing strong due to its excellent characteristics including low viscosity, low volatility and high heat and light stabilizing properties. Rapid industrialization and development in the region will fuel the ESBO market over the forecasted years.
Global epoxidized soybean oil market is moderately fragmented in nature owing to presence to local and international players across the globe. Some of the major contributors to this industry includes Arkema, Galata Chemicals, Guangzhou Xinjinlong Chemical Additives, DOW Chemical Company and The Chemical Company. Several other well-known players are Hairma Chemical, CHC, Makwell Plasticizers, Ferro and Shandong Longkou Longda.
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