Epoxidized soybean oil is the oxidation or rusting of soybean and unsaturated oils with hydrogen peroxide, it is also titled as ESBO. Epoxidized soybean oil is prepared from soybean oil by epoxidation process, it is a non-toxic and yellow color liquid. The epoxidation of vegetable oil is receiving a great interest from industries. There are many uses of ESBO inside and outside industries. In industries it is largely used as a plasticizer and stabilizer for PVC.
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Epoxidized Soybean Oil Market: Market Dynamics and Restraints
Majorly, food and beverage industry have accounted most of the epoxidized soybean oil market whereas its application in plasticizer segment has controlled the market trailed by UV curing; this application is likely to rise meaningfully in upcoming years. Another cause is epoxidized soybean oil’s easy availability in huge volumes, at the lesser price which has propelled the usage in an application such as plasticizers, UV cure applications, fuel additives application this is directly driving the market of epoxidized soybean oil globally. Other key factor encountered, that lifts the market growth of epoxidized soybean oil worldwide is its usage as a replacement in PVC applications against phthalate-free stabilizers and hence epoxidized soybean oil is used extensively as an additive in plasticizers. The high growth of this market is due to the increase in demand from its application segment. These applications are growing because of which epoxidized soybean oil demand is generating; this drives the market globally. Asia-Pacific excluding Japan, all over Europe, North and Latin America are the leading regions for high consumption of epoxidized soybean oil market.
Although demand and necessity of epoxidized soybean oil in the industrial market are seen significantly, but uncertainty of the toxicity is hindering the market, many types of research is under taken to check the toxicity level, this is important because according to the researchers high usage of ESBA in food and beverages can affect the kidney, liver, testis and uterus; which can hinder the market growth of epoxidized soybean oil to a certain extent.
Epoxidized Soybean Oil Market: Market Segmentation
The global epoxidized soybean oil market is segmented based on its end users type.
Based on the raw materials, epoxidized soybean oil market is segmented into:
- Hydrogen Peroxide
- Soybean Oil
- Others (Formic Acid, Acetic Acid)
Based on its applications, epoxidized soybean oil market is segmented into:
- Pigment Dispersion Agent
- Flavors & Fragrances
- UV Care Applications
- Fuel Additives
- Conduit pipes
- Flexible sheet
- Foam / Cellular PVC
- Ribbed pipes
Based on end-use industries, epoxidized soybean oil market is segmented into:
- Foods & Beverages
- Adhesives & Sealants
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Epoxidized Soybean Oil Market: Regional Outlook
Regarding geography, the global Epoxidized Soybean Oil market has been categorized into seven key regions including North and Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Japan, and the Middle East & Africa. The Epoxidized Soybean Oil market is globally expected to register healthy CAGR during the forecast period. Regarding value and volume, North America is the largest market in the epoxidized soybean oils to rule this market in upcoming years; this is because of the countries including U.S, Mexico and Canada are attaining rise in the usage of epoxidized soybean oil in the plasticizer application industry. In Eastern Europe, Latin America and Asia Pacific excluding Japan are the other leading regions which are showing tremendous growth in the market of ESBO; this is because of the easy accessibility of raw materials in huge amounts and at lesser costs.
Epoxidized Soybean Oil Market: Key players
Epoxidized soybean oil market has several global players, some of the major stakeholders among them include Galata Chemicals LLC, The DOW Chemical Company, CHS Inc., Arkema, Ferro Corporation, KH Chemicals, and Sigma-Aldrich. These global players are vigorously financing in numerous strategies such as merger and acquisitions, joint ventures & partnerships and new product developments for further establish their market shares.