The global epoxidized soybean oil (ESBO) market is expected to grow during the forecast period (2017-2023) on account of ease of availability of ESBO at large quantities coupled with low prices. A high demand from the plastic additive industries for the use of phthalate free bio-based plasticizers from China, India and Brazil is expected to drive the global epoxidized soybean oil market during the forecast period. The characteristics of epoxidized soybean oil such as high chemical and thermal resistivity and stability to heat and light has given them a preference over traditional phthalates.
ESBO, a non-toxic, yellow colored liquid, is manufactured by the oxidation of soybean and unsaturated oils with hydrogen peroxide. ESBO is used in edible items like food and beverages industry and inedible products like plasticizers and stabilizers for PVC. Additionally, epoxidized soybean oil are also used in the metal lids of glass jars containing food products.
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The global epoxidized soybean oil market is segmented on the basis of raw material, application and region. By raw material, the global market for ESBO is segmented into soybean oil, hydrogen peroxide, formic acid and acetic acid. Soybean oil is projected to be largest growing market in the manufacture of epoxidized soybean oil. The carbon-carbon double bonds present in the vegetable oil undergo epoxidation process thereby, making plasticizers more reactive upon addition of epoxidized soybean oil.
The global market for ESBO, on the basis of application, is segmented into plasticizers, pigment dispersion agent, flavors and fragrances, UV care applications and fuel additives. Plasticizers are expected to be the largest application segment in the global epoxidized soybean oil market due to increasing demand from North America region. The stringent environmental regulations regarding lower usage of phthalate plasticizers has led to the rapid growth of global epoxidized soybean oil market. Food and beverage is estimated to be the largest end-use application in the global epoxidized soybean oil market on account of the rise in demand in processed food packaging and beverage can coatings.
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North America is expected to be the largest market for epoxidized soybean oil, in terms of value, owing to the stringent environmental norms set by the U.S government and ease of accessibility of cheap raw materials in the region. The Asia-Pacific region is estimated to be the second-largest market, in terms of value, for epoxidized soybean oil globally due to rise in demand for ESBO in the end use industries such as PVC stabilization and plasticization process. Europe is expected to witness the fastest-growth in the global epoxidized soybean oil market, in terms of value, on account of the stringent government norms set by the European Union (EU) for the use of non-phthalate plasticizers in food and beverages.
The major companies operating in the global epoxidized soybean oil market are Arkema, The Dow Chemical Company, The Chemical Company, Galata Chemicals, Hairma Chemicals (GZ) Ltd. , Ferro Corporation, Shandong Longkou Longda Chemical Industry Co.,Ltd. ., CHS Inc., Makwell Plastisizers Pvt. Ltd and Shenzhen Kaiqi Chemicals Co.,Ltd.
By Raw Material
- Soybean oil
- Hydrogen peroxide
- Others (formic acid, acetic acid)
- Pigment dispersion agent
- Flavours and fragrances
- UV care applications
- Fuel additives
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