What’s driving the Epoxidized Soybean Oil Market growth? | Key Players are Hallstar, Inbra Indústrias Químicas, Arkema, CHS Inc., Valtris Specialty Chemicals, The Chemical Company

The global epoxidized soybean oil market, in the years to come, is estimated to register significant growth prospects, attributed to the product’s vast end user landscape. Epoxidized soybean oil is commonly used as a plasticizer and heat stabilizer in several food contact materials, particularly in vinyl chloride or PVC films and gaskets. Currently, the product’s immense popularity can be primarily credited to the enforcement of stringent regulations against the use of phthalate stabilizers.

Growth drivers
1. North America: Swift growth in plasticization and PVC industry may boost product demand.
2. Europe: Growing adhesives & sealants and food & beverage industries.
3. Asia Pacific: Easy availability of raw material.

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Speaking of which, phthalates are a group of synthetic chemicals that are extensively used in several consumer products that include medical devices, building materials, packaging and children’s toys and childcare products made from polyvinyl chloride (PVC). Lately, the chemical has been identified as a developmental and reproductive toxicant. Moreover, the US EPA classified DEHP and BBP as possible human carcinogens respectively. Epoxidized soya bean oil serves as the perfect alternative against phthalates in order to build plasticizers and heat stabilizers, thereby propelling epoxidized soybean oil market size.

The rapid emergence of biocompatible lubricants due to stringent regulations applicable to mineral-oil-based lubricants and their non-biodegradable toxic wastes may also impact the epoxidized soybean oil market positively. Before hitting the market, vegetable lubricants made from vegetable oil are required to overcome some poor performance characteristics like thermal and oxidative instabilities. This helps demonstrate the improved performance of epoxidized soybean oil in certain high-temperature lubricant applications.

The problems associated with vegetable oils like poor oxidization and low-temperature properties can be enhanced by attributing functional groups at the sites of unsaturation occurred due to chemical modifications. In several countries, about 40 percent of a lubricant can be lost to the environment and with rising petrol prices, development of new industrial products from soybean seem economically feasible. Although soybean oil shows superior lubricity, vegetable-oil-based lubricants possess a weaker oxidative stability and flow under low temperatures but by attaching some functional groups at the site of unsaturation these problems can be resolved. The fact that vegetable-oil properties can be improved for lubrication through functionalization methods will drive the epoxidized soybean oil market in the years to come, as they are deployed as industrial lubricants.

Epoxidized soybean oil market from pigment dispersion agent application is likely witness substantial gains of over 6% by 2024. ESBO is used as a pigment scattering agent and as an epoxy reactive diluent. Due to its controlled cost, non-toxic nature and eco-friendly properties along with its biodegradability as compared to other phthalate plasticizers, ESBO is likely to replace dioctyl phthalate (DOP) in industrial application. These product functions are likely to stimulate industry growth by 2024.

Epoxidized soybean oil market is likely foresee gains on account of its usage as raw materials for numerous applications which include polyol replacements, fuel additives, functional fluids, flavor & fragrances, agricultural and pharmaceutical molecules. The product act as a polymeric plasticizer and owing to its high molecular weight, it resists extraction, volatilization, and migration, which is likely to boost market growth in forecast timeframe.

Global epoxidized soybean oil market share is fragmented and competitive with key industry players including Flow Tech Group ADEKA, Arkema, INBRA, KLJ, Varteco, CHS Inc, Makwell, Valtris, Zhejiang Jiaao Enprotech Ltd., The Chemical Company. Manufacturers are involved JV, mergers & acquisitions, and partnership in order to implement ground-breaking technologies with increasing production capacities to cater growing ESBO demand.

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