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Epoxidized Soybean Oil Market Analysis by key Players Flowtech Group, Hallstar, Shital industries Pvt Ltd, Peekay Agencies Pvt. Ltd., INBRA, KLJ, NAN YA PLASTICS, Varteco, Arkema, Adeka, CHS Inc, Valtris, Makwell, The Chemical Company, Zhejiang Jiaao Enpr
Epoxidized Soybean Oil Market
A flourishing behemoth in itself, the worldwide epoxidized soybean oil market is poised to garner substantial gains in the upcoming years, perhaps attributing to its wide scale usage as a plasticizer in myriad industries.
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Growth Drivers are
o North America: Swift growth in plasticization and PVC industry may boost product demand.
o Europe: Growing adhesives & sealants and food & beverage industries.
o Asia Pacific: Easy availability of raw material.
High scale adoption of bio-based products to reduce the emission levels is likely to stimulate the industry growth in the longer run. Further, the product's non-toxic nature is expected to enable the growth graph of epoxidized soybean oil industry to display a marked ascent during 2018-2024.
The global ESBO market has witnessed a massive traction across major end user industries due to the product's properties and use as plasticizer and heat stabilizer in umpteen applications. The enforcement of stringent regulations withdrawing the use of phthalate stabilizers would further boost the market growth in the ensuing years.
Standing tall as a significant market in the bio-based products realm, the ESBO industry size is anticipated to surpass an overall valuation of USD 650 million by the end of 2024.
Majorly driven by the authenticity of raw materials used, the global ESBO industry is majorly characterized by the hydrogen peroxide segment. This growth can be ascribed to the material's robust oxidation and reduction properties.
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Concurrently, favorable governmental laws to empower the adoption of hydrogen peroxide for ESBO manufacturing on the grounds of promoting emission free environment is adding up to the business dynamics. Estimates claim that the aforementioned parameters would prompt the hydrogen peroxide sector for ESBO industry to generate a revenue of USD 100 million by 2024.
Speaking of the application gamut, the worldwide ESBO market is projected to witness noteworthy gains from the pigment dispersion agent segment on account of the product's economic viability, non-toxic nature, and eco-friendly properties. The product's features to replace dioctyl phthalate across the industrial applications have enabled the segment to progress at a CAGR of 6 per cent through 2024.
Meanwhile, the plasticizer segment is forecast to hold a global business share of over USD 355 million over the foreseeable period owing to the product's expansive use in the PVC plastics reign. It is prudent to state that the product acts a plasticizer as well as a forager for HCL emitted from the PVC products, when exposed to heat treatment.
Plasticizer finds extensive use in plastic materials to retain the flexibility and softness of the material. This is largely addressed to impel the business expansion by 2024.
This segmental growth is credited to the transforming consumer purchasing patterns and high economic affluences leading to the positive growth of the overall ESBO market. Epoxidized soybean oil industry from the lubricants industry, on the other hand, is probable to poise appreciable gains at over 4 per cent through 2024 majorly due to its ability to take over the petroleum-based lubricants.
Based on the geographical landscape, China has been claimed to stand tall over the years and is predicted to depict a CAGR of 6.5 per cent through 2024. The primary factors driving the regional trends account to the proliferating cognizance of negative toxic influences. In addition to that, a paradigm shift towards the cost efficient products is accelerating the product demand thereby revolutionizing the business dynamics over the stipulated time period.
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Germany is foreseen to stand strong in the ESBO market as well, owing to the robust presence of various food and beverage and automotive developers. Also, surging R&D activities with ever growing product range is likely to provide an impetus to the regional market. As per the statistics rolled out by GMI, Inc., Germany is set to procure a revenue share of USD 35 million by the end of 2024 of the global ESBO market size.
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