Global Epoxidized Soybean Oil Market: Snapshot
Epoxidized soybean oil or ESBO refers to a collection of different organic compounds that are extracted from the epoxidation of the oil of soybean. It is employed as a stabilizer and plasticizer in polyvinyl chloride plastics. Epoxidized soybean oil is a yellowish viscid liquid. During the manufacturing process of vegetable oils are broadly employed as precursors to the epoxidized oil products as they have sizeable number of carbon-carbon double bonds that are accessible for epoxidation.
Epoxidized soybean oil is used in the PVC gaskets that applied in the glass jars that are used to store food products. It acts as a scavenger and plasticizer for the hydrochloric acid which is released when the degradation of the PVC occurs thermally at the time when the food product goes through sterilization. The most lucrative opportunities for epoxidized soybean oil is likely to arise from the food and beverages, plastic, rubber industries. The global epoxidized soybean oil market is likely to be positive impacted by the growing adoption of organic stabilizers in PVC stabilization procedure and as an emerging substitute for oil-based lubricant in the short and medium run. In the long run the easy availability of ESBO in low price is anticipated to be a core driving factor.
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The challenges that this market is expected to face in the years ahead are the health hazards that are likely to occur in the industry of food and beverages to the excess use of ESBO and low product competitiveness that it creates.
Global Epoxidized Soybean Oil Market: Overview
The global market for epoxidized soybean oil (ESBO) is forecast to exhibit strong growth between 2017 and 2025. It will significantly gain from the increasing demand from the plastic additives industries, especially in North America. Besides this, research and development activities by the leading players, coupled with the recent merger and acquisition strategies they adopted will help this market rake high revenue over the forecast period. Additionally, the rising use of epoxidized soybean oil across diverse eco-friendly applications will aid the market’s growth.
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This report presents a detailed assessment of the recent market developments besides strategically identifying the most lucrative segments. It covers the growth drivers and key restraints to help readers gain a better perspective of the global epoxidized soybean oil market. The report also profiles the leading market players and identifies their core competencies. The effect of Porter’s five forces on the overall market operations is evaluated as well.
Global Epoxidized Soybean Oil Market: Trends and Opportunities
Among the key end-use segments, the market is gaining maximum from the rising use of epoxidized soybean oil in food and beverages packaging. As the retail sector gears for spike in the demand for processed food, the significance of phthalate-free plasticizers food packaging will scale higher. This will create significant opportunities for the market in the beverage can coating segment as well. Epoxidized soybean oil is available at a lower cost and offers high flexibility and thermal stability. It is also an eco-friendly bio-plasticizer hence, considered to be a food-grade product. It is due to the same reason that epoxidized soybean oil is extensively used in the food and beverages industry for packaging of products.
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By application, plasticizers will emerge as one of the key market segments. The segment includes PVA, PVC, and chlorinated rubber applications. The demand for epoxidized soyabean oil is thus considerably high in North America, wherein stringent environmental laws have compelled industries to lower dependence on phthalate plasticizers.
Also, soybean oil is most likely to remain the leading segment among raw materials due to its extensive use in the production of epoxidized soybean oil. This vegetable oil is derived from the seeds of soybean and is known to have many inedible applications besides its use in food products. Out of the many inedible applications, soybean oil acts as an excellent additive and stabilizer in plasticizers. Plasticizers become more reactive when epoxidized soybean oil is added. Soybean oil is widely available and is an eco-friendly alternative due to which it is also preferred by oleo chemical producers. Spurred by these factors, the global epoxidized soybean oil market will exhibit robust growth in the forecast period.
Global Epoxidized Soybean Oil Market: Regional Outlook
Regionally, the European markets will prove to be the most lucrative and faster growing. This trend is likely to continue through the course of the report’s forecast period. In addition, the increasing demand from France, Germany, Italy, Russia, Turkey, and the U.K., will seal Europe’s position as the dominant market for epoxidized soybean oil in the forthcoming years. The high demand for epoxidized soybean oil in Europe is ascribable to stringent environmental regulations in place in the European Union, which curbs the use of non-phthalate plasticizers in food and beverages packaging. Currently, Germany is one of the leading consumers of epoxidized soybean oil in the region and will continue to remain so through the forecast period.
Global Epoxidized Soybean Oil Market: Vendor Landscape
Among the companies who were able to establish strong foothold in the global epoxidized soybean oil market, Ferro Corporation (U.S.), Arkema SA (France), Galata Chemicals (U.S.), Hairma Chemicals (Gz) Ltd. (China), and The Chemical Company (U.S.), are a few of the prominent brands. The report analyzes their strengths and weaknesses using SWOT analysis, which also gives insights into the opportunities and threats they may face over the forecast period.