The global epoxidized soybean oil (ESBO) market is expected to grow during the forecast period 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 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. Owing to the low cost, high thermal stability and flexibility, ESBO is used as an eco-friendly bio-plasticizer and can be used as a food grade product. UV-cure technology is projected to spur the growth of the ESBO market due to its process of transforming liquid coating film into solid coating film with petroleum based products as intermediates. UV-cure technology is widely used in industrial applications such as drying inks, adhesives, coatings, printing and other UV-sensitive materials.
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.
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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
- South Korea
- Rest of Asia-Pacific
- North America
- Western Europe
- Rest of Western Europe
- Central and Eastern Europe
- Rest of Central and Eastern Europe
- Western Europe
- South America
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- Rest of Middle East and Africa
This post was originally published on Financial Sector