PUNE,India, January 5, 2017 /PRNewswire/ --
The report "Epoxidized Soybean Oil Market by Raw Material (Soybean Oil, Hydrogen Peroxide), Application (Plasticizers, UV Cure Applications, Fuel Additives), End-use Application (Foods & Beverages, Adhesives & Sealants, Automotives) - Global Forecast to 2026", published by MarketsandMarkets, the global market is projected to reach USD 691.7 Million by 2026, at a CAGR of 11.04% from 2016 to 2026.
Browse 155 market data Tables and 62 Figures spread through 189 Pages and in-depth TOC on "Epoxidized Soybean Oil Market"
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This growth is fueled by the expected high demand from the application segment due to the easy availability of epoxidized soybean oil in large volumes, and at lower prices. Further, the global demand for epoxidized soybean oil in the North American, Asia-Pacific, and European regions is growing due to stringent environmental regulations. Epoxidized soybean oil is preferred as against phthalate-free stabilizers in PVC applications, and hence ESBO is used widely as an additive in plasticizers.
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Soybean oil: The most-widely used raw material for the production of epoxidized soybean oil
Soybean seeds are crushed in order to obtain soybean oil for use in manufacturing epoxidized soybean oil. For the production of ESBO, soybean oil is used as the basic raw material. As compared to other bio-based oils, soybean oil is preferred by oleo chemicals producers due to its low cost and easy availability. The use of ESBO helps application industries to reduce production costs and to maximize profitability margins.
Plasticizers: The largest application of epoxidized soybean oil
Polymer materials are made flexible, user-friendly, and resilient with the addition of plasticizers. When ESBO undergoes heat treatment, it acts as a scavenger for hydrochloric acid liberated from poly vinyl chloride. ESBO being a bio-based plasticizer, is gaining traction in PVC stabilization applications over the phthalate plasticizers.
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North America: The largest market for epoxidized soybean oil
The North American region is the largest market in the global Epoxidized Soybean Oil Market, in terms of value, and this trend is expected to continue till 2026. Countries in this region such as U.S, Canada and Mexico are achieving symbolic increase in the use of epoxidized soybean oil in the plasticizer application industry. This growth is due to the easy availability of raw materials in large quantities and at lower costs, which is driving the demand for epoxidized soybean oil in this region. U.S is the largest market for epoxidized soybean oil and is projected to continue this trend till 2026. The epoxidized soybean oil market has various global players competing for significant market shares. These companies are actively investing in various strategies such as, new product developments, acquisitions, and joint ventures & partnerships globally to further strengthen their market shares. Major manufacturers such as, The DOW Chemical Company (U.S), Galata Chemicals LLC (U.S), CHS Inc. (U.S), Ferro Corporation (U.S), and others have adopted various organic and inorganic developmental strategies in the North American region.
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