Epoxidized Soybean Oil Market may surpass USD 650 million by 2024; according to a new research report.
Rising demand for bio-based products to curb emission levels will propel epoxidized soybean oil market growth. This can be ascribed to significant efforts taken by producers and regulatory authorities. Increasing innovation with development of cost-effective additives, may open avenues for companies and drive ESBO demand.
ESBO is utilized in various applications including lubricants, plasticizer, fuel additives, UV cure, and functional fluids owing to its biodegradable nature. Growing consumer awareness and inclination for fine quality eco-friendly product with low toxicity should drive market growth.
Germany epoxidized soybean oil market is projected to exceed USD 35 million by 2024 owing to presence of several food & beverage and automotive manufacturers. R&D initiatives with extension in product range by numerous producers will escalate industry growth. Increase in per capita income with stringent guidelines for bio-based products should fortify regional industry growth.
Stringent government regulations by agencies including EU Commission, EPA and FDA for utilization of phthalate plasticizers would drive epoxidized soybean oil demand in the predicted timeline. The product is extensively preferred in plastic manufacturing owing to its combining plasticizing and stabilizing action in PVC engineering.
High utilization of the product in food & beverage packaging may release HCL due to its direct contact with food ingredient which is likely to increase toxicity of the food preparations, thus limiting industry growth. Strict guidelines distressing to limiting product usage in food & beverage may hinder industry profitability, affecting epoxidized soybean oil market price trends.
China epoxidized soybean oil (ESBO) market may observe significant gains over 6.5% up to 2024. Increasing awareness of negative toxic influences is driving market growth in automotive, adhesives & sealants, food & beverage, pharmaceutical and healthcare sectors. Shifting consumers preferences for cost efficient products is propelling product demand.
Epoxidized soybean oil market from coatings will exceed USD 30 million by 2024. These coating provides hardness, adhesion, flexibility, tensile strength and impact resistance. In the coating industry product is utilized for the preparation of alkyds, hence intensifying market growth.
Epoxidized soybean oil market from lubricants may witness strong gains over 4% by 2024. The product substitutes petroleum-based lubricants owing to their non-toxicity and biodegradability. Bio-based lubricants have a high viscosity index flash point, and lower evaporative loss. Rising prices of petroleum-based products and high emission rates will propel product demand.
Epoxidized soybean oil market from automotive may observe significant gains up to 6% by 2024. The automotive industry is likely to grow significantly owing to changing consumer purchasing patterns and rising standard of living, which would positively impact market share.
Epoxidized soybean oil (ESBO) industry is moderately fragmented and highly competitive with key industry players including Flow Tech, HallStar, Shital Group, Valtris, Adeka, INBRA, Nan Ya Plastic, and Makwell. Manufacturers are investing profoundly in R&D activities, product innovation and capacity expansion for escalating market growth.