September 20, 2019
Worldwide epoxidized soybean oil market to surpass US $650 million by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Growing demand for bio-based products to restrict emission levels will boost epoxidized soybean oil (ESBO) market growth. This can be attributed to substantial efforts taken by regulatory authorities and producers. Advancement in innovation and development of cost-effective additives, may open avenues for companies and fuel ESBO demand.
According to the report, strict government regulations by agencies including FDA, EPA and EU Commission for the use of phthalate plasticizers are predicted to drive ESBO demand during the analysis time period. The product is widely preferred in plastic manufacturing due to its stabilizing action and combine plasticizing in PVC engineering.
The report cites that high usage of the product in food and beverage packaging may release HCL owing to its direct contact with food ingredient which is expected to increase toxicity of the food preparations, thus restricting market growth. Stringent guidelines distressing to limit product usage in food and beverage industry may hamper market profitability.
As per the application segment, epoxidized soybean oil market from coatings segment is predicted to surpass US $30 million by the year 2024. This coating offers flexibility, hardness, impact resistance, tensile strength and adhesion. In the coating industry product is used for the preparation of alkyds, hence increasing the market growth. Moreover, ESBO market from lubricants segment is projected to register 4% gains over the analysis period. The product replaces petroleum-based lubricants due to their biodegradability and non-toxicity.
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Based on the regional outlook, Germany ESBO market is estimated to cross US $35 million by the year 2024, due to presence of various automotive and food & beverages manufacturers in the region. Research and development initiatives with the expansion in product range by several producers will increase the regional market growth.
The prominent companies operating in epoxidized soybean oil industry include Makwell, Flow Tech, Nan Ya Plastic, Hall Star, INBRA, Adeka, Valtris and Shital Group.