May 08, 2020
According to the research report titled ‘Epoxidized Soybean Oil Market Size By Raw Material, By Application, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, worldwide epoxidized soybean oil market is expected to cross USD 650 million by the year 2024.
Growing preference for natural products in order to reduce emissions along with rising development of cost efficient additives are major factors driving the growth of epoxidized soybean oil industry. The product is not only used as a functional fluid but also employed in several applications such as UV cure, fuel additive, plasticizer and lubricant due to its biodegradable nature. Inclination towards high quality and low toxicity eco-friendly products is further fueling the market size.
Strict regulatory scenario regarding the use of plasticizers and phthalate is fostering the demand for epoxidized soybean oil. The product is widely used in plastic manufacturing processes due to its ability of combine, stabilize, and plasticize PVC.
However, high adoption of epoxidized soybean oil in food & beverage packaging may result in release of HCL. This factor in consort with strict regulations regarding the use of product in food & industry is inhibiting the industry expansion.
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Epoxidized soybean oil industry share from coatings application is predicted to cross USD 30 million by the year 2024. Soybean oil based coatings offer better impact resistance, tensile strength, flexibility, adhesion and hardness.
Alternatively, lubricants application segment is expected to grow with a CAGR of 4% during 2018-2024. The product is widely used as an alternative to petroleum-based lubricants due to its biodegradable and non-toxic nature.
Considering the geographical landscape, epoxidized soybean oil market in Germany is predicted to surpass USD 35 million mark by the year 2024. High concentration of automotive as well as food & beverage manufacturers along with rising per capita income and favorable regulations pertaining to use of bio-based products are swaying the business dynamics in Germany.
Meanwhile, China epoxidized soybean oil industry is reckoned to witness a y-o-y growth rate of 6.5% through 2024. Increasing awareness pertaining to toxic influence of synthetic products and shifting preferences towards cost-effective bio-based products are augmenting the regional demand.
The prominent companies operating in global epoxidized soybean oil market are Makwell, Nan Ya Plastic, INBRA, Adeka, Valtris, Shital Group, HallStar and Flow Tech among others.