(MENAFN- PR Newswire) CHICAGO, Feb. 14, 2024 /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 2028" , is projected to grow from USD 494 million in 2023 to USD 648 million by 2028, at a CAGR of 5.6% during the forecast period.
The increasing demand for various end-use applications such as food and beverages, personal and healthcare products, adhesives, and sealants, and automotive and transportation is a key driver for the growth of the Epoxidized Soybean Oil (ESBO) market. The market is also experiencing growth due to the high adoption of organic stabilizers in the PVC stabilization process. Developed nations like the U.S., the U.K., Germany, and Canada exhibit high demand for ESBO, driven by the implementation of various development strategies by manufacturing companies. The European market, in particular, is expected to witness rapid growth, fueled by the widespread adoption of bio-based additives to meet environmental compliance standards in end-use applications.
Manufacturers in the ESBO market face a significant challenge in the monotonous properties of ESBO, leading to a lack of product competitiveness. However, succinic acid-based stabilizers present an alternative with multifunctional properties, posing a challenge to ESBO. The increasing significance of phthalate-free stabilizers creates opportunities for ESBO producers in PVC applications, enabling them to expand their market share. Furthermore, the untapped markets in the Middle East represent a major growth opportunity for players in the ESBO market, as industries in the region traditionally rely on petroleum-based additives in their end-use applications.
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"Soybean oil raw material segment is estimated to lead the epoxidized soybean oil market during the forecast period."
In 2022, soybean oil emerged as the primary raw material for Epoxidized Soybean Oil (ESBO), holding the highest value among the various raw materials. Its widespread use in end-use applications can be attributed to its environmentally friendly characteristics, particularly when compared to petroleum-based products. Soybean oil stands out as an economically viable and abundantly available vegetable oil on a global scale. Its versatility is evident in its application across both edible and inedible domains. In the realm of edibles, soybean oil plays a crucial role in food product manufacturing, contributing to a variety of consumables. Simultaneously, inedible applications showcase the oil's adaptability in the production of diverse products such as caulks, mastics, plastics, and resins. This dual-purpose utility underscores soybean oil's significance as a key raw material, making it a preferred choice in the industrial landscape due to its accessibility, cost-effectiveness, and environmentally conscious profile.
"Plasticizer is the major application segment in the global epoxidized soybean oil market."
The plasticizer segment stands out as a primary application in the global epoxidized soybean oil (ESBO) market. Epoxidized soybean oil serves as a key plasticizer, enhancing the flexibility and durability of various plastic products. Its popularity in this segment is attributed to its ability to act as a stabilizer and extend the shelf life of plastics, ensuring they maintain their structural integrity over time. ESBO's eco-friendly nature compared to traditional plasticizers, such as phthalates, has further fueled its adoption. The demand for plasticizers in industries like packaging, automotive, and construction has propelled the growth of the epoxidized soybean oil market, making it a pivotal player in the realm of sustainable and versatile plastic applications.
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"Food and beverage is projected to lead the epoxidized soybean oil market."
In 2022, the food and beverage industry emerged as the dominant end-use sector in both value and volume, driven by a rising demand for non-phthalate PVC plasticizers in the production of food packaging materials and beverage can coatings. This surge in demand has prompted an increased utilization of bio-based plasticizers, known for their cost-effectiveness, high thermal stability, and flexibility. Specifically, Epoxidized Soybean Oil (ESBO) has gained widespread usage within the PVC industry. ESBO finds application in the manufacturing of gaskets for container lids, ensuring secure and airtight seals for packaged food items. Additionally, ESBO plays a crucial role in cap sealing for bottled foods, contributing to the preservation and freshness of various beverages and edibles. Its versatility extends to the production of food-contact PVC films, food package bags, and even infant products such as bottles and other baby items, including processed cereal-based foods. The multifaceted application of ESBO underscores its significance in maintaining the integrity and safety of food and beverage products throughout the supply chain. Overall, the adoption of bio-based plasticizers like ESBO represents a pivotal trend in the industry, balancing economic benefits with the essential requirements of thermal stability and flexibility in packaging materials.
"Asia Pacific is expected to witness the fastest growth in the epoxidized soybean oil market during the forecast period."
The Asia Pacific region is poised to experience rapid growth in the epoxidized soybean oil market throughout the forecast period. This surge can be attributed to several factors, including the increasing demand for eco-friendly plasticizers in various industries such as food packaging, automotive, and healthcare. Epoxidized soybean oil, known for its versatility and sustainability, is gaining prominence as a viable alternative to conventional plasticizers. The region's burgeoning population and rising disposable income levels are driving heightened consumption of packaged goods, further fueling the demand for epoxidized soybean oil in packaging materials. Additionally, stringent environmental regulations and a growing awareness of sustainable practices are propelling the adoption of eco-friendly products in the Asia Pacific, contributing to the anticipated robust growth in the epoxidized soybean oil market.
Major companies such as CHS Inc. (US), Nan Ya Plastics Corporation (Taiwan), Adeka Corporation (Japan), Cargill (US), and Valtris (US), Galata Chemicals LLC (US), Hairma Chemicals (GZ) Ltd. (China), Shandong Longkou Longda Chemical Industry Co., Ltd. (China), Guangzhou Xinjinlong Chemical Additives Co. Ltd. (China), Inbra Indústrias Químicas, Ltda. (Brazil) and other leading companies in this market)
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