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Epoxidized Soybean Oil Market in North America is anticipated to grow at a strong CAGR by 2024 | Arkema SA, ADEKA, CHS Inc, Valtris, Makwell, Flowtech, Hallstar
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Significant efforts taken by manufacturers and regulatory authorities is leading to rapid proliferation of sustainable and eco-friendly products. Also, the rise in innovation as well as development of cost-effective additives, may open growth avenues for ESBO manufacturers.
ESBO finds application in lubricants, fuel additives, plasticizer, functional fluids, UV cure, owing to its biodegradable properties. Growing consumer inclination and awareness regarding for eco-friendly product with low toxicity may bolster product demand in the coming years. Estimates suggests that global epoxidized soybean oil market will cross the USD 650 million mark by 2024.
ESBO is widely used as a pigment dispersing agent, additive for adhesives, specialty coatings, and urethanes. Addition of the substance to coating enhances hardness, tensile strength, impact resistance, adhesion and flexibility of the final product. Growing usage of ESBO in coating industry for the preparation of alkyds, will boost industry growth. Epoxidized soybean oil industry share from coatings segment is estimated to generate revenue of USD 30 million by 2024.
Demand for biocompatible lubricants
With strict regulations imposed on mineral oil-based lubricants due to their excessive non-biodegradable toxic wastes, demand for biocompatible lubricants is rapidly increasing. ESBO lubricant are highly preferable due to plethora of advantages such as low volatility, high viscosity index, good lubricity, easy miscibility, optimum solvency as a lubricant additives and others.
High emission rates of petroleum-based products and their rising prices will fuel ESBO product demand. From lubricant applications, soybean oil market from may witness strong gains at 4% CAGR up to 2024 due to its potential to replace petroleum-based lubricants.
Growing consumption of plasticizers
Epoxidized soybean oil is produced from one of the most easily available and low-cost vegetable oils across the globe. Increased preferences for cost efficient products will propel the demand for ESBO. It is primarily used as for processing plasticizer for flexible PVC (polyvinyl chloride) and its copolymers as it keeps the end plastics product soft and pliable.
PVC and plastic processing with ESBO in China is rapidly increasing due to Increasing awareness of negative toxic impact of non-biodegradable substances. China epoxidized soybean oil industry size is estimated to garner gains at 6.5% CAGR through 2024.
Government regulations on plastics in Europe
Strict government regulations by agencies including EPA, EU Commission, as well as FDA for utilization of phthalate plasticizers is driving the demand for epoxidized soybean oil across Europe. The product finds extensive application in plastic manufacturing on account of its stabilizing action in PVC engineering and combining plasticizing properties.
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Germany ESBO market is forecast to garner revenue of over USD 35 million by 2024 annually, owing to the presence of several automotive manufacturers and food & beverage producers. Rise in per capita income along with stringent guidelines prompting the usage of bio-based products may fortify regional business growth.
Toxic effect in food packaging
ESBO is widely utilized in food packaging. However, heavy product utilization in food & beverage packaging may result in production of toxic HCL when in direct contact with food ingredient. This can further lead to toxicity of the food products and in turn impact consumer health. Strict guidelines limiting product usage in F&B may hinder profitability for ESBO producers.
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