The global Epoxidized Soybean Oil (ESBO) market is projected to reach USD 691.7 million by 2026, at a CAGR of 11.04% from 2016 to 2026. Epoxidized soybean oil is used as a bio plasticizer in PVC and other plastic & rubber materials. Due to its easy availability in high volumes, low price, its eco-friendly nature, and bio-degradability, ESBO is replacing phthalate stabilizers in PVC applications.
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The increasing demand for the replacement of petrochemical based additives in the production of PVC plastics and natural polyols has led to an increase in the consumption of ESBO. Also, with the stringent environmental regulations regarding the use of petrochemical by-products, application industries are expected to turn towards the increased usage of ESBO. ESBO is also emerging as an alternative for mineral oil-based lubricants, which is expected to further lead to the growth of the epoxidized soybean oil market.
Europe is the fastest growing market for all the application segments. Arkema SA (France) is the prominent producer and distributor of ESBO in this region, and the oleo chemicals industry is majorly concentrated in France, Belgium, and Germany. Stringent environmental regulations by the European Union (EU) in the use of non-phthalate plasticizers in foods & beverages packaging and other applications have increased the usage of ESBO in Europe.
UV cure application is the fastest-growing application of epoxidized soybean oil. The UV cure technology offers high production speeds at lower operational costs and requires less physical labor, at the same time guaranteeing less space utilization and safety at the workplace. Adequate supply of raw materials, affordability, and eco-friendly substitutes are the key drivers in the growth of the plasticizer segment in the global epoxidized soybean oil market.
Soybean oil is the fastest-growing raw material of epoxidized soybean oil due to its affordability and easy availability worldwide. Soybean oil acts as a substantial replacement to petroleum-based products owing to its eco-friendly nature. Soybean oil undergoes the epoxidation process with plasticizers due to the carbon–carbon double bonds present in them, which causes plasticizers to be more reactive. Thus, soybean oil is the largest consumed and fastest-growing raw material of epoxidized soybean oil.
Turkey is projected to be the fastest-growing epoxidized soybean oil market in the European region. The growing demand for non-phthalate plasticizers for the manufacture of PVC compounds and growing end-use applications are the key drivers of this market in Turkey. Easy availability and low cost of major raw materials such as soybean oil are also the key factors that are fueling the growth of the ESBO market in this country.
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