Epoxidized Soy bean Oil market is estimated to witness an upsurge due to growing availability and development of advanced technologies for renewable resources. The global epoxidized soy bean oil market by end users which include food and beverage, agriculture, adhesives and coatings generated a revenue of $334m is anticipated to grow at a CAGR of 2.59% during the forecast period between 2018 and 2023. Globally, the food and beverage market is expected to grow at a CAGR of 16% from 2018 to 2023. Also, the ESBO market by application which includes plasticizers has accounted to be the largest market growing at a CAGR of 2.5% during the forecast period.
What is Epoxidized Soy Bean oil?
Epoxy Soy Bean oil is a non-toxic yellowish viscous liquid which dissolves in organic solvents such as benzene, cyclohexane, and acetone ethyl acetate. It is plasticizer used in polyvinyl chloride plastics as it is highly stable in heat and light. It also extends the shelf life of the product and has no odor. It acts as a scavenger for hydrochloric acid liberated from PVC during heat treatment.
Epoxidized Soybean oil is industrially available and one of the low cost vegetable oils in the world. Epoxidized soybean oil is produced by oxidation of soybean oil with hydrogen peroxide, either acetic or formic acid. ESO is highly preferred over phthalate plasticizers due to its biodegradable properties.
What are the major applications for Epoxidized Soy Bean oil?
It is used as a plasticizer and stabilizer in plastic material to keep plastics soft and pliable. ESO is used as raw material for various applications that include pharmaceutical molecules, UV cure applications, fuel additives, agriculture, functional fluids, surfactants, flavour & fragrances, coatings, special links and sealants. Epoxidised soybean oil is mainly used as an additive in the manufacture of plastics, adhesives and coatings. The chemical is also used as an inert ingredient in agricultural pesticides, as a process regulator in the manufacture of other chemicals and as an industrial lubricant.
Market Research and Market Trends of Epoxidized Soy Bean oil
- The market is gaining maximum revenue through the production of epoxidized soy bean oil as the usage of ESO is increasing in Food & Beverage packaging. It has been gaining a lot of importance as it is acid resistance, non-toxic and highly biodegradable.
- The demand for non-phthalate and eco-friendly compounds is increasing in various end uses such as laminations, transparent films and coatings and sheets, it will consequently drive the epoxidized soybean oil market during the forecast period.
- Epoxidized soybean oil has potential benefits such as minimizing volatile organic compound off-gassing in new construction application, thus reducing cost through building component modularization and provides greater strength to the construction building.
Who are the Major Players in Epoxidized market?
The companies referred in the market research report includes Arkema, Ferro Corporation, CHS Inc., The DOW chemical company, KH chemicals, Harima chemicals limited, inba industrias quimicas limited, Galata chemicals, The chemical company, Makwell plasticizers, sigma-aldrich.
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