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Rising the Demand for Epoxidized Soybean Oil Industry | Attractive Market Opportunities by 2019-2024

Author : Ronak Bora | Published Date : 2019-05-20 

The Epoxidized Soybean Oil Industry is set to grow from its current market value of more than $300 million to over $650 million by 2024; as reported in the latest study by Global Market Insights, Inc.

The global epoxidized soybean oil industry, in the years to come, is estimated to register significant growth prospects, attributed to the product’s vast end user landscape. Epoxidized soybean oil is commonly used as a plasticizer and heat stabilizer in several food contact materials, particularly in vinyl chloride or PVC films and gaskets. Currently, the product’s immense popularity can be primarily credited to the enforcement of stringent regulations against the use of phthalate stabilizers.

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Speaking of which, phthalates are a group of synthetic chemicals that are extensively used in several consumer products that include medical devices, building materials, packaging and children’s toys and childcare products made from polyvinyl chloride (PVC). Lately, the chemical has been identified as a developmental and reproductive toxicant. Moreover, the US EPA classified DEHP and BBP as possible human carcinogens respectively. Epoxidized soya bean oil serves as the perfect alternative against phthalates in order to build plasticizers and heat stabilizers, thereby propelling epoxidized soybean oil industry size.

The problems associated with vegetable oils like poor oxidization and low-temperature properties can be enhanced by attributing functional groups at the sites of unsaturation occurred due to chemical modifications. In several countries, about 40 percent of a lubricant can be lost to the environment and with rising petrol prices, development of new industrial products from soybean seem economically feasible. Although soybean oil shows superior lubricity, vegetable-oil-based lubricants possess a weaker oxidative stability and flow under low temperatures but by attaching some functional groups at the site of unsaturation these problems can be resolved. The fact that vegetable-oil properties can be improved for lubrication through functionalization methods will drive the epoxidized soybean oil market in the years to come, as they are deployed as industrial lubricants.

The epoxidized soybean oil industry may witness significant growth in Europe, driven by highly developed countries such as France and Germany, that boast of an expanding regional food and beverage industry. Incidentally, in 2017 the Committee for Social-Economic Analysis backed a proposal by the European Chemicals Agency and Denmark to limit the use of four phthalates namely BBP, DEHP, DBP and DIBP in articles comprising plasticized materials. In 2018, The European Environmental Bureau and CHEM Trust sent a letter to EU Member State representatives on the REACH Committee bringing to attention that the restriction excludes the use of phthalates in food contact materials even though maximum exposure to DEHP comes from food.

Epoxidized soybean oil industry from pigment dispersion agent application is likely witness substantial gains of over 6% by 2024.  ESBO is used as a pigment scattering agent and as an epoxy reactive diluent. Due to its controlled cost, non-toxic nature and eco-friendly properties along with its biodegradability as compared to other phthalate plasticizers, ESBO is likely to replace dioctyl phthalate (DOP) in industrial application. These product functions are likely to stimulate industry growth by 2024.

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Epoxidized soybean oil industry is likely foresee gains on account of its usage as raw materials for numerous applications which include polyol replacements, fuel additives, functional fluids, flavor & fragrances, agricultural and pharmaceutical molecules. The product act as a polymeric plasticizer and owing to its high molecular weight, it resists extraction, volatilization, and migration, which is likely to boost market growth in forecast timeframe.

Global epoxidized soybean oil industry share is fragmented and competitive with key industry players including Flow Tech Group ADEKA, Arkema, INBRA, KLJ, Varteco, CHS Inc, Makwell, Valtris, Zhejiang Jiaao Enprotech Ltd., The Chemical Company. Manufacturers are involved JV, mergers & acquisitions, and partnership in order to implement ground-breaking technologies with increasing production capacities to cater growing ESBO demand.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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