Epoxidized soybean oil is the result of the oxidation of soybean oil with hydrogen peroxide and either acetic or formic acid with non-toxic and yellow color characters. There are many uses of epoxidized soybean oil (ESO). It is largely used as a plasticizer and stabilizer in PVC. The global epoxidized soybean market is classified on the basis of end-user, application and others. The market by end-user has been further segmented into food & beverage, adhesives and sealants, healthcare & pharmaceuticals and others. Food and beverage has accumulated most of the market share. The market by application has been further segmented into plasticizer, pigment dispersing agent, UV cure and others. Plasticizers is the largest application of ESO, and UV curing application comes second which is also the fastest-growing application segment, estimated to rise significantly during 2017 to 2020.
North America: The largest market for epoxidized soybean oil
The North American region is the largest market in the global ESO, and this trend is expected to continue till 2026. Countries in this region such as U.S, Canada and Mexico are achieving symbolic increase in the use of ESO in the plasticizer application industry. Not only in North America, regions like Asia-Pacific, and Europe also show a rising tendency in the global demand for ESO.
Food & Beverage End-Use Industry: The largest market for epoxidized soybean oil
The food & beverages end-use segment is projected to be the largest consumer of ESO, followed by healthcare & pharmaceuticals, between 2015 and 2020 due to the increasing demand of phthalate free PVC plasticizers for food packaging materials and beverage can coatings.
Why the demand of epoxidized soybean oil is growing?
- Easy access to large number of epoxy soybean oilat lower price
- Stringent environmental regulations
- ESO ispreferred as against phthalate-free stabilizers in PVC applications
Market share rivery
The ESO market has distinct global competitors for market shares. These companies are actively adopting various strategies such as, new product developments, acquisitions, and joint ventures & partnerships globally to enlarge their market shares.
Major manufacturers in North America are The DOW Chemical Company (U.S), Galata Chemicals LLC (U.S), CHS Inc. (U.S), Ferro Corporation (U.S), and others . Major manufacturers in Asia-Pacific are Shandong Longkou Longda Chemical Industry Co., Ltd (China), Hairma Chemical (GZ) Ltd.(China), Makwell Plasticizers Pvt. Ltd.(India). One of the biggest manufacturers in Europe is Arkema SA(France).
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