Richmond, Dec. 04, 2023 (GLOBE NEWSWIRE) -- According to a research report "Epoxidized Soybean Oil (ESBO) Market”, by Type (Type I, Type II, Type III, Type IV), Application (Medical Field, Food Sector, Industrial Sector), and Region.
Global Epoxidized Soybean Oil (ESBO) Market Report Scope:
| Report | Details |
| Market size value in 2022 | USD 497.9 Million |
| Market size value in 2030 | USD 1,029.1 Million |
| CAGR (2023-2030) | 9.5% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Epoxidized Soybean Oil (ESBO) Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The global epoxidized soybean oil (ESBO) market serves a pivotal role in the overall ecosystem by acting as a key renewable resource in various industries. ESBO, derived from soybean oil through the epoxidation process, is widely utilized as a plasticizer and stabilizer in the production of PVC compounds. Its eco-friendly nature and versatility make it a preferred choice in applications such as food packaging, medical devices, and consumer goods. The market's growth is driven by the increasing demand for sustainable alternatives to traditional plasticizers, aligning with global efforts to reduce environmental impact.
The ESBO market benefits the industry by providing a sustainable solution that not only meets regulatory standards but also addresses consumer preferences for environmentally friendly products. As industries across the globe prioritize eco-conscious practices, the adoption of epoxidized soybean oil contributes to reducing the carbon footprint associated with traditional plasticizers. Moreover, its compatibility with a wide range of polymers enhances its market significance, ensuring a positive impact on industries seeking greener alternatives in their manufacturing processes.
Major Vendors in the Global Epoxidized Soybean Oil (ESBO) Market:
- Arkema
- CHS
- Galata Chemicals
- The Chemical Company
- American Chemical Service
- Makwell Plasticizers Pvt. Ltd.
- AM Stabilizers
- Changchun Corporation
- Nanya Plastics Corporation
- Hairma Chemicals
- Hebei Jingu Plasticizer
- Xinjinlong Chemical Additives
- Longda Oil Technology
- Puyang Chengyi Plasticizer
- Baolilai Plastic Additives
- Longda Chemical
- Shenzhen Jianjing Plastic Additives
- Shenzhen Kaiqi Chemicals
- Chaohu Xiangfeng Plastic Aids
- Qingzhou City East Industria
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Growing Demand for Environmentally Friendly Plasticizers
One of the primary drivers for the global epoxidized soybean oil (ESBO) market is the increasing demand for environmentally friendly plasticizers. ESBO, derived from soybean oil, is widely used as a plasticizer in various applications, including PVC products, rubber, and coatings. With rising environmental concerns and stringent regulations governing the use of conventional plasticizers, there is a notable shift towards bio-based alternatives like ESBO. The eco-friendly nature of ESBO, coupled with its biodegradability and non-toxic properties, positions it as a sustainable choice in industries where plasticizers are indispensable. As industries strive to reduce their carbon footprint and comply with regulatory norms, the demand for ESBO is anticipated to surge, driving market growth.
Market Dynamics
Drivers:
- Increasing demand for sustainable and eco-friendly plasticizers.
- Growing awareness regarding health and environmental concerns associated with traditional plasticizers.
- Rising applications of epoxidized soybean oil in various end-use industries.
- Stringent regulations promoting the use of bio-based and non-toxic plasticizers.
Opportunities:
- Expansion of the food and beverage packaging industry.
- Technological advancements in the production of epoxidized soybean oil.
- Emerging markets in developing countries.
- Shift towards bio-based products in the manufacturing sector.
Expanding Applications in End-User Industries
The versatility of epoxidized soybean oil extends its applications across various end-user industries, contributing significantly to market growth. ESBO serves as a stabilizer and plasticizer in the production of polyvinyl chloride (PVC), which finds applications in construction, automotive, medical devices, and packaging. Additionally, ESBO is used as a raw material in the production of adhesives, sealants, and coatings. As these industries continue to expand globally, the demand for ESBO is expected to witness a proportional increase. The growth of the construction sector, especially in emerging economies, and the continual advancements in automotive and packaging industries are key factors fueling the demand for ESBO.
Asia Pacific dominates the market for Epoxidized Soybean Oil (ESBO).
The dominating region in the global ESBO market is Asia-Pacific, with China emerging as a key player in both production and consumption. The region's dominance can be attributed to the robust growth of end-user industries, particularly construction, automotive, and packaging, in addition to the region's large population.
Asia-Pacific accounts for over 50% of the global ESBO market share. China, as the world's largest consumer of plasticizers, holds a significant share of the ESBO market. India is poised to be a high-growth market for ESBO due to rapid industrialization, urbanization, and a surge in construction activities. The Indian government's emphasis on infrastructure development and sustainable practices aligns with the increased adoption of bio-based plasticizers like ESBO.
In South America, Brazil is emerging as a significant player in the ESBO market. The country's expanding automotive and construction sectors, coupled with a growing awareness of environmental sustainability, are driving the demand for ESBO as a bio-based alternative. These countries exhibit high growth potential due to favorable economic conditions, increasing industrial activities, and a shift towards sustainable practices, positioning them as key contributors to the global ESBO market in the coming years.
The Technology Segment is anticipated to hold the Largest Market Share during the Forecast Period
In the global epoxidized soybean oil (ESBO) market, the type segment is classified into four categories: Type I, Type II, Type III, and Type IV. Currently, Type II dominates the market. This dominance can be attributed to the superior properties of Type II ESBO, such as high thermal stability, excellent compatibility with PVC resins, and enhanced plasticizing efficiency. These qualities make Type II ESBO a preferred choice in various applications, including food packaging, medical devices, and toys. The market dominance of Type II is further reinforced by its compliance with stringent regulatory standards, increasing demand for sustainable plasticizers, and its ability to meet diverse industrial requirements. Overall, the Type II segment's supremacy in the Epoxidized Soybean Oil market is a result of its optimal balance of performance, versatility, and regulatory compliance, positioning it as a key driver in the industry.
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