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Epoxidized Soybean Oil Market Size
- Report ID: GMI1723
- Published Date: Nov 2018
- Report Format: PDF
Epoxidized Soybean Oil Market Size
Epoxidized Soybean Oil Market size was over USD 300 million in 2017 and industry expects demand of above 350 kilo tons by 2024.
Increasing demand for bio-based plasticizers owing to growing demand in processed food & beverage can coatings would escalate epoxidized soybean oil market size. Restrictions on phthalate plasticizers in food & beverage sector is likely to drive market growth. ESBO is cost effective and has high thermal flexibility & stability, thereby industry growth.
Stringent government regulations on utilization of non-phthalate plasticizers would stimulate epoxidized soybean oil market demand in the estimated timeline. ESBO is an eco-friendly bio-plasticizer which complies with standards set by REACH, FDA, and EU which is likely to favour product demand. The product is utilized as co-plasticizer for PVC applications. It is also utilized as an acid scavenger for inks, pigment dispersion, and agricultural chemicals driving market growth.
Global lubricants market size was USD 115 billion in 2016. ESBO based lubricants have high oxidative stability and low pour point. The product is utilized to decrease friction and wear of surfaces meeting different substrates in motion. It is extensively used in auxiliary equipment, air compressors, gas engines, heat transfer systems, natural gas compressors, and hydraulics, thus propelling product demand.
| Report Attribute | Details |
|---|---|
| Base Year: | 2017 |
| Epoxidized Soybean Oil Market Size in 2017: | 300 Million (USD) |
| Forecast Period: | 2018 to 2024 |
| Forecast Period 2018 to 2024 CAGR: | 10.8% |
| 2024 Value Projection: | 650 Million (USD) |
| Historical Data for: | 2013 to 2017 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 289 |
| Segments covered: | Raw Material,Application, End-Use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Epoxidized soybean oil are of great value for stabilizing additives. The product is cost effective and enhances performance for heat & light stability. It has high detergent resistance, low volatility & viscosity and improves processing speed. Thus, positively supporting ESBO market growth.
Government initiatives along with heavy capital investments in R&D for environmentally friendly product would fortify market growth. ESBO is formed by oxidation of soybean oil with hydrogen peroxide in the presence of formic or acetic acid. It is non-toxic, clear to yellow liquid, low cost and potent synergist to metal additive composites in vinyl systems which would favour epoxidized soybean oil product demand.
ESBO is extensively utilized in metal cover gaskets of glass jars, which can cause health problems. Excessive usage of product in packaging of food & beverage that can cause severe health hazards which may hamper industry profitability and epoxidized soybean oil market price trends.
Frequently Asked Questions (FAQ) :
Epoxidized Soybean Oil Market Scope
