Epoxidized Soybean Oil Market Growing Fastest in Europe
The global epoxidized soybean oil (ESBO) market value is projected to reach $0.3 billion, and a market volume of 279.4 kilotons by 2020, according to “Epoxidized Soybean Oil (ESBO) Market by Raw Material (Soybean Oil, Hydrogen Peroxide), by application (Plasticizers, UV Cure Applications, Pigment Dispersion agents, Functional Fluids, Flavour & Fragrance, Fuel Additives), by End-use Industry (Food & Beverages, Healthcare & Pharmaceuticals, Adhesives & Sealants), by Region—Global Trends and Forecasts to 2020."
The ESBO market in Europe is predicted to register the fastest growth rates in the world. This is mainly attributed to the growth of food and beverage, healthcare and pharmaceuticals, and adhesives and sealants end-user industries in the emerging and developed economies, such as Germany, France, the UK, Italy, and Turkey. Europe is reportedly the third largest market, in terms of value, for ESBO with a share of more than 20% of the global ESBO market in 2014, with Germany being the main contributor. Germany’s dominance in the market is attributed to its growing population, growing demand of phthalate-free PVC compounds, favorable investment policies, and stringent governmental norms. Continuous industrialization and growth in the manufacturing sector in Europe has led to the increasing consumption of ESBO in applications such as plasticizers and UV cure.
The UV cure application segment is reportedly the fastest-growing segment of ESBO market, and is projected to grow at the fastest growth rate of approximately 11% between 2015 and 2020. UV cure applications include the process of rapid transformation of a liquid coating film into a solid fill with the help of ESBO as an intermediate. In North America, UV cure application segment is the biggest consumer for ESBO, owing to the presence of large number of coatings, sealants and other end-user manufacturing industries. Low-cost, low toxicity, biodegradability, workplace safety, flexibility, and flame resistivity makes ESBO an ideal component in UV-cure applications.
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