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.