Plasticizers are the colorless and odorless chemicals mainly phthalate esters, which are used to enhance the elasticity of polymers mainly polyvinyl chloride (PVC). Around more than 90% of plasticizers are used in production of PVC also known as vinyl. Plasticizers are also used in paints, rubber products, adhesives & sealants, printing inks and so on. Without the use of plasticizers in PVC applications, it will be rigid and can be used in limited applications such as wastewater pipelines.
The most commonly used phthalates are hexyl phthalate, dioctyl phthalate, and dibutyl phthalate. This in turn led the plasticizer producers to opt for renewable and safer products. Epoxidized Soybean Oil Market, being environmentally friendly plasticizer, has been considered as most preferred bio-based plasticizer over petrochemical-based plasticizer. Hence, Epoxidized Soybean Oil Market finds high growth opportunities in PVC stabilization process.
The global Epoxidized soybean oil (ESBO) market is projected to be valued at USD 691.7 million by 2026, at a CAGR of 10.70%. Further, the global demand for epoxidized soybean oil in the North American, Asia-Pacific, and European regions is growing due to stringent environmental regulations. Epoxidized soybean oil is preferred as against phthalate-free stabilizers in PVC applications, and hence ESBO is used widely as an additive in plasticizers.
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The North American region is the largest market in the global epoxidized soybean oil market, in terms of value, 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 epoxidized soybean oil in the plasticizer application industry. This growth is due to the easy availability of raw materials in large quantities and at lower costs, which is driving the demand for epoxidized soybean oil in this region. U.S is the largest market for epoxidized soybean oil and is projected to continue this trend till 2026.
Key Market Players
The epoxidized soybean oil supply chain includes raw material manufacturers such as Arkema SA (France), CHS INC. (U.S.), Ferro Corporation (U.S.), Galata Chemicals (U.S.), The Chemical Company (U.S.), Hairma chemicals (GZ) Ltd. (China), SHANDONG LONGKOU LONGDA CHEMICAL INDUSTRY CO., LTD (China), Guangzhou Xinjinlong Chemical Additives Co. Ltd. (China) among others.
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