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Epoxidized Soybean Oil (ESBO) Market 2015 by Raw Material, Application & End-User Industry - Global Trends and Forecasts to 2020Epoxidized Soybean Oil (ESBO) Market 2015 by Raw Material, Application & End-User Industry - Global Trends and Forecasts to 2020
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DUBLIN, Sept. 8, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/k3g4c4/epoxidized) has announced the addition of the "Epoxidized Soybean Oil (ESBO) Market by Raw Material, by Application, by End-use Industry , by region - Global Trends and Forecasts to 2020" report to their offering.
The ESBO market is projected to reach a market size of USD 0.3 Billion by 2020, signifying a firm annualized growth of 10.3% between 2015 and 2020
The outstanding heat and light stability and thermal & chemical resistivity characteristics of ESBO have made them a preferred plasticizer over traditional phthalate plasticizers for various manufacturers, suppliers, and end-use industries. The increasing demand of phthalate-free bio-based plasticizers from the emerging economies such as China, India and Brazil, among others is driving the growth of ESBO market globally. Moreover, availability of cheap raw material also contributes significantly to the growth of the market.
Epoxidized soybean oil, also known as ESBO, is manufactured through the process of epoxidation with raw materials such as soybean oil, hydrogen peroxide and formic acid/acetic acid. The soybean oil is epoxidized with hydrogen peroxide which acts as the oxygen carrier and formic acid/acetic acid as the catalyst during the ESBO manufacturing process.
The ESBO market is projected to register high CAGR in the future due to its unique characteristics such as excellent heat & light stabilization, which makes it usable in high temperature ranges for rigid and flexible PVC compounds. Owing to these properties, ESBO is used in a wide range of applications such as plasticizers, UV cure applications, pigment dispersion agents, functional fluids, flavor & fragrance, and fuel additives, among others.
Currently, North America is the largest market for ESBO, accounting for nearly 35% of the total market size, in terms of value, in 2014. Among all the countries, the U.S. dominates the ESBO market in 2014. The dominance by the U.S. is attributed to the stringent environmental norms and regulations and easy availability of cheap raw material in the country. The U.S. is closely followed by China.
The ESBO market is in growth stage in countries such as China, India, the U.S., Germany, and France, among others. There are a large number of players in the ESBO market. The key players are focused on expanding their operations, launching new products in the emerging markets, and enhancing their portfolio to provide cost-efficient and phthalate-free compounds to various end-use industries such as food & beverage, healthcare & pharmaceuticals, and adhesives & sealants, among others.