Epoxidized Soybean Oil Market

Market Overview:

Epoxidized soybean oil is a pale-yellow viscus liquid at its ambient temperature. It has mild vegetable odour. Epoxidized soybean oil is mostly used as additive in the manufacturing of coatings, plastics, and adhesives. It is also used in agriculture pesticides as an inert ingredient which provides corrosion protection to the equipment’s. It is also used as a reference standard for detection of regulated dyes. Increase in the demand of epoxidized soybean oil due to its worldwide production, low cost, and easy conversion to the polyols is expected to drive the market growth.

Market Size Growth Rate:

According to the DataM market research report, the global epoxidized soybean oil market size was valued at US$ XX billion in 2022, it is projected to reach US$ XX billion by 2030, with growth at a CAGR of 9.4% over the forecast period 2023-2030.

Increase in the application of the epoxidized soybean oil in the building and construction industry helps to boost market growth in the forecast period. Also, increasing application of epoxidized soybean oil in adhesives, sealants and coatings in major countries helps to boost market growth in the forecast period. Moreover, increasing application of epoxidized soybean oil in the medical industry and rapid growth of the medical industry helps to boost market growth. It is mostly used in the blood bags and hemodialysis tubing.

Market Drivers:

The applications of the epoxidized soybean oil in the manufacturing of PVC helps to boost market growth. Epoxidized soybean oil is green alternative plasticizer for poly vinyl chloride. It is miscible with genistein. Epoxidized soybean oil is a great compatibilizer for the PVC/genistein pair, which is incompatible. Additionally, in the amorphous condition, PVC/epoxidized soybean oil/genistein ternary blends showed perfect miscibility. Epoxidized soybean oil is phthalate free and due to this, there is an increasing demand from the PVC manufacturer. 

There is an increasing demand from the manufacturers of biocompatible lubricants to fulfil consumers stringent regulations. Epoxidized soybean oil is biobased lubricant, and it has high viscosity index. This is expected to increase the demand of the biobased lubricants, further driving the market growth.

Market Restraints:

Increase in epoxidized soybean oil applications in food and beverage packaging, causes food contamination. This can hamper the market growth.  It is mostly used in the preparation of laminate in plastic coating and cartons which causes some food contamination and has adverse effect on health. Increase in the stringent government rules in food industry hampers market growth. Also, increasing use of the epoxidized soybean oil has various health risks such as it has effects on liver, kidney, testis, uterus.

Market Opportunities:

Increase in the applications of epoxidized soybean oil in the manufacturing of medical products and PVC manufacturing creates new opportunities in the forecast period. Technological advancement in the manufacturing with improving efficiency creates new opportunities for the market growth.

COVID-19 Impact Analysis:

Nearly every business was impacted by the unprecedented worldwide public health emergency known as COVID-19, and the long-term effects are expected to have an impact on the expansion of several end-use industries over the course of the forecast period. Shortage of the labors is another factor that has negatively impacted on the market growth. All the industries were closed at initial stage of pandemic; hence it is negatively impacted on the market growth. In 2020, production of epoxidized soybean oil has decreased due to the lack of raw materials and government strict regulations. Global supply chain was completely disturbed in 2020 which has negatively impacted on the market.

Recent Developments in the Industry:

1. In September 2021, Cargill acquired Arkema’s vegetable oils epoxides business. Agreement value of the business was $38.8m. The business combines soybean oil and other vegetable oils with hydrogen peroxide to produce epoxides. This agreement allows Cargill to become integrated producer of bio-based polyols and plasticizers.
2. On March 29, 2016, Elekeiroz and Nexoleum together manufacturing bio-based products patented in Brazil. The company has capacity to produce plasticizers with capacity of 24,000 tons per year.
3. On February 22, 2013, CHS launched PlastiSoy Epoxidized Soybean Oil in the market. The new launched product is used by plastic manufacturers. CHS is the only company who manufactured epoxidized soybean oil in North America. The company manufactured more than 1 billion pounds of soybean oil annually.

Market Segmentation:

As per the research analysis, the global epoxidized soybean oil market is segmented by raw material into soybean oil, formic acid, acetic acid & hydrogen peroxide by application into revenue pocket matrix, plasticizers, pigment dispersion agents, flavors and fragrances, functional fluids, ultraviolet cure, and fuel additives, by end use into food and beverages agriculture, healthcare and pharmaceuticals, construction, adhesives and sealants, coatings, and others

Based on applications, the plasticizers segment is estimated to hold a significant market share in the forecast period (2023-2030). Epoxidized soybean oils are used in plasticizers due to its properties. Many major key players in the market are moving towards renewable, nontoxic, and safer ingredients such as epoxidized soybean oil due to the strict government regulations on traditional epoxidized due to its adverse effect on the skin.

Geographical Classification:

The global epoxidized soybean oil market is segmented into major countries, including North America, Europe, South America, Asia Pacific, and Middle East & Africa.

Asia-Pacific Epoxidized Soybean Oil Market:

Asia-Pacific is witnessing major demand for epoxidized soybean oil owing to the rising demand from the automotive, adhesive and sealant industries. Major key players expand their distribution channel in Asia Pacific region which is affected positively on the market growth. India and China are major shareholding countries in the region due to the increase in disposable income of consumers. 

North America Epoxidized Soybean Oil Market:

United States and Canada are major shareholding countries in the region due to the increase in production of raw material used for the epoxidized soybean oil that is soybean oil. Lower cost of the raw material in the region also helps to boost regional growth in the forecast period. Some of the major key players in the region are Galata Chemicals LLC, The Dow chemical company and others are launching new products in the market which helps to boost the growth of market in the forecast period.

Europe Epoxidized Soybean Oil Market:

Increase in the applications of epoxidized soybean oil in the food and beverage industry in the region helps to boost regional growth. Also, increase in the research and development activities by the major key players also helps to boost regional growth. European government also investing in production of epoxidized soybean oil. 

Competitive Analysis:

There are numerous international, regional, and local suppliers in the global epoxidized soybean oil industry. The competition in the local market is fierce. The vendors compete based on price, product quality, dependability, and aftermarket services. As a result, to prosper and survive in a competitive market, suppliers must provide cost-efficient and effective products.

Major Companies:

Major key companies working towards the market's growth include Dow, CHS Inc., Ferro Corporation, Arkrema, Galata Chemicals, Makwell, Harima Chemicals Group, Inc., Shandong Longkou longda Chemical Co., Ltd., Hallstar., Chang Chun Group., and others.

Additional Benefits Post Purchase:

1) Unlimited Analyst support for a period of 1 year. 

2) Any query with regards to the scope offered will be addressed within 24- 48 hours.

3) An excel sheet with market numbers will be provided separately.

The Full Report has the below insights: 

• The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
• Visualize the composition of the global epoxidized soybean oil market segmentation by type, application, form, crop type and region, highlighting the key commercial assets and players. 
  • By Raw Material: Soybean Oil, Formic Acid, Acetic Acid & Hydrogen Peroxide
  • By Application: Revenue Pocket Matrix, Plasticizers, Pigment Dispersion Agents, Flavors and Fragrances, Functional Fluids, Ultraviolet Cure, And Fuel Additives.
  • By End Use: Food and Beverages Agriculture, Healthcare And Pharmaceuticals, Construction, Adhesives And Sealants, Coatings, And Others
  • By Region: North America, South America, Europe, Asia Pacific, Middle East & Africa
• Identify commercial opportunities in the global agricultural micronutrient market by analyzing trends and co-development deals.
• The report also covers data insights on various industry forces such as, porter's five forces analysis, supply chain analysis, pricing analysis, regulatory analysis.
• Excel data sheet with thousands of data points of global epoxidized soybean oil market-level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study. 
• Product mapping in excel for the key product of all major market players.
• The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages. 

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