Epoxidized Soybean Oil Market Forecasts to 2028 - Global Analysis By Raw Material (Hydrogen Peroxide, Soybean Oil, Acetic Acid and Formic Acid), Application (Flavors & Fragrances, Pigment Dispersion Agent, Plasticizers, Surfactants, Lubricants, Agricultural Chemicals, Coatings, Foam/Cellular PVC, Flexible Sheet, Conduit Pipe, Ribbed Pipes, UV Care Applications, Fuel Additives and Other Applications), End User, and By Geography
Estimated Year Value (2022)
US $428.7 MN
Projected Year Value (2028)
US $878.5 MN
CAGR (2022 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Epoxidized Soybean Oil Market is accounted for $428.7 million in 2022 and is expected to reach $878.5 million by 2028 growing at a CAGR of 12.7% during the forecast period. Epoxidized Soybean Oil is created when soyabean oil is epoxidized, which improves its reactivity in comparison to the carbon-carbon double bond. Soyabean oil becomes a good plasticizer and hydrochloric acid scavenger when epoxidized. ESO is a yellow liquid that is used as a stabiliser and plasticizer in PVC plastics and is also used in compounds, gaskets, films, master batches, and so on to manufacture a variety of products such as sheet materials, refrigerator seals, artificial tubing, packaging material, plastic wallpaper, artificial leather, and so on. ESO is readily available for industrial uses at a low cost because soyabean oil is also a low-cost vegetable oil that is widely available around the world thus boosting the market.
According to FAO, the world soybean production is 336 million metric tons in 2019 increased to 353 million metric ton in 2020. Additionally, soybean can be used for extracting oil, as an edible crop, and as feed for animals.
Organic stabilisers have a high rate of uptake.
Epoxidized soybean oil (ESBO) is a non-toxic and ecologically beneficial organic stabiliser that is gaining popularity in the PVC stabilisation process. Epoxidized soybean oil also has the capacity to modify the chain reaction by postponing polyene synthesis and delaying the rise of hydrochloric acid elimination. Such characteristics are projected to favour epoxidized soybean oil over inorganic stabilisers, propelling the epoxidized soybean oil market.
Excessive use of ESBO in the food and beverage industry poses a health risk
In the food and beverage industries, Epoxidized soybean oil (ESBO) is utilised in gaskets for retail lids for food packaging, laminate in drink cartons, and plastic coatings. ESBO is also utilised in the metal lid gaskets of glass jars used to store infant food. These gaskets come into touch with food goods during sterilisation and storage and can contaminate ESBO, resulting in harmful health consequences.
The emergence of phthalate-free stabilisers
Plasticizers are colourless and odourless compounds, primarily phthalate esters, used to increase the flexibility of polymers, primarily polyvinyl chloride (PVC). Plasticizers are also found in paints, rubber goods, adhesives and sealants, and printing inks, among other things. PVC applications can stay stiff without the addition of plasticizers and can be utilised in restricted applications such as wastewater pipes. However, the use of plasticizers in PVC increases its versatility in a wide range of applications. Because it is environmentally friendly, ESBO is the preferred bio-based plasticizer over petrochemical-based plasticizer. As a result, ESBO sees significant development prospects in the PVC stabilisation process.
ESBO's monotonic properties result in a lack of product competitiveness.
Because of its diverse characteristics and product-specific application technique, ESBO has limited product competitiveness. Various goods necessitate different manufacturing procedures, which results in high production costs and customisation based on product specifications. The main issue is to make renewable plasticizers more competitive in the market and maybe boost their renewable content to 90% to 95%. Another significant difficulty is the high viscosity of bio-based plasticizers. Bio-based plasticizers must have a low viscosity in order to be used in coatings and fibre impregnation applications. To overcome this obstacle, ESBO must create a low viscosity thermoset resin that will increase the cross-linking density across various items.
While the global trade came to halt during the covid19 imposed to control the spread of novel coronavirus, the food industry has been impacted by severe freight challenges. Most of the food categories witnessed a decline in sales volume due to lack of demand and supply chain disruptions. The sales declined in the food industry, particularly in food service and HoReCa. As food and beverage is one of the dominant industries for the Epoxidized Soybean Market, the decline has a huge negative impact. The closure of food industries and lack of exports severely impacted the packages foods in turn impacting the epoxidized soybean market. Fuel consumption also declined to owe to the lockdowns and the work from home scenarios, which impacted the usage of ESBO as a fuel additive.
The soybean oil segment is expected to be the largest during the forecast period
The soybean oil segment is estimated to have a lucrative growth; due to rising knowledge of the benefits of soybean oil over other vegetable edible oils has considerably increased its demand. Soybean oil's low cost, simple availability and eco-friendliness have encouraged its application in a variety of industries, including food, industrial, and feed. Soybean oil is also utilised in a variety of culinary and industrial applications, including the manufacture of caulks and mastics, which can be used as adhesives or sealants which is driving the market
The adhesives & sealants segment is expected to have the highest CAGR during the forecast period
The adhesives & sealants segment is anticipated to witness the fastest CAGR growth during the forecast period; due to strong cross-linked ESOBV adhesives demonstrated higher adhesion strength on a variety of substrates such as steel, glass, wood, and bamboo plates. The interaction between the epoxy groups of ESO and the sulfhydryl groups of BDB produces a significant number of hydroxyl groups that can form hydrogen bonds with substrates. The cured ESOBV adhesives exhibited exceptional tensile strength and thermal stability. At the assessed temperature, the dynamic borate ester bonds in the network undergo topological rearrangement, allowing the ESOBV to be reprocessed and reused thus propelling the market.
Region with highest share:
Asia Pacific is projected to hold the highest market share during the forecast period owing to the growing use of epoxidized soybean oil in the automotive, adhesives, and sealants sectors is expected to boost product demand in the next years. The major corporations are extending their distribution network in Asia Pacific in order to enhance their consumer base, which is projected to boost product sales.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing the presence of major companies such as Galata Chemicals LLC, The DOW Chemical Company, and others in the region is projected to boost regional market growth. Furthermore, the easy availability of the raw material, soybean oil, due to its high production and low cost, is expected to drive market growth even further.
Key players in the market
Some of the key players profiled in the Epoxidized Soybean Oil Market include Arkema SA, Galata Chemicals, The Chemical Company, Shandong Longkou Longda Chemical Industry Co., Ltd, Guangzhou Xinjinlong Chemical Additives Co. Ltd., CHS INC., Ferro Corporation, Hairma chemicals, The DOW Chemical Company, KH Chemicals, Sigma-Aldrich, DuPont, MAKWELL, FuJian ZhiShang Biomass Materials Co., Ltd, Hallstar, Chang Chun Group, Akzo Nobel N.V and Axalta Coating Systems LLC
In May 2023, Arkema partners with the film "Marinette", This provides an opportunity for Arkema to reiterate its support for the production of this film.
In April 2023, Arkema launches “EASY3D”, its online on-demand additive manufacturing platform; the new platform marries material and cloud-based software expertise to provide easy access to a global supplier network for on-demand 3D printing.
In March 2023, georgia gulf, galata chemicals collaborate on bio-based Vinyl materials containing drapex® alpha plasticizer, These non-petroleum-based compounds are specifically designed to enable customers to meet their sustainability goals without compromising product quality or processing stability
Raw Materials Covered:
• Hydrogen Peroxide
• Soybean Oil
• Acetic Acid
• Formic Acid
• Flavors & Fragrances
• Pigment Dispersion Agent
• Agricultural Chemicals
• Foam/Cellular PVC
• Flexible Sheet
• Conduit Pipe
• Ribbed Pipes
• UV Care Applications
• Fuel Additives
• Other Applications
End Users Covered:
• Adhesives & Sealants
• Food & Beverages
• Personal & Healthcare
• Automotive & Transportation
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Epoxidized Soybean Oil Market, By Raw Material
5.2 Hydrogen Peroxide
5.3 Soybean Oil
5.4 Acetic Acid
5.5 Formic Acid
6 Global Epoxidized Soybean Oil Market, By Application
6.2 Flavors & Fragrances
6.3 Pigment Dispersion Agent
6.7 Agricultural Chemicals
6.9 Foam/Cellular PVC
6.10 Flexible Sheet
6.11 Conduit Pipe
6.12 Ribbed Pipes
6.13 UV Care Applications
6.14 Fuel Additives
6.15 Other Applications
7 Global Epoxidized Soybean Oil Market, By End User
7.2 Adhesives & Sealants
7.3 Food & Beverages
7.4 Personal & Healthcare
7.5 Automotive & Transportation
7.6 Other End Users
8 Global Epoxidized Soybean Oil Market, By Geography
8.2 North America
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.5 Other Key Strategies
10 Company Profiling
10.1 Arkema SA
10.2 Galata Chemicals
10.3 The Chemical Company
10.4 Shandong Longkou Longda Chemical Industry Co., Ltd
10.5 Guangzhou Xinjinlong Chemical Additives Co. Ltd.
10.6 CHS INC.
10.7 Ferro Corporation
10.8 Hairma chemicals
10.9 The DOW Chemical Company
10.10 KH Chemicals
10.14 FuJian ZhiShang Biomass Materials Co., Ltd
10.16 Chang Chun Group
10.17 Akzo Nobel N.V
10.18 Axalta Coating Systems LLC
List of Tables
1 Global Epoxidized Soybean Oil Market Outlook, By Region (2020-2028) ($MN)
2 Global Epoxidized Soybean Oil Market Outlook, By Raw Material (2020-2028) ($MN)
3 Global Epoxidized Soybean Oil Market Outlook, By Hydrogen Peroxide (2020-2028) ($MN)
4 Global Epoxidized Soybean Oil Market Outlook, By Soybean Oil (2020-2028) ($MN)
5 Global Epoxidized Soybean Oil Market Outlook, By Acetic Acid (2020-2028) ($MN)
6 Global Epoxidized Soybean Oil Market Outlook, By Formic Acid (2020-2028) ($MN)
7 Global Epoxidized Soybean Oil Market Outlook, By Application (2020-2028) ($MN)
8 Global Epoxidized Soybean Oil Market Outlook, By Flavors & Fragrances (2020-2028) ($MN)
9 Global Epoxidized Soybean Oil Market Outlook, By Pigment Dispersion Agent (2020-2028) ($MN)
10 Global Epoxidized Soybean Oil Market Outlook, By Plasticizers (2020-2028) ($MN)
8 Global Epoxidized Soybean Oil Market Outlook, By Surfactants (2020-2028) ($MN)
9 Global Epoxidized Soybean Oil Market Outlook, By Lubricants (2020-2028) ($MN)
10 Global Epoxidized Soybean Oil Market Outlook, By Agricultural Chemicals (2020-2028) ($MN)
14 Global Epoxidized Soybean Oil Market Outlook, By Coatings (2020-2028) ($MN)
15 Global Epoxidized Soybean Oil Market Outlook, By Foam/Cellular PVC (2020-2028) ($MN)
16 Global Epoxidized Soybean Oil Market Outlook, By Flexible Sheet (2020-2028) ($MN)
17 Global Epoxidized Soybean Oil Market Outlook, By Conduit Pipe (2020-2028) ($MN)
18 Global Epoxidized Soybean Oil Market Outlook, By Ribbed Pipes (2020-2028) ($MN)
19 Global Epoxidized Soybean Oil Market Outlook, By UV Care Applications (2020-2028) ($MN)
20 Global Epoxidized Soybean Oil Market Outlook, By Fuel Additives (2020-2028) ($MN)
21 Global Epoxidized Soybean Oil Market Outlook, By Other Applications (2020-2028) ($MN)
22 Global Epoxidized Soybean Oil Market Outlook, By End User (2020-2028) ($MN)
23 Global Epoxidized Soybean Oil Market Outlook, By Adhesives & Sealants (2020-2028) ($MN)
24 Global Epoxidized Soybean Oil Market Outlook, By Food & Beverages (2020-2028) ($MN)
25 Global Epoxidized Soybean Oil Market Outlook, By Personal & Healthcare (2020-2028) ($MN)
26 Global Epoxidized Soybean Oil Market Outlook, By Automotive & Transportation (2020-2028) ($MN)
27 Global Epoxidized Soybean Oil Market Outlook, By Other End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
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