Epoxidized Soybean Oil Market by Application (Plasticizers, UV Cure Applications, Fuel Additives) – Global Forecast to 2026

Soybean oil is projected to be the leading raw material in the production of epoxidized soybean oil from 2016 to 2026. Soybean oil is a light yellow colored vegetable oil derived from the seeds of the soybean. It is extensively used in edible applications such as in the manufacture of food products. Out of the numerous inedible applications, it is also used as an additive and as a stabilizer in plasticizers. The plasticizers become more reactive on the addition of ESBO due to the carbon-carbon double bonds that undergo the epoxidation process present in vegetable oil. Soybean oil is an ecofriendly alternative and is easily available in large amounts, is preferred by oleo chemical producers.

This growth is fueled by the expected high demand from the application segment due to the easy availability of epoxidized soybean oil in large volumes, and at lower prices. 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.

Plasticizers: The largest application of epoxidized soybean oil
Polymer materials are made flexible, user-friendly, and resilient with the addition of plasticizers. When ESBO undergoes heat treatment, it acts as a scavenger for hydrochloric acid liberated from poly vinyl chloride. ESBO being a bio-based plasticizer, is gaining traction in PVC stabilization applications over the phthalate plasticizers.

The report “Epoxidized Soybean Oil Market by Raw Material (Soybean Oil, Hydrogen Peroxide), Application (Plasticizers, UV Cure Applications, Fuel Additives), End-use Application (Foods & Beverages, Adhesives & Sealants, Automotives) – Global Forecast to 2026″.The global Epoxidized Soybean Oil (ESBO) market is projected to reach USD 691.7 Million by 2026, at a CAGR of 11.04%.

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The European region was the fastest-growing market for epoxidized soybean oil, in terms of value, in 2015 and this trend is expected to continue till 2026. Germany, France, U.K, Italy, Russia, and Turkey are the major consumers in the European region. The high demand for epoxidized soybean oil is primarily due to the stringent environmental regulations by the European Union (EU) for the use of non-phthalate plasticizers in foods & beverages packaging and other applications. Germany is the major consumer of ESBO and the demand for epoxidized soybean oil is expected to increase during the forecast period in the region.

Epoxidized soybean oil is serving as an alternative to phthalate plasticizers and hence complies with the standards set by regulatory bodies in the European Union, such as Regulation, Evaluation, Authorization and the Restriction of Chemicals (REACH).

Companies such as, Arkema SA (France), The DOW Chemical Company (U.S), Galata Chemicals (U.S), CHS Inc. (U.S), Ferro Corporation (U.S), are the leading market participants in the global epoxidized soybean oil market. These companies have been adopting various organic and inorganic growth strategies such as expansions, mergers & acquisitions, and new product developments to enhance their market shares in the epoxidized soybean oil market.

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Arkema SA (France), The DOW Chemical Company (U.S), Galata Chemicals (U.S), CHS Inc., and Inbra Indústrias Químicas, Ltda.(Brazil) are Among the Most Active Players in the Global Epoxidized Soybean Oil Market

The global market for epoxidized soybean oil is projected to reach USD 691.7 Million by 2026, at a CAGR of 11.04% from 2016 to 2026. The growing demand for epoxidized soybean oil from major application industries such as PVC & PVA plasticizers, UV cure applications, and other industrial applications in emerging economies are driving

New product developments were the key strategy adopted by industry players to boost their growth in the global epoxidized soybean oil market. This strategy accounted for a share of 50%, between 2010 and 2016, of all the growth strategies adopted by market players to expand their product portfolios. Besides new product developments, companies are investing in new joint ventures & partnerships across the world. The joint ventures & partnerships strategy accounted for a 30% share of all the development strategies between 2010 and 2016. Companies also focused on acquisitions & mergers and expansions strategies between 2010 and 2016, which accounted for a 10% share for each of the strategic developments. The Asia-Pacific region was the most active region from 2010 to 2016, in terms of strategic initiatives. New product developments were one of the preferred strategies in this region. Companies such as Galata Chemicals made various new product developments and acquisitions to increase their production capacity in epoxidized soybean oil.

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Major manufacturers such as, Arkema SA (France), The DOW Chemical Company (U.S), Galata Chemicals (U.S), CHS Inc. (U.S), Ferro Corporation (U.S), The Chemical Company (U.S), Harima Chemicals (GZ) Ltd.(China), Shandong Longkou Longda Chemical Industry Co., Ltd. (China), Guangzhou Xinjinlong Chemical Additives Co. Ltd. (China), Inbra Indústrias Químicas, Ltda. (Brazil), Maxwell Plasticizers Pvt. Ltd. (India), and Shenzen Kaiqi Chemical Co., Ltd.(China) are profiled in the report. These companies have adopted both, organic and inorganic growth strategies.

Arkema SA (France), The DOW Chemical Company (U.S), Galata Chemicals (U.S), CHS Inc., and Inbra Indústrias Químicas, Ltda. (Brazil) are among the most active players in the global epoxidized soybean oil market.

Galata Chemicals (U.S) is the most active player in the epoxidized soybean oil market. It accounted for the largest share of all the developmental activities undertaken in the epoxidized soybean oil market. As part of its strategy, the company focuses on expanding its epoxidized soybean oil business by investing in new product development activities, mergers & acquisitions, and joint ventures & partnerships. In April 2012, Galata Chemicals (U.S.) launched DRAPEX Alpha, a natural oil-based primary plasticizer technology to replace the conventional petroleum-based plasticizers with similar cost performance features. This product was launched to fulfill growing consumer demands for sustainable products and phthalate alternatives while enhancing process-ability and improving extraction resistance.

 In April 2014, Artek Surfin Chemicals Ltd. (India) acquired 100% ownership by acquiring the Aterian Investment Partners (New York) shares of Galata Chemicals (U.S.), thus making Artek Surfin the immediate parent and controller of Galata Chemicals epoxidized soybean oil and other product manufacturing processes.

Another company that has established a strong foothold in the global epoxidized soybean oil market is Arkema SA (France). The company is focused on providing sustainable industrial solutions which benefit the environment. In May 2015, Arkema SA launched Vikoflex epoxidized soybean oil, a substitute for phthalate plasticizers for manufacturing PVC plastic materials. This is helping in building the core competitiveness of the company.

Related Reports: Epoxidized Soybean Oil Market by Raw Material (Soybean Oil, Hydrogen Peroxide), Application (Plasticizers, UV Cure Applications, Fuel Additives), End-use Application (Foods & Beverages, Adhesives & Sealants, Automotives) – Global Forecast to 2026

Epoxidized Soybean Oil Market worth 691.7 Million USD by 2026 | At a CAGR of 11.04%

The global Epoxidized Soybean Oil (ESBO) market is projected to reach USD 691.7 million by 2026, at a CAGR of 11.04% from 2016 to 2026. Epoxidized soybean oil is used as a bio plasticizer in PVC and other plastic & rubber materials. Due to its easy availability in high volumes, low price, its eco-friendly nature, and bio-degradability, ESBO is replacing phthalate stabilizers in PVC applications.

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The increasing demand for the replacement of petrochemical based additives in the production of PVC plastics and natural polyols has led to the increase in the consumption of ESBO. Also, with the stringent environmental regulations regarding the use of petrochemical by-products, application industries are expected to turn towards the increased usage of ESBO. ESBO is also emerging as an alternative for mineral oil-based lubricants, which is expected to further lead to growth of the epoxidized soybean oil market.

Europe is the fastest growing market for all the application segments. Arkema SA (France) is the prominent producer and distributor of ESBO in this region, and the oleo chemicals industry is majorly concentrated in France, Belgium, and Germany. Stringent environmental regulations by the European Union (EU) in the use of non-phthalate plasticizers in foods & beverages packaging, and other applications have increased the usage of ESBO in Europe.             

UV cure application is the fastest-growing application of epoxidized soybean oil. The UV cure technology offers high production speeds at lower operational costs and requires less physical labor, at the same time guaranteeing less space utilization and safety at the workplace. Adequate supply of raw materials, affordability, and eco-friendly substitutes are the key drivers in the growth of the plasticizers segment in the global epoxidized soybean oil market.

Soybean oil is the fastest-growing raw material of epoxidized soybean oil due to its affordability and easy availability worldwide. Soybean oil acts as a substantial replacement to petroleum-based products owing to its eco-friendly nature. Soybean oil undergoes the epoxidation process with plasticizers due to the carbon–carbon double bonds present in them, which causes plasticizers to be more reactive. Thus, soybean oil is the largest consumed and fastest-growing raw material of epoxidized soybean oil.

Turkey is projected to be the fastest-growing epoxidized soybean oil market in the European region. The growing demand for non-phthalate plasticizers for the manufacture of PVC compounds and growing end-use applications are the key drivers of this market in Turkey. Easy availability and low cost of major raw materials such as soybean oil are also the key factors which are fueling the growth of the ESBO market in this country.

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