Plasticizers: The largest application of epoxidized soybean oil

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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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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