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 2028
The epoxidized soybean oil market is estimated to be USD 494 million in 2023 and is projected to reach USD 648 million by 2028, at a CAGR of 5.6% between 2023 and 2028. The epoxidized soybean oil market is expected to witness significant growth in the coming years due to its increased demand across the food & beverages, personal & healthcare and infrastructure industries.
Attractive Opportunities in the Epoxidized Soybean Oil Market
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Epoxidized soybean oil Market Dynamics
Driver: Rising demand for eco-friendly plasticizers
The global awareness of the environmental impact of traditional plasticizers has led to a surge in demand for eco-friendly alternatives, with epoxidized soybean oil (ESBO) emerging as a key player. Traditional phthalate-based plasticizers have faced scrutiny due to environmental and health concerns, prompting regulatory measures to limit their use. Epoxidized soybean oil offers a sustainable alternative, derived from renewable soybeans, reducing dependence on fossil fuels. ESBO provides excellent plasticizing properties, enhancing flexibility without compromising quality, and is biodegradable, reducing environmental and health risks. The adoption of ESBO aligns with the objectives of a circular economy, resulting in the growth of the eco-friendly plasticizer market due to concerns associated with traditional phthalates.
Restraint: Fluctuating raw material prices
The Epoxidized Soybean Oil (ESBO) market faces a significant constraint due to the inherent volatility in the prices of key raw materials, particularly soybean oil. As a fundamental component in ESBO production, the cost of soybean oil directly influences the overall cost structure for manufacturers. Sudden and substantial price fluctuations in soybean oil can result in heightened production costs, subsequently impacting profit margins for ESBO producers. This unpredictability introduces challenges to production planning and budgeting processes, making it difficult for companies to accurately forecast and manage costs. Moreover, the competitive landscape is affected, as manufacturers may struggle to maintain competitive pricing when facing fluctuating raw material costs. Supply chain disruptions, influenced by various factors such as weather conditions and geopolitical events, contribute to uncertainties in securing a stable and cost-effective supply of soybean oil. Industries reliant on ESBO, including those in plastics and packaging, may also face difficulties in managing their own production costs when encountering the volatile prices of ESBO. To address these challenges effectively, companies operating in the ESBO market must implement robust risk management strategies. This may include the adoption of fixed-price contracts and the exploration of alternative sources for raw materials to reduce the impact of raw material price fluctuations and sustain competitiveness within the industry.
Opportunities: Growing prominence of phthalate-free stabilizers – an opportunity for ESBO producers in PVC applications to maximize their market share
Plasticizers are typically colorless and odorless chemicals, mainly phthalate esters, playing a crucial role in enhancing the elasticity of polymers, particularly polyvinyl chloride (PVC). With over 90% of plasticizers dedicated to PVC production, these additives are very important in various applications, including paints, rubber products, adhesives, sealants, and printing inks. Without the use of plasticizers in PVC applications, it will be rigid and can be used in limited applications such as wastewater pipelines. However, the use of plasticizers in PVC, significantly increases the scope of PVC applications. The most commonly utilized phthalates are hexyl phthalate, dioctyl phthalate, and dibutyl phthalate. Stringent regulations imposed by authorities like the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) have restricted the use of phthalates due to their adverse effects on skin and other health-related concerns. This regulatory environment has led plasticizer producers to shift towards renewable and safer alternatives. Epoxidized Soybean Oil (ESBO), recognized as an environmentally friendly plasticizer, has emerged as a preferred bio-based alternative to petrochemical-based counterparts. Hence, ESBO finds high growth opportunities in the PVC stabilization process.
Challenges: Competition from other bio-based plasticizers
In the dynamic landscape of the bio-plasticizer industry, Epoxidized Soybean Oil (ESBO) faces strong competition from alternative renewable options, particularly citrates and castor oil-based plasticizers. Citrates, derived from citric acid, have gained attention in the bio-plasticizer domain due to their biodegradability and low toxicity. Examples like acetyl tributyl citrate (ATBC) and tributyl citrate (TBC) showcase excellent plasticizing properties, gaining traction across diverse industries. Additionally, castor oil-based plasticizers, sourced from the castor bean plant, present a formidable challenge. Notably, dioctyl wawa (DOS) stands out for its biodegradability and eco-friendly attributes. These alternatives offer specific advantages, including enhanced sustainability profiles, minimized environmental impact, and adherence to stringent safety regulations on plasticizers. The competitive landscape caused by citrates and castor oil-based plasticizers introduces a challenge to the ESBO market. These alternatives not only align with the increasing demand for environmentally friendly solutions but also demonstrate specific performance benefits. To maintain relevance, ESBO and similar bio-plasticizers may need to innovate and differentiate themselves in terms of performance, cost-effectiveness, and environmental credentials. Such efforts are crucial for securing their position in an evolving market where sustainability and performance are key considerations.
ECOSYSTEM
By Raw Material, Hydrogen Peroxide Accounted for the Second Highest Market Share in 2022.
Hydrogen peroxide, with its chemical representation as H2O2, is a clear and colorless liquid renowned for its potent oxidizing properties. In the production epoxidized soybean oil (ESBO), hydrogen peroxide is a primary raw material in the epoxidation process. This chemical conversion involves the interaction of hydrogen peroxide with soybean oil, a vegetable oil distinguished by its abundant carbon-carbon double bonds. In this reaction, hydrogen peroxide serves as a vital oxygen carrier, facilitating the transformation of the double bonds in soybean oil into epoxide groups. The result of this intricate process is ESBO, a modified compound characterized by heightened reactivity attributable to the newly introduced epoxide groups. ESBO, resulting from the influence of hydrogen peroxide, serves as a highly effective plasticizer and stabilizer. This underscores the critical role of hydrogen peroxide in initiating the oxygenation process crucial for producing ESBO, a versatile and environmentally friendly material widely utilized in the plastics industry.
By End Use Industry, Food & Beverages will be the Fastest-Growing Industry in Epoxidized soybean oil market in 2022.
The growing demand for non-phthalate PVC plasticizers in the food and beverages industry, particularly for food packaging and beverage can coatings, is driven by safety concerns, regulatory compliance, and changing consumer preferences. The shift towards non-phthalate alternatives like epoxidized soybean oil (ESBO) reflects the industry's commitment to ensuring packaging safety in line with stringent standards. Simultaneously, consumer preferences for sustainable and eco-friendly packaging solutions contribute to the increasing demand for non-phthalate options. Ongoing technological advancements and research efforts in plasticizer development have yielded high-performance, non-phthalate alternatives that align with the industry's focus on innovation. Beyond regulatory compliance, the adoption of non-phthalate plasticizers enhances brand reputation as food and beverage companies strive to meet consumer expectations for safer and environmentally friendly packaging materials. This collective move towards non-phthalate solutions highlights the industry's broader commitment to sustainability, safety, and consumer-centric practices.
North America is projected to account for the Fastest-Growing region in the epoxidized soybean oil market during the forecast period.
North America is estimated to be the largest market for epoxidized soybean oil and is also projected to register a CAGR of 5.7% during the forecast period. The US is expected to account for the largest share of the market in North America till 2028. North America is a dominant force in the global epoxidized soybean oil market, primarily driven by the increasing demand for non-phthalate plasticizers in the production of PVC compounds and the expansion of end-use industries.
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Key Market Players
Epoxidized soybean oil market comprises key manufacturers such as CHS Inc. (US), Nan Ya Plastics Corporation (Taiwan), Adeka Corporation (Japan), Cargill (US), and Valtris (US), Galata Chemicals LLC (US), Hairma Chemicals (GZ) Ltd. (China), Shandong Longkou Longda Chemical Industry Co., Ltd. (China), Guangzhou Xinjinlong Chemical Additives Co. Ltd. (China), Inbra Indústrias Químicas, Ltd. (Brazil) among others. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the epoxidized soybean oil market.
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|
Report Metric |
Details |
|
Market size available for years |
2021–2028 |
|
Base year considered |
2022 |
|
Forecast period |
2023–2028 |
|
Forecast units |
Value (USD Million), Volume (Kiloton) |
|
Segments Covered |
Raw Material, Application, End-Use Industry, and Region |
|
Geographies covered |
North America, Asia Pacific, Europe, South America, and Middle East & Africa. |
|
Companies covered |
CHS Inc. (US), Nan Ya Plastics Corporation (Taiwan), Adeka Corporation (Japan), Cargill (US), and Valtris (US), Galata Chemicals LLC (US), Hairma Chemicals (GZ) Ltd. (China), Shandong Longkou Longda Chemical Industry Co., Ltd. (China), Guangzhou Xinjinlong Chemical Additives Co. Ltd. (China), Inbra Indústrias Químicas, Ltda. (Brazil) among others. |
This research report categorizes the epoxidized soybean oil market based on material type, end-use industry, application, and region.
Based on Raw Material:
- Soybean Oil
- Hydrogen Peroxide
- Others (Formic Acid and Acetic Acid)
Based on Application:
- Plasticizers
- Pigment Dispersion Agents
- Flavor & Fragrances
- Functional Fluids
- UV Cure Applications
- Fuel Additives
- Others (Nitrocellulose, polyol replacements, and chlorinated rubber segments)
Based on End-use Industry:
- Food & Beverage
- Personal & Healthcare
- Adhesives & Sealants
- Automotive & Transportation
- Others (Polymer and Agriculture)
Based on region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Recent Developments
- On September 2021, CHS Inc. announced a significant expansion and renovation project at its soybean processing plant in Mankato, Minnesota. This initiative is motivated by the growing global demand for soybean oil.
- On September 2019, CHS Inc. unveiled intentions to undertake a substantial renovation at its soybean processing facility in Fairmont, Minnesota.
- In September 2021, Cargill completed the acquisition of Arkema's epoxides business, in response to the increasing demand for bio-based solutions in the plasticizers and polyols market.
- On August 2022, New York-based private investment firm SK Capital Partners successfully concluded the acquisition of Valtris Specialty Chemicals, from H.I.G. Capital.
Frequently Asked Questions (FAQ):
What are the major drivers driving the growth of the epoxidized soybean oil market?
The major driving factors for the epoxidized soybean oil market are Rising demand for eco-friendly plasticizers, Biocompatible lubricants – an emerging alternatives for mineral oil-based lubricant, Easy availability of ESBO in large volume and at low price – competitive advantage over the other bio-based oils, and Superior performance properties will augment the demand.
What are the major challenges in the epoxidized soybean oil market?
The major challenging factor faced by the epoxidized soybean oil market is Competition from other bio-based plasticizers.
What are the restraining factors in the epoxidized soybean oil market?
The major restraining factors faced by the epoxidized soybean oil market are Fluctuating raw material prices, and Health hazardous due to excess usage of ESBO in food & beverages industry.
What is the key opportunity in the epoxidized soybean oil market?
Growing prominence of phthalate-free stabilizers – opportunity for ESBO producers in PVC applications to maximize their market share. .
What are the end-use industries where epoxidized soybean oil components are used?
The epoxidized soybean oil components are majorly used in Food & Beverages, Personal & Healthcare, Adhesives & Sealants, Automotive & Transportation, and Other industries.
What are the different raw materials of epoxidized soybean oil?
The raw materials of epoxidized soybean oil are Soybean Oil, Hydrogen Peroxide, and Others.
What are the applications of epoxidized soybean oil?
The applications of epoxidized soybean oil are Plasticizers, Pigment Dispersion Agents, Flavor & Fragrances, Functional Fluids, UV Cure Applications, Fuel Additives, and Others.
What are the End-Use Industries of epoxidized soybean oil?
The end-use industries of epoxidized soybean oil are Food & Beverages, Personal & Healthcare, Adhesives & Sealants, Automotive & Transportation, and Others. .
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Table of Contents
1 Introduction (Page No. - 17)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Limitation
1.6 Stakeholders
2 Research Methodology (Page No. - 20)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.3 Data Triangulation
2.3.1 Research Assumptions
3 Executive Summary (Page No. - 28)
4 Premium Insights (Page No. - 32)
4.1 Attractive Opportunities in the Epoxidized Soybean Oilmarket
4.2 Epoxidized Soybean Oil Market Growth, By Raw Material
4.3 Epoxidized Soybean Oil Market Share, By Region and Application, 2015
4.4 Epoxidized Soybean Oil Market Attractiveness
4.5 Epoxidized Soybean Oil Market: Developing vs. Developed Nations
5 Market Overview (Page No. - 37)
5.1 Introduction
5.2 Market Segmentation
5.2.1 By Raw Material
5.2.2 By Applications
5.2.3 By End-Use Application
5.3 Market Dynamics
5.3.1 Drivers
5.3.2 Short-Term Drivers
5.3.2.1 High Adoption of Organic Stabilizers in Polyvinyl Chloride (PVC) Stabilization Process
5.3.3 Mid-Term Drivers
5.3.3.1 Biocompatible Lubricants – an Emerging Alternatives for Mineral Oil-Based Lubricant
5.3.4 Long-Term Driver
5.3.4.1 Easy Availability of Esbo in Large Volume and at Low Price – Competitive Advantage Over the Other Bio-Based Oils
5.3.5 Restraints
5.3.5.1 Health Hazardous Due to Excess Usage of Esbo in Food & Beverages Industry
5.3.6 Opportunities
5.3.6.1 Growing Prominence of Phthalate-Free Stabilizers – Opportunity for Esbo Producers in PVC Applications to Maximize Their Market Share
5.3.7 Challenges
5.3.7.1 Monotonic Properties of Esbo Creates Less Product Competitiveness
6 Industry Trends (Page No. - 43)
6.1 Introduction
6.2 Value Chain Analysis
6.2.1 Raw Material Suppliers
6.2.2 Producers
6.2.3 End-Use Industries
6.3 Porter’s Five Forces Analysis
6.4 Bargaining Power of Suppliers
6.5 Threat of New Entrants
6.6 Threat of Substitutes
6.7 Bargaining Power of Buyers
6.8 Intensity of Rivalry
7 Epoxidized Soybean Oil Market, By Raw Material (Page No. - 47)
7.1 Introduction
7.2 Market Size & Projection
7.3 Soybean Oil
7.4 Hydrogen Peroxide
7.6 Formic Acid
7.7 Acetic Acid
8 Epoxidized Soybean Oil Market, By Application (Page No. - 55)
8.1 Introduction
8.2 Revenue Pocket Matrix, By Application
8.3 Plasticizers
8.4 Pigment Dispersion Agents
8.5 Flavor & Fragrances
8.6 Functional Fluids
8.7 UV Cure Applications
8.8 Fuel Additives
8.9 Surfatants
8.10 Lubricants
8.11 Agricultural Chemicals
8.12 Cuttings Oils
8.13 Coatings
8.14 Introduction
8.15 Conduit Pipe
8.16 Flexible Sheet
8.17 Foam/Celluler PVC
8.18 Ribbed Pipes
8.19 Others
9 Epoxidized Soybean Oil Market, By End-Use Application (Page No. - 69)
9.1 Introduction
9.2 Market Size & Projection
9.3 Food & Beverages
9.4 Personal & Healthcare
9.5 Adhesives & Sealants
9.6 Automotive & Transportation
9.7 Others
10 Epoxidized Soybean Oil Market, By Region (Page No. - 80)
10.1 Introduction
10.2 North America
10.2.1 U.S.
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Western Europe
10.3.1.1 Germany
10.3.1.2 UK
10.3.1.3 France
10.3.1.4 Italy
10.3.1.5 Rest of Western Europe
10.3.2 Central & Eastern Europe
10.3.2.1 Russia
10.3.2.2 Turkey
10.3.2.3 Rest of Central & Eastern Europe
10.4 Asia-Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 South Korea
10.4.5 Indonesia
10.4.6 Rest of Asia Pacific
10.5 South America
10.5.1 Brazil
10.5.2 Argentina
10.5.3 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Rest of Middle East and Africa
11 Competitive Landscape (Page No. - 146)
11.1 Overview
11.2 Market Share Analysis
11.3 New Product Development: the Most Popular Growth Strategy
11.4 Competitive Situation and Trends
11.4.1 New Product Development
11.4.2 Joint Venture & Partnership
11.4.3 Expansion
11.4.4 Acquistion & Merger
12 Company Profiles (Page No. - 151)
12.1 Arkema SA
12.1.1 Business Overview
12.1.2 Products Offered
12.1.3 Recent Developments
12.1.4 SWOT Analysis
12.1.5 MnM View
12.2 The Dow Chemical Company
12.2.1 Business Overview
12.2.2 Products Offered
12.2.3 Recent Developments
12.2.4 SWOT Analysis
12.2.5 MnM View
12.3 Chs Inc.
12.3.1 Business Overview
12.3.2 Products Offered
12.3.3 Recent Developments
12.3.4 SWOT Analysis
12.3.5 MnM View
12.4 Ferro Corporation
12.4.1 Business Overview
12.4.2 Products Offered
12.4.3 SWOT Analysis
12.4.4 MnM View
12.5 Galata Chemicals Llc
12.5.1 Business Overview
12.5.2 Products Offered
12.5.3 Recent Developments
12.5.4 SWOT Analysis
12.5.5 MnM View
12.6 Hairma Chemicals (Gz) Ltd.
12.6.1 Business Overview
12.6.2 Products Offered
12.7 Shandong Longkou Longda Chemical Industry Co., Ltd.
12.7.1 Business Overview
12.7.2 Products Offered
12.8 Guangzhou Xinjinlong Chemical Additives Co. Ltd.
12.8.1 Business Overview
12.8.2 Products Offered
12.9 Inbra Indústrias Químicas, Ltda.
12.9.1 Business Overview
12.9.2 Products Offered
12.9.3 Recent Developments
12.1 Makwell Plasticizers Pvt Ltd., Llc
12.10.1 Business Overview
12.10.2 Products Offered
13.11 Shenzen Kaiqi Chemical Co., Ltd.
13.11.1 Business Overview
13.11.2 Products Offered
12.12 The Chemical Company
12.12.1 Business Overview
12.12.2 Products Offered
12.13 Other Key Players
12.13.1 Anhui Tianyi Environmental Protection Tech. Co.,Ltd
12.13.2 Shandong Novista Chemicals Co.,Ltd (Novista Group)
12.13.3 Adeka Corporation
12.13.4 Hallstar
12.13.5 American Chemical Service
12.13.6 Zhejiang Jiaao Enprotech Stock Co., Ltd.
12.13.7 Fujian Zhishang Biomass Materials Co., Ltd.
12.13.8 Chang Chun Petrochemical Co., Ltd.
12.13.9 NAN YA Plastics Corporation
12.13.10 Hebei Jingu Plasticizer Co., Ltd.
12.13.11 Puyang Chengyi Plasticizer Co. Ltd
12.13.12 Chaohu Xiangfeng Plastic Aids Co., Ltd
12.13.13 PT Halim Sakti Pratama
13 Appendix (Page No. - 171)
13.2 Discussion Guide
13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
13.4 Available Customizations
13.5 Related Reports
13.6 Author Details
List of Tables (155 Tables)
Table 1 Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026 (USD Million)
Table 2 Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026 (Kiloton)
Table 3 Soybean Oil Market Size, By Region, 2014–2026 (USD Million)
Table 4 Soybean Oil Market Size, By Region, 2014–2026 (Kiloton)
Table 5 Hydrogen Peroxide Market Size, By Region, 2014–2026 (USD Million)
Table 6 Hydrogen Peroxide Market Size, By Region, 2014–2026 (Kiloton)
Table 7 Others Market Size, By Region, 2014–2026 (USD Million)
Table 8 Others Market Size, By Region, 2014–2026 (Kiloton)
Table 9 Epoxidized Soybean Oil Market Size, By Application, 2014–2026 (USD Million)
Table 10 ESBO Market Size, By Application, 2014–2026 (Kilotons)
Table 11 Epoxidized Soybean Oil Market Size in Plasticizers, By Region, 2014–2026 (USD Million)
Table 12 ESBO Market Size in Plasticizers, By Region, 2014–2026 (Kiloton
Table 13 Epoxidized Soybean Oil Market Size in Pigment Dispersion Agents, By Region, 2014–2026 (USD Million)
Table 14 ESBO Market Size in Pigment Dispersion Agents, By Region, 2014–2026 (Kiloton)
Table 15 Epoxidized Soybean Oil Market Size in Flavor & Fragrances, By Region, 2014–2026 (USD Million)
Table 16 ESBO Market Size in Flavor & Fragrances, By Region, 2014–2026 (Kiloton)
Table 17 Epoxidized Soybean Oil Market Size in Functional Fluids, By Region, 2014–2026 (USD Million)
Table 18 ESBO Market Size in Functional Fluids, By Region, 2014–2026 (Kiloton)
Table 19 Epoxidized Soybean Oil Market Size in Uv Cure Application, By Region, 2014–2026 (USD Million)
Table 20 ESBO Market Size in Uv Cure Application, By Region, 2014–2026 (Kiloton)
Table 21 Epoxidized Soybean Oil Market Size in Fuel Additives, By Region, 2014–2026 (USD Million)
Table 22 ESBO Market Size in Fuel Additives, By Region, 2014–2026 (Kiloton)
Table 23 Epoxidized Soybean Oil Market Size in Others, By Region, 2014–2026 (USD Million)
Table 24 ESBO Market Size in Others, By Region, 2014–2026 (Kiloton)
Table 25 Epoxidized Soybean Oil Market Size, By End-Use Application, 2014–2026 (USD Million)
Table 26 ESBO Market Size, By End-Use Application, 2014–2026 (Kiloton)
Table 27 Epoxidized Soybean Oil Market Size in Food & Beverages, By Region, 2014–2021 (USD Million)
Table 28 ESBO Market Size in Food & Beverage, By Region, 2014–2026 (Kiloton)
Table 29 Epoxidized Soybean Oil Market Size in Personal & Healthcare, By Region, 2014–2026 (USD Million)
Table 30 ESBO Market Size in Personal & Healthcare, By Region, 2014–2026 (Kiloton)
Table 31 Epoxidized Soybean Oil Market Size in Adhesives & Sealants, By Region, 2014–2021 (USD Million)
Table 32 Epoxidized Soybean Oil (ESBO) Market Size in Adhesives & Sealants, By Region, 2014–2026 (Kiloton)
Table 33 Epoxidized Soybean Oil Market Size in Automotive & Transportation, By Region, 2014–2026 (USD Million)
Table 34 ESBO Market Size in Automotive & Transportation, By Region, 2014–2026 (Kiloton)
Table 35 Epoxidized Soybean Oil Market Size in Others, By Region, 2014–2026 (USD Million)
Table 36 Market Size in Others, By Region, 2014–2026 (Kiloton)
Table 37 Epoxidized Soybean Oil Market Size, By Region, 2014–2026 (USD Million)
Table 38 Epoxidized Soybean Oil (ESBO) Market Size, By Region, 2014–2026 (Kiloton)
Table 39 North America: Epoxidized Soybean Oil Market Size, By Country, 2014–2021 (USD Million)
Table 40 North America: ESBO Market Size, By Country, 2014–2021 (Kiloton)
Table 41 North America: Market Size, By Raw Material, 2014–2021 (USD Million)
Table 42 North America: Epoxidized Soybean Oil (ESBO) Market Size, By Raw Material, 2014–2021 (Kiloton)
Table 43 North America: Market Size, By Application, 2014–2026 (USD Million)
Table 44 North America: Market Size, By Application, 2014–2026 (Kilotons)
Table 45 North America: Market Size, By End-Use Application, 2014–2026 (USD Millions)
Table 46 North America: Market Size, By End-Use Application, 2014–2026 (Kilotons)
Table 47 U.S.: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026 (USD Million)
Table 48 U.S.: ESBO Market Size, By Application, 2014–2026 (USD Million)
Table 49 U.S.: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026 (USD Millions)
Table 50 Canada: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026
Table 51 Canada: ESBO Market Size, By Application, 2014–2026 (USD Million)
Table 52 Canada: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026 (USD Millions)
Table 53 Mexico: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026 (USD Million)
Table 54 Mexico: ESBO Market Size, By Application, 2014–2026 (USD Million)
Table 55 Mexico: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026 (USD Millions)
Table 56 Europe: Epoxidized Soybean Oil Market Size, By Country, 2014–2026 (USD Million)
Table 57 Europe: ESBO Market Size, By Country,2014–2026 (Kiloton)
Table 58 Europe: Market Size, By Raw Material, 2014–2026(USD Million)
Table 59 Europe: Market Size, By Raw Material, 2014–2026( Kilotons)
Table 60 Europe: Market Size, By Application, 2014–2026 (USD Million)
Table 61 Europe: Market Size, By Application, 2014–2026 (Kiloton)
Table 62 Europe: Market Size, By End-Use Application, 2014–2026 (USD Million)
Table 63 Europe: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026 (Kiloton)
Table 64 Western Europe: Epoxidized Soybean Oil Market Size, By Country, 2014–2026(USD Million)
Table 65 Western Europe: Market Size, By Country, 2014–2026 (Kiloton)
Table 66 Germany: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026(USD Million)
Table 67 Germany: ESBO Market Size, By Application, 2014–2026 (USD Million)
Table 68 Germany: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026 (USD Million)
Table 69 U.K: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026(USD Million)
Table 70 U.K: ESBO Market Size, By Application, 2014–2026(USD Million)
Table 71 U.K: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026 (USD Million)
Table 72 France: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026(USD Million)
Table 73 France: ESBO Market Size, By Application, 2014–2026(USD Million)
Table 74 France: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026(USD Million)
Table 75 Italy: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026(USD Million)
Table 76 Italy: ESBO Market Size, By Application, 2014–2026(USD Million)
Table 77 Italy : Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026(USD Million)
Table 78 Rest of Western Europe: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026(USD Million)
Table 79 Rest of Western Europe: ESBO Market Size, By Application, 2014–2026 (USD Million)
Table 80 Rest of Western Europe: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026(USD Million)
Table 81 Central & Eastern Europe: Epoxidized Soybean Oil Market Size, By Country, 2014–2026 (USD Million)
Table 82 Central & Eastern Europe: ESBO Market Size, By Country, 2014–2026 (Kiloton)
Table 83 Russia: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026(USD Million)
Table 84 Russia: ESBO Market Size, By Application, 2014–2026(USD Million)
Table 85 Russia: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026(USD Million)
Table 86 Turkey: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026(USD Million)
Table 87 Turkey: ESBO Market Size, By Application, 2014–2026(USD Million)
Table 88 Turkey: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026(USD Million)
Table 89 Rest of Eastern Europe: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026(USD Million)
Table 90 Rest of Central & Eastern Europe: Epoxidized Soybean Oil Market Size, By Application, 2014–2026(USD Million)
Table 91 Rest of Central & Eastern Europe: ESBO Market Size, By Raw End-Use Application, 2014–2026(USD Million)
Table 92 Asia-Pacific: Epoxidized Soybean Oil Market Size, By Country, 2014–2026 (USD Million)
Table 93 Asia-Pacific: ESBO Market Size, By Country, 2014–2026 (Kiloton)
Table 94 Asia-Pacific: Epoxidized Soybean Oil (ESBO) Market Size, By Raw Material, 2014–2026 (USD Million)
Table 95 Asia-Pacific: Market Size, By Raw Material, 2014–2026 (Kiloton)
Table 96 Asia-Pacific: Market Size, By Application , 2014–2026 (USD Million)
Table 97 Asia-Pacific: Market Size, By Application , 2014–2026 (Kilotons)
Table 98 Asia-Pacific: Market Size, By End-Use Application , 2014–2026 (USD Millions)
Table 99 Asia-Pacific: Market Size, By End-Use Application , 2014–2026 (Kiloton)
Table 100 China: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026 (USD Million)
Table 101 China: ESBO Market Size, By Application , 2014–2026 (USD Million)
Table 102 China: Market Size, By End-Use Application, 2014–2026 (USD Millions)
Table 103 India: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2021 (USD Million)
Table 104 India: ESBO Market Size, By Application, 2014–2026 (USD Million)
Table 105 India: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026 (USD Millions)
Table 106 Japan: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026 (USD Million)
Table 107 Japan: ESBO Market Size, By Application, 2014–2026 (USD Million)
Table 108 Japan: Epoxidized Soybean Oil ( ESBO) Market Size, By End-Use Application , 2014–2026 (USD Million)
Table 109 South Korea: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026 (USD Million)
Table 110 South Korea: ESBO Market Size, By Application, 2014–2026 (USD Million)
Table 111 South Korea: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application , 2014–2026 (USD Millions)
Table 112 Indonesia: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2021 (USD Million)
Table 113 Indonesia: ESBO Market Size, By Application , 2014–2026 (USD Million)
Table 114 Indonesia: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026 (USD Millions)
Table 115 Rest of Asia Pacific: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026 (USD Million)
Table 116 Rest of Asia Pacific: ESBO Market Size, By Application , 2014–2026 (USD Million)
Table 117 Rest of Asia Pacific: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026 (USD Millions)
Table 118 South America: Epoxidized Soybean Oil Market Size, By Country, 2014–2026(USD Million)
Table 119 South America : ESBO Market Size, By Country, 2014–2026 (Kiloton)
Table 120 South America: Epoxidized Soybean Oil (ESBO) Market Size, By Raw Material, 2014–2026 (USD Million)
Table 121 South America: Market Size, By Raw Material, 2014–2026 (Kiloton)
Table 122 South America: Market Size, By Application , 2014–2026 (Million)
Table 123 South America: Market Size, By Application , 2014–2026 (Kiloton)
Table 124 South America: Market Size, By End-Use Application, 2014–2026 (Million)
Table 125 South America: Market Size, End-Use Application , 2014–2026 (Kiloton)
Table 126 Brazil: Epoxidized Soybean Oil Market Size, By Raw Material, 2016–2021 (USD Million)
Table 127 Brazil: ESBO Market Size, By Application, 2014–2026 (USD Million)
Table 128 Brazil: Epoxidized Soybean Oil (ESBO) Market Size, By End–Use Application, 2014–2026 (USD-Million)
Table 129 Argentina: Epoxidized Soybean Oil Market Size, By Raw Material , 2014–2026 (USD Million)
Table 130 Argentina: ESBO Market Size, By Application, 2014–2021 (USD Million)
Table 131 Argentina: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026 (USD Million)
Table 132 Rest of South America: Epoxidized Soybean Oil Market Size, By Raw Material , 2014–2026 (USD Million)
Table 133 Rest of South America: ESBO Market Size, By Application, 2014–2021 (USD Million)
Table 134 Rest of South America: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026 (USD Million)
Table 135 Middle East & Africa: Epoxidized Soybean Oil Market Size, By Country, 2014–2026 (USD Million)
Table 136 Middle East & Africa: ESBO Market Size, By Country, 2014–2026 (Kiloton)
Table 137 Middle East & Africa: Epoxidized Soybean Oil (ESBO) Market Size, By Raw Material, 2014–2026 (USD Million)
Table 138 Middle East & Africa: Market Size, By Raw Material, 2014–2026 (Kiloton)
Table 139 Middle East & Africa: Market Size, By Application , 2014–2026 (USD Million)
Table 140 Middle East & Africa: Market Size, By Application, 2014–2026 (Kiloton)
Table 141 Middle East & Africa: Market Size, By End-Use Application , 2014–2026 (USD Million)
Table 142 Middle East & Africa: Market Size, End-Use Application , 2014–2026 (Kiloton)
Table 143 Saudi Arabia: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026 (USD Million)
Table 144 Saudi Arabia: ESBO Market Size, By Application , 2014–2026 (USD Million)
Table 145 Saudi Arabia: Epoxidized Soybean Oil (ESBO) Market Size, By End–Use Application , 2014–2026 (USD Million)
Table 146 UAE: Epoxidized Soybean Oil Market Size, By Raw Material, 2014–2026 (USD Million)
Table 147 UAE: ESBO Market Size, By Application, 2014–2026 (USD Million)
Table 148 UAE: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026 (Million)
Table 149 Rest of Middle East and Africa: Epoxidized Soybean Oil Market Size, By Raw Material , 2014–2026 (USD Million)
Table 150 Rest of Middle East and Africa: ESBO Market Size, By Application, 2014–2026 (USD Million)
Table 151 Rest of Middle East and Africa: Epoxidized Soybean Oil (ESBO) Market Size, By End-Use Application, 2014–2026 (USD Million)
Table 152 New Product Development, 2012–2016
Table 153 Joint Venture & Partnership, 2010–2016
Table 154 Expansion, 2011–2016
Table 155 Acquistions and Mergers, 2011–2013
List of Figures (60 Figures)
Figure 1 Epoxidized Soybean Oil: Market Segmentation
Figure 2 Epoxidized Soybean Oil Market: Research Design
Figure 3 Key Data From Secondary Sources
Figure 4 Key Data From Primary Sources
Figure 5 Key Industry Insights
Figure 6 Breakdown of Primary Interviews
Figure 7 Market Size Estimation: Bottom-Up Approach
Figure 8 Market Size Estimation: Top-Down Approach
Figure 9 Data Triangulation
Figure 10 Research Assumptions
Figure 11 Food & Beverages to Dominate the Epoxidized Soybean Oil Market During the Forecast Period
Figure 12 UV Cure Applications to Witness the Fastest Growth During Forecast Period
Figure 13 North America Was the Largest Regionofesbo Market in 2015
Figure 14 Europe to Be the Fastest-Growing Epoxidized Soybean Oil Marketbetween 2016 and 2021
Figure 15 Epoxidized Soybean Oilmarket to Witness Growth During the Forecast Period
Figure 16 Soyabean Oil to Be the Fastest-Growing Segment Between 2016 and 2021
Figure 17 The Market in Plasticizers Accounted for the Largest Share of the Overall Epoxidized Soybean Oil Market in 2015
Figure 18 Epoxidized Soybean Oil Market to Register High Growth in Europe Between 2016 and 2021
Figure 19 U.S. to Emerge as A Lucrative Epoxidized Soybean Oil Market Between 2016 and 2021
Figure 20 Drivers, Restraints, Opportunities, and Challenges in the Epoxydized Soybean Oil Market
Figure 21 Epoxidized Soybean Oil Market: Impact Analysis, 2015-2026
Figure 22 Value Chain Analysis of the Epoxydized Soybean Oil Market
Figure 23 Porter’s Five Forces Analysis for the Epoxidized Soybean Oil Market
Figure 24 Soybean Oil Segment to Dominate the Epoxidized Soybean Oil Market, Between 2016 and 2021
Figure 25 North America Was the Largest Soybean Oil Market, 2015
Figure 26 Europe to Be the Fastest-Growing Hydrogen Peroxide Market During the Forecast Period
Figure 27 Others Was the Largest Segment of the Market in North America, 2015
Figure 28 Plasticizers are Expected to Drive the Epoxidized Soybean Oil Market, 2016-2021
Figure 29 Plasticizer is the Largest Application of Epoxidized Soybean Oil
Figure 30 North America Was the Largest Esbo Market in Plasticizers, in 2015
Figure 31 North America Was the Largest Esbo Market in Pigment Dispersion Agents, 2015
Figure 32 Europe to Be the Fastest-Growing Asbo Market in Flavor & Fragrances, 2016-2021
Figure 33 North America Was the Largest Esbo Market in Functional Fluids in 2015
Figure 34 North America Was the Largest Esbo Market in Uv Cure Applciations in 2015
Figure 35 North America Was the Largest Esbo Market in Fuel Additives in 2015
Figure 36 Food & Beverage to Be the Largest End-Use Application of the Epoxidized Soybean Oil, 2016 vs. 2021
Figure 37 North America Was the Largest Esbo Market in Food & Beverages End-Use Application, 2015
Figure 38 Europe to the Fastest-Growing Epoxidized Soybean Oil Market in Personal & Healthcare During Forecast Period
Figure 39 North America Was the Largest Epoxidized Soybean Oil Market in Adhesives & Sealants End-Use Application, 2015
Figure 40 North America Was the Largest Esbo Market in Automotive & Transportation End-Use Application in 2015
Figure 41 North America Was the Largest Esbo Market in Other End-Use Industries in 2015
Figure 42 Regional Snapshot: Turkey to Emerge as A New Strategic Destination
Figure 43 North America Market Snapshot: U.S. is the Largest and Mexico the Fastest-Growing Market, 2016–2026
Figure 44 Europe Epoxidized Soybean Oil Market Snapshot: Germany is the Largest and Fastest-Growing Market
Figure 45 Asia-Pacific Market Snapshot: China to Be the Largest and India to Be the Fastest-Growing Market, 2016–2021
Figure 46 South America Market Snapshot: Brazil to Be the Largest Epoxidized Soybean Oil Market During Forecast Period
Figure 47 Middle East & Africa Market Snapshot: Saudi Arabia to Be the Largest Market for Epoxidized Soybean Oil
Figure 48 Companies Adopted New Product Launch as the Key Growth Strategy, 2010–2016
Figure 49 Epoxidized Soybean Oil Market Share Analysis
Figure 50 Key Growth Strategies in Epoxidized Soybean Oil Market, 2010–2016
Figure 51 Arkema SA: Company Snapshot
Figure 52 Arkema SA: SWOT Analysis
Figure 53 The Dow Chemical Company: Company Snapshot
Figure 54 The Dow Chemical Company: SWOT Analysis
Figure 55 Chs Inc.: Company Snapshot
Figure 56 Chs Inc.: SWOT Analysis
Figure 57 Ferro Corporation: Company Snapshot
Figure 58 Ferro Corporation: SWOT Analysis
Figure 59 Galata Chemicals: SWOT Analysis
Figure 60 The Chemical Company: Company Snapshot
The study involved four major activities for estimating the current size of the global epoxidized soybean oil market. Exhaustive secondary research was carried out to collect information on the market, the peer product market, and the parent product group market. The next step was to validate these findings, assumptions, and sizes with the industry experts across the value chain of epoxidized soybean oil through primary research. Both the top-down and bottom-up approaches were employed to estimate the overall size of the epoxidized soybean oil market. After that, market breakdown and data triangulation procedures were used to determine the size of different segments and sub-segments of the market.
Secondary Research
In the secondary research process, various secondary sources such as Hoovers, Factiva, Bloomberg BusinessWeek, and Dun & Bradstreet were referred to, to identify and collect information for this study on the epoxidized soybean oil market. These secondary sources included annual reports, press releases & investor presentations of companies; white papers; certified publications; articles by recognized authors; regulatory bodies, trade directories, and databases.
Primary Research
The epoxidized soybean oil market comprises several stakeholders in the supply chain, which include raw material suppliers, processors, end-product manufacturers, buyers, and regulatory organizations. Various primary sources from the supply and demand sides of the markets have been interviewed to obtain qualitative and quantitative information. The primary participants from the demand side include key opinion leaders, executives, vice presidents, and CEOs of companies in the epoxidized soybean oil market. Primary sources from the supply side include associations and institutions involved in the epoxidized soybean oil industry, key opinion leaders, and processing players.
Following is the breakdown of primary respondents
Notes: Other designations include product, sales, and marketing managers.
Tiers of the companies are classified based on their annual revenues as of 2022: Tier 1 = >USD 5 Billion, Tier 2 = USD 1 Billion to USD 5 Billion, and Tier 3= <USD 1 Billion.
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Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the global epoxidized soybean oil market. These approaches were also used extensively to estimate the size of various segments of the market. The research methodology used to estimate the market size included the following details:
- The key players in the industry were identified through extensive secondary research.
- The supply chain of the industry and market size, in terms of value and volume, were determined through primary and secondary research.
- All percentage share splits and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of key industry players, along with extensive interviews with key officials, such as directors and marketing executives.
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Data Triangulation
After arriving at the overall market size from the estimation process explained above, the total market was split into several segments and sub-segments. The data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments of the epoxidized soybean oil market. The data was triangulated by studying various factors and trends from both the demand- and supply-side.
In addition, the market size was validated by using both the top-down and bottom-up approaches. Then, it was verified through primary interviews. Hence, for every data segment, there are three sources—top-down approach, bottom-up approach, and expert interviews. The data were assumed to be correct when the values arrived at from the three sources matched.
Market Definition
Epoxidized Soybean Oil (ESBO), also known as ESBO or ESO, is a group of organic compounds derived from the epoxidation process of soybean oil. This yellow, viscous fluid serves a dual purpose as a plasticizer and stabilizer in the manufacture of Polyvinyl Chloride (PVC) plastics. The primary purpose of ESBO in PVC compounds and other plastic materials is to enhance and maintain their softness and flexibility. The production of ESBO involves the epoxidation of soybean oil, a process where hydrogen peroxide is used as an oxygen donor, and formic acid or acetic acid is used as a catalyst. This chemical transformation results in a versatile and eco-friendly product that finds widespread use in the plastics industry.
Beyond its role as a plasticizer and stabilizer, ESBO finds alternative uses as a pigment dissipating agent, an acid/mercaptan scavenging agent, and an epoxy reactive diluent. These diverse applications demonstrate the versatility of ESBO in enhancing different characteristics of plastic compounds.
One of the distinctive advantages of epoxidized soybean oil is its cost-effectiveness and biodegradability in comparison to conventional phthalate plasticizers. This has led to a preference for ESBO over dioctyl phthalate in specific applications, highlighting its significance as a sustainable and environmentally conscious choice in the area of plastic materials. The synthesis and application of ESBO highlight its crucial role in promoting both functional and ecological aspects of plastic formulation.
Micromarkets are defined as the segments and subsegments of the epoxidized soybean oil market included in the report.
Key Stakeholders
- Component manufacturer and suppliers
- Environmental associations
- Consulting companies in the epoxidized soybean oil industry
- Epoxidized soybean oil manufacturers
- Traders and distributors of epoxidized soybean oil
- NGOs, governments, research organizations, investment banks, venture capitalists, and private equity firms
Report Objectives
- To define, analyze, and project the size of the epoxidized soybean oil market in terms of value based on raw material, application, End-use Industry, and Region.
- To project the size of the market and its segments with respect to the five main regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, and South America
- To provide detailed information about the key factors, such as drivers, restraints, opportunities, and challenges, influencing the growth of the market
- To analyze the opportunities in the market for stakeholders and provide a detailed competitive landscape of the market leaders.
- To analyze the competitive developments, such as new product launches, expansions, and acquisitions, in the epoxidized soybean oil market
- To strategically profile the key players operating in the market and comprehensively analyze their market shares and core competencies.
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations as per the specific needs of the companies. The following customization options are available for the report:
Product Analysis:
- Product Matrix which gives a detailed comparison of the product portfolio of each company
Regional Analysis:
- Further breakdown of the Rest of Asia Pacific market
- Further breakdown of Rest of Europe market
Company Information:
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Epoxidized Soybean Oil Market
Process for sharing report
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