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Pulished Date April, 2021
ID: 8577
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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

Pulished: April, 2021
ID: 8577
Pages: 170

Epoxidized Soybean Oil Market Value & Growth Rate:

The Global Epoxidized Soybean Oil Market size is predicted to reach US$ 692.7 million by 2026, registering with a CAGR of 10.7% during 2021-2026. 

Epoxidized Soybean Oil Market Scenario:

Epoxidized soybean oil is a low-cost vegetable oil that is available in industrial quantities. The oxidation of soybean oil with either acetic or formic acid with hydrogen peroxide results in epoxidized soybean oil. Because of its biodegradability, ESO is recommended over phthalate plasticizers. Primarily, because of the increasing availability and development of innovative technologies for renewable resources, the market for Epoxidized soybean oil is expected to rise. Epoxy Soy Bean Oil is a colorless, viscous liquid that dissolves in organic solvents like benzene, cyclohexane, and acetone ethyl acetate. It is a plasticizer used in polyvinyl chloride polymers because it is heat and light-stable. It also extends the product's shelf life and has no odor. In addition, it works as a scavenger for hydrochloric acid that is released during the heat treatment of PVC. 

Epoxidized Soybean Oil Market Drivers:

The market for epoxidized soybean oil (ESBO) is growing due to the widespread use of organic stabilizers in the polyvinyl chloride (PVC) stabilization process.

After polyethylene and polypropylene, polyvinyl chloride is the third most widely used commodity plastic. It's commonly utilized in the building industry for sewage, drainage, and water pipelines, among other things. PVC's low heat stability, on the other hand, has limited its application in end-use industries. When PVC degrades at high temperatures, it releases hydrochloric acid (HCl), which promotes the breakdown of the material. PVC stabilization can be accomplished in various ways, the most common of which are organic and inorganic metal stabilizers. Metal soaps and lead salts are the most common inorganic stabilizers. On the other hand, inorganic stabilizers have been hampered by stringent lead regulations, associated environmental concerns, and high costs. As a result, to satisfy regulatory compliance, PVC companies worldwide are focused on using non-toxic and ecologically friendly stabilizers.

Because of its non-toxic and ecologically benign character, epoxidized soybean oil (ESBO) is an organic stabilizer gaining momentum in the PVC stabilization process. The desire for cleaner and safer lubricants has been fueled by strict rules in the vehicle sector to improve fuel economy. As a result, in the vehicle sector, mineral oil-based lubricant additives are widely employed. The hazardous nature of mineral oil-based lubricants, on the other hand, has imposed tight limits on their usage in various applications. Moreover, mineral oil-based lubricants have presented a hazard to the ecology and groundwater sources. As a result, chemical companies worldwide are focused on developing biocompatible lubricants to comply with government regulations which further propels the global epoxidized soybean oil market. Epoxidized soybean oil is a bio-based lubricant with low volatility, good lubricity, a high viscosity index, easy miscibility, and optimal solvency for lubricant additives. As a result, epoxidized soybean oil is projected to outperform mineral oil as a lubricant. The market for epoxidized soybean oil is expected to grow as a result of these characteristics. As a result, bio-based oils are becoming more popular as chemical feedstocks. In end-use industries like cosmetics & personal care, pharmaceuticals, food & beverages, and automotive & transportation, these are being employed as alternatives to petroleum-based chemicals and intermediates.

Furthermore, initiatives to reduce carbon footprints through rigorous government rules on hazardous gas emissions, the capital-intensive nature of petroleum-based chemicals, and changing crude oil prices are all driving up demand for bio-based oils as a chemical feedstock. As a result, these features further boosted the global epoxidized soybean oil market during the forecast period.

Epoxidized Soybean Oil Market Restraints:

The massive utilization of ESBO in the food and beverage industry is hazardous to one's health.ESBO is utilized in gaskets for commercial lids, laminate in drink cartons, and plastic coatings in the food and beverage business. Metal lid gaskets of glass jars used to store baby foods also contain ESBO. These gaskets come into touch with food products during sterilization and storage, potentially contaminating ESBO and resulting in harmful health effects.The highest acceptable migration level for ESBO in food, according to the Scientific Committee for Food (SCF), is 60 mg/kg. As a result, producers must ensure that ESBO ingestion volume remains substantially below the prescribed range, hampers the global epoxidized soybean oil market.

Recent Developments in the Global Epoxidized Soybean Oil Market

  • Arkema releases vikoflex epoxidized vegetable oils. It further added that their epoxidized vegetable oils are highly released across the world.

  • Cargill announced that it would acquire Arkema's epoxides business, converting soybean oil into home chemical products. 

Epoxidized Soybean Oil Market Segmentation:

By Raw Material

  • Soybean oil

  • Hydrogen peroxide

  • Others

In the next six years, soybean oil is anticipated to have a significant global epoxidized soybean oil market. Soybean oil is used for frying and cooking. Margarine is a soybean oil-based substance. Soybean oil is used in salad dressings and mayonnaise. Soybean oil is used in some foods (tuna, sardines, etc.)

By Application:

  • UV cure applications

  • Plasticizers

  • Fuel additives

  • Others 

Plasticizers are the dominant application for Epoxidized Soybean Oil. Plasticizers are colorless, odorless compounds, primarily phthalate esters, increasing polymers' elasticity, such as polyvinyl chloride (PVC). Plasticizers account for more than 90% of the plasticizers used in the manufacturing of PVC, often known as vinyl. Paints, rubber products, adhesives and sealants, printing inks, and other products contain plasticizers. PVC will be rigid without plasticizers and can only be utilized in limited applications such as wastewater pipelines. PVC's usage of plasticizers, on the other hand, expands its range of applications. Hexyl phthalate, dioctyl phthalate, and dibutyl phthalate are the most regularly used phthalates. However, due to its effects on skin and other health issues, tight limitations on the use of phthalates by authorities such as the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) have reduced its use in numerous applications. As a result, plasticizer manufacturers have chosen to use renewable and safer materials. ESBO is the most recommended bio-based plasticizer versus petrochemical-based plasticizer since it is environmentally beneficial. As a result, ESBO sees a lot of potential in the PVC stabilizing process.

By End User

  • Automotive

  • Food & Beverages

  • Adhesives & Sealants

  • Others

Food and beverages are the market leaders, owing to their widespread use in packaged meals. However, due to the widespread use of Epoxidized Soybean Oil as a gasoline additive and growing fuel emission standards, the automotive segment is predicted to develop at the fastest rate throughout the projection period. Epoxidized soybean oil is biodegradable and non-corrosive, with a high flash point, thermal stability, low volatility, and toxicity. These gasoline additives aid in reducing vehicle emissions, hence enhancing vehicle performance, which is expected to boost the global epoxidized soybean oil market in the near future. 

Epoxidized Soybean Oil Market Regional Analysis: 

Epoxidized Soybean Oil Market Report includes the segmentation of Regions:

  • Due to emission restrictions placed on car emissions and regulations placed on the utilization of non-phthalate plasticizers majorly in food and beverage packaging, the European region is expected to lead the global Epoxidized Soybean Oil market during 2021-2026. In addition, the thriving automobile sector in countries like Germany, Spain, and Italy has aided the market's growth in generating breakthrough technologies in the development of gasoline additives that help reduce pollution.

  • Because of the demand for ESBO in end-use industries such as PVC stabilization and plasticization processes, the Epoxidized Soybean Oil market in North America has a lot of potentials. In North America, the United States is the largest consumer of epoxidized soybean oil.

Impact of COVID-19 on Epoxidized Soybean Oil Market:

While worldwide trade was halted due to the quarantines implemented to combat the spread of the new coronavirus, the food industry has faced significant freight issues. Moreover, because of a lack of demand and supply chain interruptions, most food categories saw a drop in sales volume. As a result, the food industry, particularly food service and HoReCas, saw a drop in sales. The drop has a significant negative influence on the Epoxidized Soybean Market since food and beverage are critical industries. In addition, food industry closures and a lack of exports significantly impacted packaged goods, which had a considerable influence on the epoxidized soybean market. Because of the lockdowns and work-from-home circumstances, fuel consumption has decreased, affecting the use of ESBO as a fuel additive. 

Epoxidized Soybean Oil Market Key Players:

The companies covered in the report include:

  1. Arkema

  2. Ferro Corporation

  3. CHS Inc.

  4. The DOW Chemical Company

  5. KH Chemicals

  6. Harima Chemicals Limited

  7. Inba Industrias Quimicas Limited

  8. Galata Chemicals

  9. The Chemical Company

  10. Maxwell Plasticizers

 

 

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                          

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                               

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modelling      

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                       

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                              

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                    

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market                              

5. Market Segmentation                                              

                5.1 End use                        

                                5.1.1 Introduction           

                                5.1.2 food and beverages            

                                5.1.3 personal and health products         

                                5.1.4 others       

                                5.1.5 Y-o-Y Growth Analysis, By End use               

                                5.1.6 Market Attractiveness Analysis, By End use             

                                5.1.7 Market Share Analysis, By End use               

                5.2 Application                 

                                5.2.1 Introduction           

                                5.2.2 income matrix       

                                5.2.3 plasticizers              

                                5.2.4 others       

                                5.2.5 Y-o-Y Growth Analysis, By Application         

                                5.2.6 Market Attractiveness Analysis, By Application       

                                5.2.7 Market Share Analysis, By Application        

6. Geographical Analysis                                              

                6.1 Introduction                               

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                                6.1.3.1 By Geographical Area

                                                6.1.3.2 By End use

                                                6.1.3.3 By Application

                                                6.1.3.4 By Indication

                                6.1.4  Market Attractiveness Analysis     

                                                6.1.4.1 By Geographical Area

                                                6.1.4.2 By End use

                                                6.1.4.3 By Application

                                                6.1.4.4 By Indication

                                6.1.5  Market Share Analysis      

                                                6.1.5.1 By Geographical Area

                                                6.1.5.2 By End use

                                                6.1.5.3 By Application

                                                6.1.5.4 By Indication

                6.2 North America                          

                                6.1.1 Introduction           

                                6.1.2 United States         

                                6.1.3 Canada     

                6.3 Europe                         

                                6.2.1 Introduction           

                                6.2.2 U.K             

                                6.2.3 Spain         

                                6.2.4 Germany 

                                6.2.5 Italy            

                                6.2.6 France       

                6.4 Asia-Pacific                 

                                6.3.1 Introduction           

                                6.3.2 China         

                                6.3.3 India          

                                6.3.4 Japan         

                                6.3.5 Australia   

                                6.3.6 South Korea           

                6.5 Latin America                             

                                6.4.1 Introduction           

                                6.4.2 Brazil          

                                6.4.3 Argentina

                                6.4.4 Mexico     

                                6.4.5 Rest of Latin America          

                6.6 Middle East & Africa                               

                                6.5.1 Introduction           

                                6.5.2 Middle-East            

                                6.5.3 Africa         

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental       

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services              

                                7.2.5 Competitive Rivalry within the Industry     

8. Market Leaders' Analysis                                        

                8.1 Hallstar                                 

                                8.1.1 Overview 

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 Arkema Group                          

                8.3 Dow Chemical Company                       

                8.4 CHS Inc                         

                8.5 Ferro Corporation                    

                8.6 Galata Chemicals                      

                8.7  Guangzhou Xinjinlong Chemical Additives Co. Ltd                    

                8.8 Longda Chemical Industry Co                              

                8.9 ANHUI TIANYI ENVIRONMENTAL PROTECTION TECH                               

                8.10 American Chemical Service, Inc                       

9. Competitive Landscape                                           

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                       

                9.3 Agreements, collaborations and Joint Ventures                         

                9.4 New Product Launches                         

10. Market Outlook and Investment Opportunities                                         

Appendix                                           

                a) List of Tables                

                b) List of Figures                              

  • Global,Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • Segment-level analysis in terms by raw materials,by application,along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  1. Global Epoxidized Soybean Oil  Market By Region, From 2021-2026 ( USD Million )

  2. Global Epoxidized Soybean Oil  Market By End use , From 2021-2026 ( USD Million )

  3. Global food and beverages Market By Region, From 2021-2026 ( USD Million )

  4. Global personal and health products Market By Region, From 2021-2026 ( USD Million )

  5. Global others Market By Region, From 2021-2026 ( USD Million )

  6. Global Epoxidized Soybean Oil  Market By Application, From 2021-2026 ( USD Million )

  7. Global income matrix Market By Region, From 2021-2026 ( USD Million )

  8. Global plasticizers Market By Region, From 2021-2026 ( USD Million )

  9. Global others Market By Region, From 2021-2026 ( USD Million )

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