Epoxidized Soybean Oil Market Size was valued at USD 0.512 Billion in 2023. The Epoxidized Soybean Oil industry is projected to grow from USD 0.54272 Billion in 2024 to USD 0.8160 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2024 - 2032). Rising demand for PVC products and a shift towards bio-based materials are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The rising demand for PVC products is driving the Market CAGR for epoxidized soybean oil. PVC blends derive their flexibility, hardness, heat, and light resistance from a major component known as epoxidized soybean oil. Its use as a plasticizer and stabilizer for different PVC products such as pipes, cables, flooring materials, and packaging has been necessitated by increasing urbanization, infrastructure projects, and consumer demand. Moreover, more epoxidized soybean oils are used in PVCs because of strict regulations against conventional plasticizers and the need for eco-friendly substitutes. The world’s fast-growing market for ESO can be stabilized by the continuous increase in demand for these items globally, thus keeping them thriving all over the world.
Various industries have identified that there’s a shift in customer needs towards products made from eco-friendly and sustainable materials. This change has been driven by growing awareness of the environment, concerns about the future of our planet vis-à-vis its ability to support life, and other factors such as the realization of how industrial activities impact it. In particular, individuals are looking for items that are produced using methods that do not harm ecosystems while also having little negative effects towards them being gotten from renewable sources. In addition to this, governments around the world, through their regulatory bodies, have also pushed for the adoption of green materials in order to reduce carbon emissions, promote a circular economy, and minimize waste generation. Conservation enforcement agencies in all countries where they exist, including those at regional and local levels, are now implementing environmental protection laws more strictly than ever before across every industry.
Phthalates have the effect of disturbing hormones and being poisonous to health, which has made people ask for other plasticization substances that are safe. There are a lot of objects that use phthalates as plasticizers, but it is feared that they can be released into the environment where they get stored in the human body, hence causing possible future health problems. As a result, more and more manufacturers are now opting for alternative plasticizers such as Epoxidized Soybean Oil (ESO), which comes from renewable sources and is known for its safety and environmental friendliness. Epoxides of soybean oil are not harmful, can break down naturally, and comply with regulations.
Take the World Health Organization (WHO) as an example: chemicals in food packaging are the cause of about 10% of global cases of foodborne disease. Many people in the food industry today prefer Epoxidized Soybean Oil (Epoxide Soybean oil) because it does not contain toxic substances and has been approved for use with food. Using it as a plasticizer in materials for packing preserves while at the same time minimizing chemical pollution hazards posed by them to humans ensures that public health care standards are maintained. Consequently, this has led to higher Epoxide Soybean oil demands in catering establishments dealing with meals and drinks, thereby increasing income levels and improving control measures, as well as conformity to safety requirements and regulations on edibles. Thus, driving the Epoxidized Soybean Oil Market revenue.
The Epoxidized Soybean Oil Market segmentation, based on Raw Material, includes Soybean oil and hydrogen peroxide. In 2023, the Soybean oil category dominated the marketplace in 2023. The market boom in emerging markets is pushed by extensive availability, profitability, and an excessive conversion price of the epoxidation technique, organizing it as the most favored desire for producing epoxidized soybean oil.
The Epoxidized Soybean Oil Market segmentation, based on application, includes Plasticizers, UV Cure Applications, and Fuel Additives. In 2023, the plasticizers category led the market. This is a result of its great utility in some industries, consisting of packaging, car, and production. The need for plasticizers has expanded as a result of improvements in car manufacturing, packaging, and infrastructure development. Plasticizers significantly improve the adaptability and durability of polymers like PVC. Strict legal guidelines that help the environment and are anti-poisonous also stimulate the demand for green plasticizers, such as epoxidized soybean oil.
Figure 1: Epoxidized Soybean Oil Market, by Application, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Epoxidized Soybean Oil Market segmentation, based on end-use application, includes food & beverages, adhesives & sealants, and automotive. In 2023, the food and beverage category brought in the most money because it's far distinctly popular as a safe and environmentally friendly meal packaging material aspect. It remains the top priority to ensure food safety and retain the protection of packaging due to its non-toxic nature and regulatory compliance. Additionally, Epoxidized Soybean Oil has extraordinary flexibility and can be carried out in loads of innovative ways inside the meals and beverage region. In this industry, it has made extensive money producing bottles, packing containers, wraps, and seals.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. It is because of its robust industrial infrastructure and established market for PVC and associated products—two major users of epoxidized soybean oil—that North America is expected to have the largest market for epoxidized soybean oil.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.
Figure 2: Epoxide Soybean oil MARKET SHARE BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Epoxidized Soybean Oil Market is responsible for the second-largest market share because of the strict regulations that favor environmentally friendly plasticizers in the region. Further, the German Epoxidized Soybean Oil Market held the largest market share, and the UK Epoxidized Soybean Oil Market was the fastest-growing market in the European region.
The Asia-Pacific Epoxidized Soybean Oil Market is expected to grow at the fastest CAGR from 2024 to 2032. Rapid industrial growth is being witnessed in this region, along with the expansion of the PVC manufacturing sector and the expanding usage of eco-friendly plasticizers in key industries, including packaging, automotive, and construction. Moreover, China’s Epoxidized Soybean Oil Market held the largest market share, and the Indian Epoxidized Soybean Oil Market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Epoxidized Soybean Oil Market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Epoxidized Soybean Oil industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Epoxidized Soybean Oil industry to benefit clients and increase the market sector. In recent years, the Epoxidized Soybean Oil industry has offered some of the most significant advantages to industries. Major players in the Epoxidized Soybean Oil Market, including CHS Inc. (US), Nan Ya Plastics Corporation (Taiwan), Adeka Corporation (Japan), Cargill (US), Valtris (US), Galata Chemicals LLC (US), Hairma Chemicals (GZ) Ltd. (China), SHANGDONG LONGKOU LONGDA CHEMICAL INDUSTRY CO., LTD, Inbra Industries Quimicas, Ltd. (Brazil).
Arkema is a significant provider of specialty chemicals to the Epoxide Soybean oil market, including eco-friendly plasticizers. The company is well known for its Epoxide Soybean oil products, which are known for their superior quality, long-lasting nature, and adherence to regulatory regulations. With a focus on innovation and sustainability, Arkema consistently commits resources to research and development in order to create improved versions of Epoxide Soybean oil. The company prioritizes customer service and technical support in order to be competitive in the industry.
Galata Chemicals serves PVC, coatings, and adhesive sectors with additives and specialized chemicals, such as Epoxide Soybean oil. The company offers a variety of Epoxide Soybean oil products that are tailored to meet the specific needs of its customers.
March 2022: Hairma Chemicals enhanced its distribution network and widened its global reach to better serve its customers in the Epoxide Soybean oil industry. To improve its competitiveness and market presence, the company invested in infrastructure, logistics, and customer support skills.
January 2022 To create innovative Epoxide Soybean oil formulations with enhanced sustainability and performance features, Shandong Longkou Longda Chemical Industry Co., Ltd. invested in research and development. Through partnerships with academic institutions and industrial players, the company advanced technological innovation in the Epoxide Soybean oil sector.
February 2021: Leading agricultural cooperative CHS Inc. used its knowledge of producing soybean oil to increase its market share in the Epoxide Soybean oil sector. Modern manufacturing facilities and process optimization were investments made by the company.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.512 Billion |
| Market Size 2024 | USD 0.54272 Billion |
| Market Size 2032 | USD 0.8160 Billion |
| Compound Annual Growth Rate (CAGR) | 6.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Raw Material, application, end-use application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea |
| Key Companies Profiled | CHS Inc. (US), Nan Ya Plastics Corporation (Taiwan), Adeka Corporation (Japan), Cargill (US), Valtris (US), Galata Chemicals LLC (US), Hairma Chemicals (GZ) Ltd. (China), SHANGDONG LONGKOU LONGDA CHEMICAL INDUSTRY CO., LTD, Inbra Industries Quimicas, Ltd. (Brazil). |
| Key Market Opportunities | · Expansion of Application Portfolio, Focus on High-Value End-Use Industries |
| Key Market Dynamics | · Awareness of the adverse health effects of phthalates, such as endocrine disruption and toxicity, has led to a preference for safer alternatives. |
Frequently Asked Questions (FAQ) :
The Epoxidized Soybean Oil Market size was valued at USD 0.512 Billion in 2023.
The global market is projected to grow at a CAGR of 6.00% during the forecast period, 2024-2032.
North America had the largest share of the global market.
The key players in the market are CHS Inc. (US), Nan Ya Plastics Corporation (Taiwan), Adeka Corporation (Japan), Cargill (US), Valtris (US), Galata Chemicals LLC (US), Hairma Chemicals (GZ) Ltd. (China), SHANGDONG LONGKOU LONGDA CHEMICAL INDUSTRY CO., LTD, Inbra Industries Quimicas, Ltd. (Brazil), and others.
The Soybean oil category dominated the market in 2023.
Plasticizers had the largest share of the global market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
