Newark, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 500 million in 2023 global epoxidized soybean oil market will reach USD 814.44 million in 2033. To enhance the qualities of soybean oil, epoxy groups are added. Epoxidation is the process of adding epoxy groups to soybean oil. The end product is known as soybean oil that has been epoxidized. Another name for it is ESO. Compared to soybean oil, ESO provides more consistency and less volatility. The enhancements increase its industry-wide applicability. It increases the durability of PVC by using it. It is included in sealants and adhesives to assist strengthen their bonds. Additionally, ESO has outstanding lubricating qualities, which make it perfect for use in coatings and lubricants. It is sustainable, which is one of the key elements propelling the market's expansion. It is also environmentally friendly.
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Key Insight of the Global Epoxidized soybean oil Market
Asia Pacific will dominate the market during the forecast period.
Due to their substantial soybean oil production, nations like China and India are able to guarantee a steady supply of raw materials for extra virgin olive oil (ESO), which makes Asia Pacific a prominent participant in the industry. Because of the high population that drives demand, the region is home to sizable industries in the construction, automotive, personal care, consumer electronics, and healthcare sectors. Asia Pacific's ESO market demand is met by this sizably vast market. Authorities in the area are supporting the usage of environmentally friendly products like epoxidized soybean oil (ESO) due to mounting pressure from climate change and environmental degradation. This helps to fuel market expansion and maintain ESO's dominance in the worldwide epoxidized soyabean oil market.
In 2023, the soybean oil segment dominated the market with the largest market share of 44% and revenue of 220 million.
The raw material segment is divided into soybean oil, hydrogen peroxide, and others. The soybean oil segment dominated the market, with a market share of around 44% in 2023. In 2023, the soybean oil segment dominated the market with the largest market share of 44% and revenue of 220 million.
In 2023, the plasticizers segment dominated the market with the largest market share of 38% and revenue of 190 million.
The application segment is divided into flavour and fragrances, fuel additives, functional fluids, pigment dispersion agents, plasticizers, UV cure applications, and others. In 2023, the plasticizers segment dominated the market with the largest market share of 38% and revenue of 190 million.
In 2023, the food and beverage segment dominated the market with the largest market share of 35% and revenue of 175 million.
The end use industry segment is divided into adhesives and sealants, automotive and transportation, food and beverage, personal and healthcare, and others. In 2023, the food and beverage segment dominated the market with the largest market share of 35% and revenue of 175 million.
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Scope of the Report:
| Report Metrics | Details |
| Market size available for years | 2024–2033 |
| Base year considered | 2023 |
| Forecast period | 2024–2033 |
| Market Size in 2023 | $500 Million |
| Projected Market Value in 2033 | $814.44 Million |
| CAGR | 5% From 2024 to 2033 |
| Segments covered | Raw Material, Application, End-Use Industry, Regions |
| Geographies covered | North America, Asia Pacific, Europe, Middle East and Africa, and Latin America |
| Companies covered | Prakash Chemical Agencies Pvt. Ltd., NAN YA PLASTICS CORPORATION, Merck KGaA, Henan GO Biotech Co., Ltd, Guangzhou Xinjinlong Chemical Additives Co., Ltd., Galata Chemicals, Faith Industries LTD, CHS Inc., Cargill, Incorporated, ADEKA CORPORATION |
Advancement in market
An innovative glue created from sustainable sources, made with soy oil and other plant-based materials, outperformed the best petroleum-based adhesives currently in the market, such as epoxy resins. The first element in a lab's sustainable adhesive solution was epoxied soy oil, which is readily available in large amounts since it is used to create polyvinyl chloride (PVC), which is utilized in pipes and cables. Furthermore, epoxies are the best kind of adhesive on the market right now.
Market Dynamics
Driver: Environmental rules support the application of ESO.
Global policy has changed significantly as a result of increased worries about climate change, environmental degradation, and its negative repercussions. Environmentally friendly products, practices, technologies, and systems are becoming more and more popular among households, government institutions, local governments, and private businesses. Government regulations requiring the use of eco-friendly and renewable materials like ESO rather than hazardous chemicals are an example of one of these regulations in the context of ESO. ESO is being adopted by both private homes and businesses as an eco-friendly substitute. Therefore, the expansion of the worldwide epoxidized soybean oil market is driven by environmental regulations that support the use of ESO as an eco-friendly option as well as increased consumer demand from homes and private players.
Restraints: How much epoxidized soybean oil costs.
The price of raw ingredients, manufacture or processing expenses, packing, transportation, and logistics are all included in the price of ESO. Climate change poses a threat to soybean agriculture, affecting both the quantity and quality of the yield. In addition, supply chain limitations, trade disputes, geopolitical unrest, and other regulatory changes may cause disruptions in the raw material supply. The erratic ESO prices are a reflection of all of this. Costs are further increased by the additional chemicals or inputs, energy, and processing equipment needed. Extended processing durations result in reduced production volumes, impeding the attainment of economies of scale and ultimately raising costs. As a result, the expense of ESO will impede market expansion.
Opportunities: developments in technology.
More money is being spent on research and development to enhance the qualities and applications of ESO as a result of the increasing demand for it as an eco-friendly and renewable option across industries. This research and development endeavour has been made easier and more beneficial by technological improvements. Improvements in composition and material science have improved ESO's overall performance, thermal stability, adaptability, and applicability to a wide range of goods and sectors. The range of industries in which ESO can be applied has increased because to ongoing advancements. These days, the pharmaceutical and consumer electronics industries also use it. Thus, during the projection period, technological developments will support the expansion and growth of the worldwide epoxidized soybean oil market.
Challenges: Market competition and dynamics.
ESO is relatively new material that is being seen as an alternative to chemical-based substances and materials. However, conventional petroleum-based products are well-tested and established in the market with better performance, thereby making them the preferred choice as of now. They have achieved economies of scale, driving down their production costs and prices, making them cost-effective in the market. price is a sticking point for majority of the consumers and therefore with high costs of ESO they will continue to demand cheaper alternatives. ESO is also facing still competition from other eco-friendly alternatives in the market. therefore, market competition and other dynamics will challenge the market’s growth.
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Some of the major players operating in the global epoxidized soybean oil market are:
• Prakash Chemical Agencies Pvt. Ltd.
• NAN YA PLASTICS CORPORATION
• Merck KGaA
• Henan GO Biotech Co., Ltd
• Guangzhou Xinjinlong Chemical Additives Co., Ltd.
• Galata Chemicals
• Faith Industries LTD
• CHS Inc.
• Cargill, Incorporated
• ADEKA CORPORATION
Key Segments covered in the market:
By Raw Material
• Soybean Oil
• Hydrogen Peroxide
• Others
By Application
• Flavour and Fragrances
• Fuel Additives
• Functional Fluids
• Pigment Dispersion Agents
• Plasticizers
• UV Cure Applications
• Others
By End Use Industry
• Adhesives and Sealants
• Automotive and Transportation
• Food and Beverage
• Personal and Healthcare
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Million). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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