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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