Report Description

Forecast Period

2024-2028

Market Size (2022)

USD428.52 million

CAGR (2023-2028)

5.19%

Fastest Growing Segment

Food & Beverage

Largest Market

Asia Pacific

 

Market Overview

Global Epoxidized Soybean Oil Market has valued at USD 428.52 million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.19% through 2028.  Epoxidized soybean oil is a versatile compound derived from the epoxidation process of soybean oil, resulting in a mixture of organic compounds. This process involves the conversion of double bonds in soybean oil into epoxy groups using hydrogen peroxide and either acetic or formic acid. The resulting epoxidized soybean oil exhibits non-toxic properties and possesses enhanced chemical reactivity.

Epoxidized soybean oil finds wide-ranging applications in various industries, both indoors and outdoors. It is primarily utilized as a green plasticizer for polyvinyl chloride (PVC), thanks to its environmentally friendly nature. The reactive epoxy groups present in the oil make it highly valuable in both monomer structure and polymer preparation areas. Moreover, its non-toxic characteristics make it an attractive choice for stabilizing PVC, contributing to its growing popularity in the PVC stabilization process.

One of the notable features of epoxidized soybean oil is its ability to modify the chain reaction by delaying polyene formation and slowing down the removal of hydrochloric acid. Typically, vegetable oils like soybean oil undergo epoxidation by reacting with the double bonds present in the oil, along with a peroxy acid (usually peroxy formic or peroxyacetic acid) formed in situ by reacting hydrogen peroxide with formic or acetic acid. In this process, a mineral acid acts as a catalyst.

The Global Epoxidized Soybean Oil Market is primarily driven by the increasing demand for bio-based plasticizers, especially in the processed food and beverage industry. The restrictions on phthalate plasticizers in the food and beverage sector further contribute to the market's growth. Epoxidized soybean oil offers cost-effectiveness and exhibits excellent thermal versatility and stability, making it a preferred choice in various industries. Additionally, stringent government regulations on the use of non-phthalate plasticizers propel the growth of the Epoxidized Soybean Oil Market. Its compliance with regulatory standards set by FDA, REACH, and EU positions it as an environmentally friendly bio-plasticizer, further supporting its market demand. Notably, the product also finds applications as a co-plasticizer for PVC, as well as an acid collector for pigment dispersion, inks, and agricultural chemicals, thereby driving its global market growth.

Despite the numerous advantages of epoxidized soybean oil, certain factors pose challenges and constraints to the market's growth. Excessive usage of epoxidized soybean oil in food and beverage may lead to health risks, affecting organs such as the kidney, liver, testis, or uterus. Strict regulatory policies on procedures also present a restrictive factor for the market. Moreover, the high cost of manufacturing ingredients may hinder market growth. Nevertheless, continuous technological advancements in manufacturing processes, coupled with improving efficiency, create promising opportunities for the market.

Overall, epoxidized soybean oil stands as a valuable compound with diverse applications across industries, driven by its eco-friendly nature, regulatory compliance, and versatility in various processes.

Key Market Drivers

Growing Demand of Epoxidized Soybean Oil in Food Packaging

Epoxidized Soybean Oil (ESBO) is a versatile compound widely utilized as a plasticizer and stabilizer in polyvinyl chloride (PVC) plastics, which are extensively employed in various food packaging applications. By augmenting the flexibility, elasticity, and overall performance of PVC, ESBO proves to be an ideal component for creating durable and high-quality packaging solutions

Notably, ESBO stands out as a bio-based alternative to traditional petroleum-based plasticizers, aligning perfectly with the growing consumer demand for sustainable packaging options. As the trend towards healthier and more natural foods gains momentum, consumers increasingly seek products that are packaged in materials reflecting these values. Consequently, there has been a notable surge in the demand for bio-based and non-toxic packaging materials like ESBO.

Moreover, regulatory bodies across the globe have been supportive of the usage of ESBO in food packaging. Prominent authorities such as the European Food Safety Authority (EFSA) and the US Food and Drug Administration (FDA) have specifically approved the use of ESBO as a plasticizer in food contact materials, further solidifying its credibility and safety.

The escalating demand for ESBO in food packaging has significantly impacted the ESBO market, creating new opportunities for manufacturers and catalyzing increased investment in production capabilities. Furthermore, as consumer awareness regarding the advantages of bio-based packaging continues to grow, the demand for ESBO is expected to witness sustained growth in the foreseeable future. This trend is projected to drive substantial expansion in the ESBO market, unlocking new avenues and possibilities.

In conclusion, the ever-increasing demand for Epoxidized Soybean Oil in the realm of food packaging serves as a fundamental catalyst for the global ESBO market. With consumers actively seeking healthier and more sustainable options, and with regulatory bodies endorsing the use of ESBO, the market is poised for significant growth and prosperity in the coming years.


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Growing Demand of Epoxidized Soybean Oil in Healthcare Industry

Epoxidized Soybean Oil (ESBO) is increasingly being utilized as a plasticizer and stabilizer in medical devices made from Polyvinyl Chloride (PVC), a versatile material extensively employed in the healthcare sector. PVC-based products such as blood bags, intravenous (IV) tubes, and medical gloves benefit from the addition of ESBO, which enhances their flexibility, strength, durability, and overall performance.

One of the notable advantages of ESBO is its bio-based nature, making it an eco-friendly alternative to traditional petroleum-based plasticizers. With the growing demand for sustainable materials in the medical sector, ESBO emerges as a compelling solution, aligning with the industry's shift toward environmentally conscious practices.

As health consciousness among consumers continues to rise, there is an increasing demand for non-toxic and bio-based materials in medical devices. ESBO, being a non-phthalate plasticizer, perfectly fits this trend, contributing to its growing popularity and adoption.

Furthermore, the approval of ESBO usage in certain food contact materials by regulatory bodies, including the U.S. Food and Drug Administration (FDA), lends credibility to its application in the healthcare sector. This approval plays a pivotal role in driving the market growth of ESBO, offering manufacturers assurance and impetus to invest in its production facilities.

The burgeoning demand for ESBO in the healthcare industry has had a positive impact on its market, creating new opportunities for manufacturers and prompting increased investments in production facilities. Additionally, as awareness of the benefits of bio-based materials continues to grow, the demand for ESBO is expected to further rise, driving substantial growth in the ESBO market in the coming years.

In conclusion, the escalating demand for Epoxidized Soybean Oil in the healthcare industry serves as a key driver of the global ESBO market. With consumers and regulatory bodies recognizing the benefits of bio-based materials and the healthcare sector embracing sustainable alternatives, the ESBO market is positioned for significant expansion and long-term growth.

Key Market Challenges

Lack in Supply of Raw Materials

As the name suggests, Epoxidized Soybean Oil (ESBO) is derived from soybeans, specifically from the oil extracted from soybeans. Therefore, the ESBO market is heavily dependent on soybean production, which can be influenced by a variety of factors including weather conditions, pest infestations, and farming practices. For example, extreme weather events such as droughts or floods can significantly impact soybean crops, leading to fluctuations in production and potentially affecting the availability of raw materials for ESBO production.

Soybean production is concentrated in certain regions of the world, primarily in the United States, Brazil, and Argentina. This geographic concentration can lead to supply chain vulnerabilities. For instance, if adverse weather conditions or political instability occur in any of these regions, it can disrupt the supply of soybeans, potentially leading to shortages and affecting the ESBO market. Additionally, the transportation and logistics involved in importing soybeans from these regions to other parts of the world can also pose challenges and introduce potential delays.

Moreover, the price of soybeans is subject to volatility due to various factors. Changes in demand, both domestically and globally, can influence the price of soybeans. Variations in crop yield, which can be affected by factors such as weather conditions and pest outbreaks, can also impact prices. Furthermore, shifts in global trade policies and trade tensions between countries can introduce further uncertainties in the soybean market. This price volatility directly affects the cost of producing ESBO, making it challenging for manufacturers to maintain stable pricing for their products and potentially impacting the overall competitiveness of the ESBO market.

Considering these various factors, the ESBO industry needs to closely monitor soybean production, global trade dynamics, and market conditions to navigate through potential challenges and ensure a steady supply of raw materials for ESBO production as well as stable pricing for their products.

Key Market Trends

Growing Demand for Sustainable and Bio-based Products

Epoxidized Soybean Oil (ESBO), derived from soybeans, is increasingly recognized as a bio-based product that serves as an eco-friendly alternative to traditional petroleum-based plasticizers. It plays a pivotal role as a plasticizer and stabilizer in various applications, including automotive, adhesives, and notably in PVC plastics.

With the world grappling with pressing environmental concerns, the demand for sustainable solutions is on the rise. ESBO, being a bio-based compound, aligns perfectly with this global trend, enhancing its popularity and driving demand in the market. As the world shifts towards a more sustainable future, bio-based products have transitioned from being a niche preference to a mainstream demand. The surging demand for these eco-friendly alternatives is driven by both conscious consumer preferences and regulatory support.

Consumers are increasingly seeking out environmentally friendly and non-toxic alternatives, leading industries to adopt bio-based products like ESBO. This shift is fueled by the desire to reduce the ecological footprint and embrace sustainable practices. In parallel, regulatory bodies worldwide are actively promoting the use of sustainable materials, further propelling the ESBO market. This combined push from consumers and regulatory support is creating a favorable environment for the growth of ESBO and other bio-based products.

In conclusion, the growing demand for sustainable and bio-based products is a key trend that is shaping the global ESBO market. As consumers and industries continue to seek out eco-friendly alternatives, and as research and development in bio-based materials advance, the ESBO market is poised for significant growth and innovation.

Segmental Insights

Raw Material Insights

Based on the category of raw material, the soybean oil segment emerged as the dominant player in the global market for Epoxidized Soybean Oil in 2022. The growth of soybean can be attributed to several factors. One significant factor is the increasing use of soybean oil, particularly in the production of epoxidized soybean oil. This versatile oil is mainly prepared through the oxidation of soybean oil using either hydrogen peroxide or acetic acid. The resulting epoxidized soybean oil finds application in a wide range of industries, including plastics, adhesives, and coatings, due to its excellent stability and performance properties. The growing demand for these products has contributed to the overall expansion of the soybean market.

End User Insights

The Others segment is projected to experience rapid growth during the forecast period. Various factors contribute to the growth of plasticizers in multiple industries. These versatile chemicals find increasing use in paints, rubber products, adhesives & sealants, printing inks, and more. Plasticizers, specifically phthalate esters, are transparent and odorless compounds that play a vital role in enhancing the elasticity of polymers, particularly polyvinyl chloride (PVC). By imparting flexibility to PVC, plasticizers facilitate its diverse applications across a wide range of sectors.


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Regional Insights

Asia Pacific emerged as the dominant player in the Global Epoxidized Soybean Oil Market in 2022, holding the largest market share in terms of value. The Asia-Pacific region, encompassing countries like China, Japan, and South Korea, has emerged as a prominent manufacturing hub for a diverse range of products, spanning from plastics, chemicals, and industrial materials to electronics and textiles. With its well-established infrastructure and skilled workforce, the region has become an attractive destination for global manufacturers seeking cost-effective production and efficient supply chains.

Within the manufacturing landscape of the Asia-Pacific, China stands out as a dominant player. Its robust manufacturing sector not only caters to domestic demands but also serves as a major exporter of goods worldwide. From electronics and machinery to furniture and toys, China's manufacturing prowess spans across various industries, contributing significantly to the region's overall manufacturing output.

A key factor driving the consumption of plasticizers in the Asia-Pacific region, including China, is the rapid urbanization and economic growth observed in recent decades. As more people migrate to urban areas and income levels rise, there is a corresponding increase in the demand for construction materials, automobiles, and consumer goods. Plasticizers like ESBO play a crucial role in enhancing the performance and durability of these products, making them indispensable in the region's expanding manufacturing landscape.

In response to growing concerns over the potential health and environmental hazards associated with certain phthalate plasticizers, some Asian countries have implemented stricter regulations. This has prompted the adoption of alternative plasticizers like ESBO, which offer comparable functionality while being considered safer and more environmentally friendly. This shift towards greener alternatives reflects the region's commitment to sustainable development and responsible manufacturing practices.

Overall, the Asia-Pacific region, with its dynamic manufacturing sector and evolving regulatory landscape, continues to be a key player in the global supply chain. Its diverse range of industries, coupled with the adoption of safer and more sustainable plasticizers, positions the region as a driving force behind the production of essential goods for both domestic and international markets.

Recent Developments

  • In 2023, researchers at the University of California, Davis, made a groundbreaking development by creating a new ESO-based epoxy resin with exceptional thermal and mechanical properties. This innovative resin is produced through the crosslinking of ESO with a bio-based curing agent derived from tannic acid, resulting in a material with remarkable attributes. The resin exhibits a notably high glass transition temperature and modulus, indicating its superior strength and stability. Additionally, it demonstrates exceptional resistance against cracking and delamination, making it a highly reliable and durable choice for various applications. This significant advancement in epoxy resin technology opens up new possibilities and potential for industries that rely on high-performance materials.

Key Market Players

  • CHS Inc.
  • Arkema SA
  • DOW Chemical Company
  • Galata Chemicals Inc.
  • Hairma Chemicals Ltd.
  • Shandong Longkou Longda Chemical Industry Co., Ltd
  • Ferro Corporation
  • InbraIndustriasQuimicas Ltd.
  • Makwell Plasticizers Pvt. Ltd.
  • Adeka Corporation

 By Raw Material

By End User

By Region

  • Soybean Oil
  • Hydrogen Peroxide
  • Others
  • Food & Beverage
  • Personal & Healthcare
  • Adhesives & Sealants
  • Automotive
  • Others
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Epoxidized Soybean Oil Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Epoxidized Soybean Oil Market, By Raw Material:

o   Soybean Oil

o   Hydrogen Peroxide

o   Others

  • Epoxidized Soybean Oil Market, By End User:

o   Food & Beverage

o   Personal & Healthcare

o   Adhesives & Sealants

o   Automotive

o   Others

  • Epoxidized Soybean Oil Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

§  Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Epoxidized Soybean Oil Market.

Available Customizations:

Global Epoxidized Soybean Oil Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Epoxidized Soybean Oil Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]


Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4.    Global Epoxidized Soybean Oil Market Outlook

4.1.  Market Size & Forecast

4.1.1.    By Value

4.2.  Market Share & Forecast

4.2.1.    By Raw Material (Soybean Oil, Hydrogen Peroxide, Others)

4.2.2.    By End User (Food & Beverage, Personal & Healthcare, Adhesives & Sealants, Automotive, Others)

4.2.3.    By Region

4.2.4.    By Company (2022)

4.3.  Market Map

4.3.1.    By Raw Material

4.3.2.    By End User

4.3.3.    By Region

5.    Asia Pacific Epoxidized Soybean Oil Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Raw Material

5.2.2.    By End User

5.2.3.    By Country

5.3.  Asia Pacific: Country Analysis

5.3.1.    China Epoxidized Soybean Oil Market Outlook

5.3.1.1.        Market Size & Forecast

5.3.1.1.1.           By Value

5.3.1.2.        Market Share & Forecast

5.3.1.2.1.           By Raw Material

5.3.1.2.2.           By End User

5.3.2.    India Epoxidized Soybean Oil Market Outlook

5.3.2.1.        Market Size & Forecast

5.3.2.1.1.           By Value

5.3.2.2.        Market Share & Forecast

5.3.2.2.1.           By Raw Material

5.3.2.2.2.           By End User

5.3.3.    Australia Epoxidized Soybean Oil Market Outlook

5.3.3.1.        Market Size & Forecast

5.3.3.1.1.           By Value

5.3.3.2.        Market Share & Forecast

5.3.3.2.1.           By Raw Material

5.3.3.2.2.           By End User

5.3.4.    Japan Epoxidized Soybean Oil Market Outlook

5.3.4.1.        Market Size & Forecast

5.3.4.1.1.           By Value

5.3.4.2.        Market Share & Forecast

5.3.4.2.1.           By Raw Material

5.3.4.2.2.           By End User

5.3.5.    South Korea Epoxidized Soybean Oil Market Outlook

5.3.5.1.        Market Size & Forecast

5.3.5.1.1.           By Value

5.3.5.2.        Market Share & Forecast

5.3.5.2.1.           By Raw Material

5.3.5.2.2.           By End User

6.    Europe Epoxidized Soybean Oil Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Raw Material

6.2.2.    By End User

6.2.3.    By Country

6.3.  Europe: Country Analysis

6.3.1.    France Epoxidized Soybean Oil Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Raw Material

6.3.1.2.2.           By End User

6.3.2.    Germany Epoxidized Soybean Oil Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Raw Material

6.3.2.2.2.           By End User

6.3.3.    Spain Epoxidized Soybean Oil Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Raw Material

6.3.3.2.2.           By End User

6.3.4.    Italy Epoxidized Soybean Oil Market Outlook

6.3.4.1.        Market Size & Forecast

6.3.4.1.1.           By Value

6.3.4.2.        Market Share & Forecast

6.3.4.2.1.           By Raw Material

6.3.4.2.2.           By End User

6.3.5.    United Kingdom Epoxidized Soybean Oil Market Outlook

6.3.5.1.        Market Size & Forecast

6.3.5.1.1.           By Value

6.3.5.2.        Market Share & Forecast

6.3.5.2.1.           By Raw Material

6.3.5.2.2.           By End User

7.    North America Epoxidized Soybean Oil Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Raw Material

7.2.2.    By End User

7.2.3.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Epoxidized Soybean Oil Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Raw Material

7.3.1.2.2.           By End User

7.3.2.    Mexico Epoxidized Soybean Oil Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Raw Material

7.3.2.2.2.           By End User

7.3.3.    Canada Epoxidized Soybean Oil Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Raw Material

7.3.3.2.2.           By End User

8.    South America Epoxidized Soybean Oil Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Raw Material

8.2.2.    By End User

8.2.3.    By Country

8.3.  South America: Country Analysis

8.3.1.    Brazil Epoxidized Soybean Oil Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Raw Material

8.3.1.2.2.           By End User

8.3.2.    Argentina Epoxidized Soybean Oil Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Raw Material

8.3.2.2.2.           By End User

8.3.3.    Colombia Epoxidized Soybean Oil Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Raw Material

8.3.3.2.2.           By End User

9.    Middle East and Africa Epoxidized Soybean Oil Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Raw Material

9.2.2.    By End User

9.2.3.    By Country

9.3.  MEA: Country Analysis

9.3.1.    South Africa Epoxidized Soybean Oil Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Raw Material

9.3.1.2.2.           By End User

9.3.2.    Saudi Arabia Epoxidized Soybean Oil Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Raw Material

9.3.2.2.2.           By End User

9.3.3.    UAE Epoxidized Soybean Oil Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Raw Material

9.3.3.2.2.           By End User

9.3.4.    Egypt Epoxidized Soybean Oil Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Raw Material

9.3.4.2.2.           By End User

10. Market Dynamics

10.1.             Drivers

10.2.             Challenges

11. Market Trends & Developments

11.1.             Recent Developments

11.2.             Product Launches

11.3.             Mergers & Acquisitions

12. Global Epoxidized Soybean Oil Market: SWOT Analysis

13. Porter’s Five Forces Analysis

13.1.             Competition in the Industry

13.2.             Potential of New Entrants

13.3.             Power of Suppliers

13.4.             Power of Customers

13.5.             Threat of Substitute Product

14. Competitive Landscape

14.1.       CHS Inc.

14.1.1.         Business Overview

14.1.2.          Company Snapshot

14.1.3.          Products & Services

14.1.4.          Current Capacity Analysis

14.1.5.          Financials (In case of listed)

14.1.6.          Recent Developments

14.1.7.          SWOT Analysis

14.2. Arkema SA

14.3. DOW Chemical Company

14.4. Galata Chemicals Inc.

14.5. Hairma Chemicals Ltd.

14.6. Shandong Longkou Longda Chemical Industry Co., Ltd

14.7. Ferro Corporation

14.8. InbraIndustriasQuimicas Ltd.

14.9. Makwell Plasticizers Pvt. Ltd.

14.10.   Adeka Corporation

15. Strategic Recommendations

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Epoxidized Soybean Oil Market was estimated to be USD428.52 million in 2022.

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The soybean oil segment demonstrated significant dominance in 2022. The abundance, economy, versatility, sustainability alignment, and regulatory support contribute to soybean oil's dominance in the market.

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Asia Pacific dominated the market with a revenue share in 2022. Asia-Pacific countries, especially China, are major soybean producers, which serve as the primary raw material for ESBO production.

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Growing demand of epoxidized soybean oil in food packaging and healthcare industry are the major drivers for the Global Epoxidized Soybean Oil Market.

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Sakshi Bajaal

Business Consultant
Press Release

Epoxidized Soybean Oil Market to Grow with a CAGR of 5.19% through 2028

Oct, 2023

Growing demand of epoxidized soybean oil in automotive industry is expected to drive the Global Epoxidized Soybean Oil Market growth in the forecast period, 2024-2028