Epoxidized Soybean Oil Market to Grow with a CAGR of 5.19% through 2028
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
According to
TechSci Research report, “Epoxidized Soybean Oil Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Epoxidized Soybean Oil Market stood at USD 428.52 million in 2022 and
is anticipated to grow with a CAGR of 5.19% in the forecast period, 2023-2028.
The initiatives taken by government based on Epoxidized Soybean Oil has led to
favorable market conditions for the Global Epoxidized Soybean Oil Market.
Several factors contribute to the growth of various Epoxidized Soybean Oil
products.
In an effort to
boost the use of renewable materials and promote sustainable practices, some
forward-thinking governments have made significant investments in businesses
that utilize bio-based substances like ESBO (epoxidized soybean oil). For
instance, a local epoxy and resin company recently received a substantial
investment of over $167,000 to not only increase the renewable content of its
products but also enhance their overall environmental footprint. With this
financial support, the company can now expand its production capacity, paving
the way for a larger contribution to the growing ESBO market and the overall
transition towards a more sustainable future.
In addition to
financial support, government entities are actively involved in supporting
research and development efforts in the field of bio-based materials. For
example, the Agricultural Research Service (ARS) of the United States
Department of Agriculture (USDA) has been at the forefront of developing
innovative bio-based materials derived from soybean oil. By exploring new
applications and pushing the boundaries of ESBO technology, these initiatives
are not only creating opportunities for market growth but also fostering a
culture of innovation and sustainability within the industry. This
collaborative approach between the public and private sectors is key to
unlocking the full potential of bio-based materials and accelerating the
adoption of renewable alternatives in various sectors of the economy.
Epoxidized
Soybean Oil (ESBO), derived from soybeans, is a versatile compound widely used
as a plasticizer and stabilizer in various applications. In the automotive
sector, ESBO plays a crucial role in the manufacturing of PVC components, which
find applications in numerous parts of vehicles, including dashboards, door
panels, and under-the-hood components.
Amidst growing
environmental concerns, the automotive industry is actively seeking sustainable
solutions. ESBO, being a bio-based compound, aligns perfectly with this trend,
offering an eco-friendly alternative to traditional plasticizers. Its renewable
and non-toxic nature not only contributes to reducing the carbon footprint but
also enhances its popularity and demand in the market.
The use of ESBO
in the automotive industry not only ensures the desired performance and
durability of PVC components but also signifies a commitment towards a greener
and more sustainable future. With its versatile applications and eco-friendly
characteristics, ESBO continues to gain prominence as a key ingredient in the
quest for sustainable automotive solutions.
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The Global
Epoxidized Soybean Oil Market is segmented into raw material, end user,
regional distribution, and company.
Based on its raw
material, the soybean oil segment held the largest share in the market. Soybeans,
known as one of the most widely grown and abundant oilseeds globally, play a
pivotal role in the production of soybean oil. With its large-scale production,
soybean oil has become a readily available and cost-effective raw material for
the production of Epoxidized Soybean Oil (ESBO). This accessibility and
cost-effectiveness have contributed to its remarkable dominance in the market.
What sets
soybean oil apart is its unique chemical structure, which offers exceptional
versatility. Its ability to be easily epoxidized opens up a myriad of
possibilities for its application in various industries. The resulting ESBO,
derived from soybean oil, proves to be a valuable plasticizer and stabilizer in
numerous sectors. From the automotive industry to adhesives and PVC plastics,
ESBO finds its utility in enhancing performance and durability.
The remarkable
adaptability and versatility of soybean oil, coupled with the
cost-effectiveness and wide availability of ESBO, make it a prime choice for
industries seeking efficient and reliable solutions.
Based on region,
North America segment is expected to grow during the forecast period. The increasing
demand for Epoxidized Soybean Oil (ESBO) can be attributed to its wide range of
applications across various industries, including PVC stabilization and
plasticization processes. ESBO is extensively used in the United States, making
it the primary consumer of this versatile product in North America. Its unique
properties and compatibility with different materials have contributed to its
growing popularity and widespread adoption in the market.
Major companies
operating in Global Epoxidized Soybean Oil Market are:
- 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
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“Growing
application of Epoxidized Soybean Oil in various end user industries are key
drivers of the Epoxidized Soybean Oil Market. Growth in competitive landscape
and presence of well-established companies in the market who are dedicated to
enhance their productivity of Epoxidized Soybean Oil with every passing year
are anticipated to register an impressive growth to Global Epoxidized Soybean
Oil Market in the forecast period.,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Epoxidized
Soybean Oil Market - Global Segmented By Raw Material (Soybean Oil, Hydrogen Peroxide, Others), By
End User (Food & Beverage, Personal & Healthcare, Adhesives & Sealants,
Automotive, Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth
potential of Global Epoxidized Soybean Oil Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Epoxidized Soybean Oil Market.
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