April 15, 2024
Epoxidized Soybean Oil Market

Epoxidized Soybean Oil is gaining Traction with Increasing Demand for Bio-Based Plasticizers

Epoxidized soybean oil (ESBO) is a bio-based plasticizer produced from soybean oil which is used to make plastics flexible, resilient and printable. It is safer and more environmentally friendly alternative to phthalate plasticizers. ESBO improves the flexibility and weatherability of PVC and other polymers. The growing health and environmental concerns related to phthalate plasticizers is driving increasing demand for bio-based and safer substitutes like epoxidized soybean oil.

The global Epoxidized Soybean Oil Market is estimated to be valued at US$ 1.6 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Epoxidized Soybean Oil market are Makwell Plasticizers Pvt Ltd., Llc, Shenzen Kaiqi Chemical Co., Ltd., Arkema SA, Chs Inc., Ferro Corporation, Hairma Chemicals (Gz) Ltd., Anhui Tianyi Environmental Protection Tech. Co.,Ltd, Shandong Novista Chemicals Co.,Ltd (Novista Group), Adeka Corporation, Hallstar, American Chemical Service, Zhejiang Jiaao Enprotech Stock Co., Ltd., Fujian Zhishang Biomass Materials Co., Ltd., Chang Chun Petrochemical Co., Ltd., NAN YA Plastics Corporation, Hebei Jingu Plasticizer Co., Ltd., Puyang Chengyi Plasticizer Co. Ltd, Chaohu Xiangfeng Plastic Aids Co., Ltd.

The growing demand for bio-based plasticizers from end-use industries like polymers, rubber, paints, and coatings is fueling the growth of Epoxidized Soybean Oil Market Size. The stringent regulations on phthalate plasticizers is further driving the replacement of phthalates with safer substitutes like epoxidized soybean oil.

The key players are expanding their production facilities globally especially in the Asia Pacific and North America region to leverage the growth opportunities. The growing construction sector in India and China especially is fueling the paints and coatings market which in turn is driving the demand for epoxidized soybean oil.

Market Key Trends

The increasing R&D activities focused on developing new and innovative applications of epoxidized soybean oil such as 3D printing materials, medicinal pills coatings etc. is one of the key trends in the market. The ongoing emphasis on sustainability and circular economy by major industries is further fueling the adoption of bio-based products like epoxidized soybean oil. The growing consumer awareness about toxic chemicals and preference for greener products is a major driver for epoxidized soybean oil market.

Porter’s Analysis
Threat of new entrants: Low as high capital investment is required to start production of epoxidized soybean oil. The established players already have supply chain and distribution networks in place.

Bargaining power of buyers: Moderate. The buyers have some bargaining power as there are several manufacturers but the switching costs are low.

Bargaining power of suppliers: Moderate. Raw materials are readily available but a few big suppliers have negotiating power over prices.

Threat of new substitutes: Low. Epoxidized soybean oil is unique due to its environmental-friendly properties. No direct substitute is available in the market currently.

Competitive rivalry: High. The market is dominated by few large multi-national players. Price competition is high due to easy availability of substitutes.

Geographical Regions
North America region accounted for the largest share in the global market in terms of value in 2024 due to growing consumption in industries like paints & coatings, plasticizers etc. The region is expected to remain the highest revenue generating region over the forecast period.

Asia Pacific region emerged as the fastest growing region during the forecast period 2024 to 2031. Countries like China, India are witnessing rapid industrialization which is driving the demand for epoxidized soybean oil from end use industries in these countries.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it