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The rising end-user application of epoxidized soybean oil is expected to drive the global market in the upcoming years. Epoxidized soybean oil has a number of outstanding properties which could be utilized in manufacturing valuable polymeric materials such as poly ester amide, polyurethane, and epoxy in addition to its numerous applications in other areas.
The increasing focus of modern chemical industry on the green process is likely to be a favorable factor for the market growth. For instance, the bio-based products such as epoxidized soybean oil have become more popular as nontoxic, biodegradable, and renewable chemical sources which can be easily utilized in fuels, coatings and other products. The prominent players operating in the market are embarking on the new product launch and base expansion to increase their global presence.
Epoxidized soybean oil is one of the most common vegetable oils used as an alternative in the oleo-chemical industry, owing to its cheaper price and greater output. Epoxidized soybean oil can be manufactured on a large scale with the epoxidation of soybean oil in the presence of an acid catalyst and hydrogen peroxide. Epoxidized soybean oil is generally used as plasticizers, rubber-like materials, lubricants, and polymer stabilizers in industry. The environmentally friendly character and low cost compared to products from petroleum industry is driving the demand for epoxidized soybean oil from petroleum industry. Moreover, the long fatty acid chains of soybean oils impart desirable flexibility and toughness to some brittle resin systems such as epoxy, urethane and polyester resins, which is likely to be a favorable factor for product demand. Although the demand for energy is increasing but fossil fuel reserves are very limited, as a result, the interest in the utilization of renewable resources as an alternative to petroleum-based polymers is increasing which can positively impact the market growth.
Key Market Driver -
Increasing Focus of Modern Chemical Industry on the Green Process
Key Market Restraint -
Stringent Rules Regarding the Usage of Epoxidized Soybean Oil in Food Industry
The excessive usage of epoxidized soybean oil in the preparation of laminate in drink cartons and plastic coating for food packaging can cause contamination, which can further lead to adverse health effects. Henceforth, the Scientific Committee for Food (SCF) has decided the maximum usage level of the product. The strict rules regarding the product usage in food industry is expected to hamper the market growth.
The prominent players operating in the global epoxidized soybean oil market are Galata Chemicals LLC, Arkema, Guangzhou Xinjinlong Chemical Additives Co. Ltd., The DOW Chemical Company, KH Chemicals, CHS Inc., Ferro Corporation, Shandong Longkou Longda chemical Industry Co., Ltd., Hairma chemicals (GZ) Ltd., Sigma-Aldrich, and Others.
Epoxidized soybean oil is extensively used in the preparation of plasticizers and the product demand is predicted to increase in the forthcoming years. Several plasticizers producers are gravitated towards renewable, nontoxic, and safer ingredients such as epoxidized soybean oil due to strict rules regarding the usage of traditional plasticizers as it has some adverse effects on skin and health. Epoxidized soybean oil is considered as an eco-friendly plasticizer, and hence, it is most preferred bio-based plasticizer over petrochemical-based plasticizer.
The product is extensively used in several end-use industries such as food & beverages, automotive, healthcare, and others. The strict rules in automobile industry in order to improve fuel economy have predicted to increase the demand for cleaner and safer lubricants such as epoxidized soybean oil from automobile industry. Moreover, epoxidized soybean oil has resistance to temperature and it is one of the cheapest, easily available and eco-friendly alternatives used in various end-user industries.
Asia Pacific is expected to hold significant share in the global marketplace. The increasing application of epoxidized soybean oil from automotive, adhesives and sealants industries is predicted to positively impact the product demand in upcoming years. The prominent companies are expanding their distribution network in Asia Pacific to increase their consumer base which is expected to positively impact the product sales.
North America is anticipated to witness significant growth in the upcoming years. The presence of prominent players such as Galata Chemicals LLC and The DOW Chemical Company, and others within the region is expected to positively impact the regional market growth. Moreover, the easy accessibility to the raw material i.e. soybean oil due to its high production and lower cost is expected to further propel the market growth.
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