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The global epoxidized soybean oil market is anticipated to expand at a promising rate from 2021 to 2031. The growing end-user application of epoxidized soybean oil is projected to boost the global market in the coming years. In addition to its extensive applications in other areas, epoxidized soybean oil possesses a variety of excellent qualities that can be used in the production of useful polymeric materials such as polyurethane, polyester amide, and epoxy.
The increasing emphasis of the modern chemical industry on green processes is anticipated to be a positive factor for global epoxidized soybean oil market expansion. Bio-based goods, such as epoxidized soybean oil, have grown in popularity as biodegradable, non-toxic, and renewable chemical sources that can be easily incorporated into coatings, fuels, and other products.
Key players operating in the global epoxidized soybean oil market are Ferro Corporation (U.S.), Arkema SA (France), CHS INC. (U.S.), SHANDONG LONGKOU LONGDA CHEMICAL INDUSTRY CO., LTD (China), Galata Chemicals (U.S.), Hairma chemicals (GZ) Ltd. (China), The Chemical Company (U.S.), Guangzhou Xinjinlong Chemical Additives Co. Ltd. (China) among others.
These worldwide firms are aggressively investing in a variety of strategies, including mergers and acquisitions, joint ventures and partnerships, and new product development, in order to increase their market share.
The global epoxidized soybean oil market is expected to be driven by rising demand for bio-based plasticizers in the processed food and beverage industries. Epoxidized soybean oil is cost-effective and has excellent thermal adaptability and stability, which is expected to support market growth. Stringent government rules on the usage of non-phthalate plasticizers are projected to boost the epoxidized soybean oil market in the approaching years. Epoxidized soybean oil is a bio-plasticizer safe for the environment and complies with REACH, FDA, and EU regulations. The substance is used as a co-plasticizer in PVC. It is also used as an acid collector for pigment dispersion, inks, and agricultural chemicals, which is anticipated to drive the global epoxidized soybean oil market.
Epoxidized soybean oil is well-known for its ability to preserve additives. The product is inexpensive and enhances heat and light resistance. It has low volatility and viscosity, exceptional detergent stability, and processing speed. Moreover, government measures and significant capital investments in R&D for eco-friendly products are projected to bolster market growth during the forecast period.
The Asia Pacific epoxidized soybean oil market is estimated to expand during the forecast period. The growing use of epoxidized soybean oil in the adhesives and sealants and automotive industries is expected to boost product demand in the next few years. Moreover, the major corporations are extending their distribution channels in Asia Pacific in order to boost their customer base, which is projected to increase product sales.
The North America epoxidized soybean oil market is expected to grow during the forecast period. The presence of key companies in the region, such as The DOW Chemical Company and Galata Chemicals LLC, among others, is projected to boost the regional market growth. Furthermore, the easy accessibility of soybean oil, due to its high output and low cost, is likely to drive market expansion even further.
The epoxidized soybean oil market in Europe is likely to experience considerable growth due to the severe regulatory standards set by the European Union (EU) for the use of non-phthalate plasticizers in food and beverages. The EU's requirements have fostered the rapid growth of epoxidized soybean oil consumption in Europe. France, Germany, the United Kingdom, Russia, Italy, and Turkey are expected to contribute to the expansion of the epoxidized soybean oil market.
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Epoxidized Soybean Oil Market
