Epoxidized Soybean Oil Market, By Raw Material (Soybean Oil, Hydrogen Peroxide, Others), By Application (Plasticizers, Pigment Dispersion Agents, Flavor & Fragrances, Functional Fluids, Fuel Additives), By End Use Industry (Food & Beverages, Personal & Healthcare, Adhesives & Sealants, Automotive & Transportation, Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : Mar 2024

Code : CMI6827

Pages :130

Formats :

Excel and PDF

Industry : Food and Beverages

Market Concentration and Competitive Landscape

Epoxidized Soybean Oil Market Concentration By Players

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Increasing preference for bio-based products

The rising health, environmental, and sustainability concerns among consumers have augmented the demand for bio-based and natural ingredients across various industries in recent years. For instance, according to the data published by the Biotechnology Industry Research Assistance Council (BIRAC) in 2023, India’s BioEconomy experienced robust growth in 2022, surging by 29% to reach a substantial value of USD 137.24 billion. This sector, encompassing economic activities derived from biological resources, played a pivotal role in India’s economy, by contributing 4% to the gross domestic product (GDP) and employing over 2 million people. The growth was propelled by escalating demand for bio-based products and services, supportive government initiatives, and decreasing costs in biotechnology and biomanufacturing. This transition towards green and clean-label products is positively impacting the global epoxidized soybean oil market.

ESBO is derived from soybean oil through epoxidation, which is a much cleaner process as compared to methods that are used to produce competing petrochemical-derived epoxies. Being completely natural and plant-based, it poses negligible threats to human or environmental health. The biodegradable and renewable attributes of epoxidized soybean oil are appealing to many commercially sensitive companies wanting to boost their sustainability credentials.

Key Players Insights