Epoxidized Soybean Oil Market is Expected to Reach the Value CAGR 6.50% of During the Forecast Period 2022-2029

May 31, 2023

Data Bridge Market Research analyses that the expoxidized soybean oil market will witness a CAGR of 6.50% for the forecast period of 2022-2029. Growth in the expoxidized soybean oil especially in the developing economies such as India and China, growing use of expoxidized soybean oil for a wide range of end user applications such as food and beverages, agriculture, healthcare and pharmaceuticals, and other applications, increasing investment by the government for research and development activities and surge in industrialization especially in the developing countries are the major factors attributable to the growth of the expoxidized soybean oil market.

From the name itself, it is clear that expoxidized soybean oil is a yellowish viscous liquid, representing a collection of organic compounds. Epoxidized soybean oil (ESBO) is obtained from the epoxidation of soybean oil.

Rise in demand for expoxidized soybean oil by the buildings and construction industry in developed and developing economies is the root cause fuelling up the market growth rate. Rising application areas for expoxidized soybean oil such as in adhesives, sealants and coatings especially in the developing economies and growth and expansion of various end user industries especially in the developing economies will also directly and positively impact the growth rate of the market. Easy availability of expoxidized soybean oil in sufficient volume at low cost, rising expenditure for research and development proficiencies by the major companies, upsurge in the rate of industrialization, and growing focus on the technological advancements and modernization in the production techniques will further carve the way for the growth of the market.

However, lack of awareness in developing nations, insufficiency in raw material demand and supply owing to the lockdown and volatility in their prices will pose a major challenge to the growth of the market. High cost associated with research and development proficiencies, surging geopolitical issues, unfavourable market conditions arising as a result of coronavirus outbreak, health hazards such as affect on kidney, liver, testis, or uterus and strict global trade restrictions will dampen the market growth rate. Also, stringent regulations imposed by the government will also create difficulties for the market.