The global market for epoxidized soybean oil is projected to reach USD 691.7 million by 2026, at a CAGR of 11.04% from 2016 to 2026. The growing demand for epoxidized soybean oil from major application industries such as, PVC & PVA plasticizers, UV cure applications, and other industrial applications in emerging economies are driving the market.
New product developments was the key strategy adopted by industry players to boost their growth in the global epoxidized soybean oil market. This strategy accounted for a share of 50%, between 2010 and 2016, of all the growth strategies adopted by market players to expand their product portfolios. Besides new product developments, companies are investing in new joint ventures & partnerships across the world.
The joint ventures & partnerships strategy accounted for a 30% share of all the development strategies between 2010 and 2016. Companies also focused on acquisitions & mergers and expansions strategies between 2010 and 2016, which accounted for a 10% share for each of the strategic developments. The Asia-Pacific region was the most active region from 2010 to 2016, in terms of strategic initiatives. New product developments was one of the preferred strategies in this region. Companies such as Galata Chemicals made various new product developments and acquisitions to increase their production capacity in epoxidized soybean oil.
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Major manufacturers such as, Arkema SA (France), The DOW Chemical Company (U.S), Galata Chemicals (U.S), CHS Inc. (U.S), Ferro Corporation (U.S), The Chemical Company (U.S), Hairma Chemicals (GZ) Ltd.(China), Shandong Longkou Longda Chemical Industry Co., Ltd. (China), Guangzhou Xinjinlong Chemical Additives Co. Ltd. (China), Inbra Indústrias Químicas, Ltda.(Brazil), Makwell Plasticizers Pvt. Ltd. (India), and Shenzen Kaiqi Chemical Co., Ltd.(China) are profiled in the report. These companies have adopted both, organic and inorganic growth strategies.
Arkema SA (France), The DOW Chemical Company (U.S), Galata Chemicals (U.S), CHS Inc., and Inbra Indústrias Químicas, Ltda.(Brazil) are among the most active players in the global epoxidized soybean oil market.
Galata Chemicals (U.S) is the most active player in the epoxidized soybean oil market. It accounted for the largest share of all the developmental activities undertaken in the epoxidized soybean oil market. As part of its strategy, the company focuses on expanding its epoxidized soybean oil business by investing into new product development activities, mergers & acquisitions, and joint ventures & partnerships. In April 2012, Galata Chemicals (U.S.) launched DRAPEX Alpha, a natural oil-based primary plasticizer technology to replace the conventional petroleum-based plasticizers with similar cost performance features. This product was launched to fulfill growing consumer demands for sustainable products and phthalate alternatives while enhancing process-ability and improving extraction resistance.
In April 2014, Artek Surfin Chemicals Ltd. (India) acquired 100% ownership by acquiring the Aterian Investment Partners (New York) shares of Galata Chemicals (U.S.), thus making Artek Surfin the immediate parent and controller of Galata Chemicals epoxidized soybean oil and other product manufacturing processes.
Another company that has established a strong foothold in the global epoxidized soybean oil market is Arkema SA (France). The company is focused on providing sustainable industrial solutions which benefit the environment. In May 2015, Arkema SA launched Vikoflex epoxidized soybean oil, a substitute for phthalate plasticizers for manufacturing PVC plastic materials. This is helping in building the core competitiveness of the company.
