Global Statistics Representing Isosorbide Market Scenario
Global Isosorbide market was valued at USD 326 million in 2017 and is expected to grow at a CAGR of 12.58% during the forecast period, 2019–2026.
Isosorbide is a white heterocyclic solid compound produced from bio-based feedstock such as glucose and sorbitol, which is a simple sugar obtained from the enzymatic hydrolysis of starch. It is used in extensive application in the form of polymers such as polycarbonates, polyesters in various applications such as liquid crystal displays in pharmacy, farm chemicals and fodder amongst others. The major application of products comprises biodegradable plastics, elastomer used in liquid crystal displays, pharmacy, chemicals, fodder, and among others. Biodegradable plastics and pharmaceuticals hold the largest share of this market owing to rise in demand of product in plastics industry.
The demand is mostly fueled by expanding the capacity of the bio-plastic industry across the globe. Due to increasing demand of bio-based PET in Asia Pacific and Europe. Asia Pacific region is likely to hold the largest share in the isosorbide market, on account of growing construction and manufacturing sector from India, China. Due to low labor cost and raw material, the production capacities in China has increased at a tremendous level.
Increasing investments and funding from government in the manufacturing sector due to the rising demand from additives, cosmetics, pharmaceuticals, food and beverages, packaging, and polymers and resins sectors, will push the market at a high level since it improves the properties of the final product. Furthermore, the growing demand for noncarbonated beverages, advancements in new technology, and the increasing in disposable income may raise the demand of global isosorbide market and its application.
Rapid industrialization and increasing population, with low raw material and labor costs in emerging countries such as China, Japan, and India, resulting in stable market price trend, are the key factors for the growth of the global isosorbide market. Due to presence of major key players in China, the region is a major supplier of products to various countries. Asia Pacific is also leading the market followed by Europe.
Global isosorbide market is segmented by application and end use.
Based on application, polyethylene isosorbide terephthate (PEIT) segment is likely to continue its dominance throughout the forecast period in the market owing to witness an attractive appearance, strength, rigidity, recyclability, and high resistance to stress and strain to the films and bottles. Polyurethane segment was another key application that is expected to grow in the isosorbide market at a highest CAGR, due to its used in composites or coatings as part of the polyol phase, and it can be easily molded or cast into a film at ambient conditions. Such higher growth can be attributed to its chemical characteristics such as low polydispersity and eminent thermal stability. Additional, polyester polyisosorbide succinate is one more growing application in the recent year due to its properties such as molecular weights and glass transition temperatures which are suitable for thermosetting powder coating applications.
Based on end use, polymers and resins are expected to be the highest-growing sector, as product has a high thermal stability and easily available from renewable raw materials. Such properties make product as a monomer for thermoplastic polymers as well as thermosets. It is a versatile chemical derived from renewable feedstock that is now also available in industrial quantities. The use of product as a comonomer in (PET) as a bottle raw material and as a substitute for bisphenol A. Manufacturers from different region use product in resins & polymers to enhance the optical properties and improved their hydrolytic stability and tensile strength.
Geographically, the global isosorbide market is segmented into five regions: North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Asia Pacific isosorbide market is likely to dominant region due to growing population and rising industrialization in various economies such as China, India, Japan, and South Korea. Due to the growth in bio-plastic industry mostly in China with a low-cost raw material with low labor cost, which in turn, upsurge the isosorbide market in the forecast period. The major big key players from the different region are shifting their manufacturing bases to low-cost countries such as China, India, Thailand, and Indonesia. The growing demand for sustainable and recyclable materials such as (PEIT) which is produced from main product is leading in Asia-Pacific, due to its excellent capacity-to-weight ratio. Furthermore, PET is used in most packaging materials, such as bottles and containers because of it is easy-to-handle nature, durability, reliability, and light weight.
North America market is expected to witness significant growth in the isosorbide market, due to rising demand for beverages and dairy products, increasing demand for processed foods, high demand for non-alcoholic drinks and fortified beverages, rising health awareness, demographic changes, greater consumer confidence, and a greater demand from emerging countries.
Europe is likely to emerge as the third largest isosorbide market owing to the growing demand for sustainable and recyclable materials. The product can be produced from the sorbitol which is produced from sucrose or glucose and is widely used in food applications in the Europe region.
Latin America is also expected to grow the isosorbide market in the foreseen period, in terms of volume, in countries such as Brazil, and Colombia.
MEA isosorbide market is expected to witness stable growth in the food sector due to increasing demand for processed foods, high demand for non-alcoholic drinks and fortified beverages, rising health awareness, and demographic changes.
Some of the key players in the global isosorbide market are Roquette Freres, Jinan Hongbaifeng, Ecogreen Oleochemicals, Cargill, Novaphene, Mitsubishi, JP Laboratories, SK Chemical, and Par Pharmaceutical.
Isosorbide Market Segmentation