The global market for isosorbide is expected to reach USD 324.6 million by 2020, according to a new study by Grand View Research, Inc. The quest for replacing synthetic products with sustainable equivalents based on renewable resources has driven isosorbide exploration as a platform in the industry. Grand View Research further observes the growing end-use industries such as cosmetics and personal care are expected to contribute to the growth of the market. Moreover, due to the increasing concern regarding toxic chemical components, the industry is now focusing on bio-based products such as isosorbide.
PEIT (Polyethylene Isosorbide Terephthate) emerged as the leading application segment for isosorbide and accounted for 36.8% of the total isosorbide consumed in 2012. PEIT along with being the biggest application is also expected to be the fastest growing application segment for isosorbide at an estimated CAGR of 23.8% from 2013 to 2020. Other polymer applications such as polycarbonate, polyurethane and isosorbide diesters among others are expected to witness moderate growth in the future owing to continuous efforts in research and development of isosorbide derivatives for polymer applications. However, the conventional applications of isosorbide in pharmaceutical sector are relatively expected to witness sluggish growth over the forecast period.
The report “Isosorbide Industry Trends And Market Segment Forecasts To 2020,” is available now toGrand View Researchcustomers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/Isosorbide-Industry
Further Key findings from the study suggest:
- The global isosorbide market is expected to be 324.6 million by 2020 growing at a CAGR of 19.7% from 2013 to 2020.
- Resins and polymers emerged as the largest end-use industry for isosorbide and accounted for over 60% of the global demand in 2012. This segment is further expected to witness significant growth on account of steady research in the field. Other end-uses including pharmaceutical, cosmetics, personal care and food among others are projected to experience sluggish growth owing to saturated application market
- Asia Pacific continued its dominance in the overall isosorbide market and accounted for 41.4% of the total demand in 2012. Asia Pacific, along with being the biggest market is also expected to be the fastest growing market for isosorbide at an estimated CAGR of 24.1% over the forecast period. The growing bio-based plastics manufacturing capacity mainly in China due to low labor and raw material cost has been acting as one of the major factors driving the demand for isosorbide. Europe trailed Asia Pacific with just over 31% of the total demand in 2012. The North American market for isosorbide is expected to reach a market worth USD 63.8 million by 2020
- Some of the players in the industry such as Roquette, France and SK Chemicals, Korea have been investing in research and development and are working to produce eco-friendly polymers. However, the food and fuel debate for raw materials such as maize and wheat may hinder the market in future.