Newark, NJ, May 04, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global isosorbide market is expected to grow from USD 430.6 million in 2020 to USD 827.01 million by 2028, at a CAGR of 8.5 % during the forecast period 2021-2028
Certain factors are boosting the growth of the global isosorbide market. Some of them include increasing isosorbide in elastomers and polymers and growing bio-based plastics manufacturing capacity. Another factor driving the growth is an increase in consumer environmental awareness about technology and sustainability developments. Also, a changing customer preference for bioplastics is projected to increase market growth and rising awareness of green product usage in the next few years.
Isosorbide is a white heterocyclic compound from the group of oxygen-containing heterocycles. It is also known as D-sorbitol obtained by catalytic hydrogenation of D-glucose, produced by starch and hydrolysis. Isosorbide is a plant-based chemical derivatives and can produce biodegradable products for various functions. The fossil derivatives are not biodegradable in the environment. The demand for biodegradable products is rising due to concerns about the future availability of crude oil prices. The bioplastics market growth, coupled with regulatory support and technical development, is likely to push manufacturers to increase isosorbide production capacity. It serves thermoplastics market where high-temperature performance is required, including bottles and rigid containers for hot-fill applications.
The global isosorbide market is expected to witness significant growth. The growing demand for noncarbonated beverages, shifting consumer preference toward bioplastics and increasing usage in polymers and elastomers drives the market growth. The factor restraining the market growth is unfavorable conditions arising due to the Covid-19 outbreak. However, the side effects of isosorbide derivatives on health, such as severe headache, angina pain and variable heart rate, are estimated to restrain the market growth during the forecast period. A rising focus on bio-based chemicals has led to high investments in R&D, and product innovation with environment-friendly properties is estimated to create new opportunities for market growth.
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Key players operating in the isosorbide market include Par Pharmaceutical, Roquette Freres, Mitsubishi Chemical Corporation, SK Holdings, Yu Teng, Roquette, Novaphene, Ecogreen Oleochemicals, Hongbaifeng, Endo International Plc and DuPont Archer Daniels Midland. To gain a significant market share in the global isosorbide market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Mitsubishi Chemical Corporation and Roquette are vital manufacturers operating in the isosorbide market.
The polyethylene isosorbide terephthalate (PEIT) segment dominated the market and held the largest market share of 20.25% in 2020.
Based on application, the global isosorbide market is segmented into polycarbonate, polyester polyisosorbide succinate, polyurethane, polyethylene isosorbide terephthalate (PEIT), isosorbide diesters and others. The polyethylene isosorbide terephthalate (PEIT) segment dominated the market and held the largest market share of 20.25% in 2020. This growth is due to witnessing an attractive strength, appearance, high resistance, rigidity, and recyclability to strain and stress the bottles and films.
The resins and polymers segment dominated the market and held the largest market share of 40.7% in 2020.
Based on end-user, the global isosorbide market is segmented into additives, resins & polymers, and others. The resins and polymers segment dominated the market and held the largest market share of 40.7% in 2020.
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Regional Segment Analysis of the Isosorbide Market
- North America (U.S, Canada, Mexico)
- Europe (Germany, France, U.K, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- Latin America (Brazil, Argentina)
- The Middle East and Africa (UAE, South Africa, Saudi Arabia and Rest of MEA)
Based on geography, the isosorbide market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Asia Pacific holds the largest market of 26.14% in the year 2020, owing to growth in the bioplastics industry in China coupled with low labor costs and raw material, resulting in a stable isosorbide market price trend. The key players from the different regions are shifting their manufacturing bases to low-cost countries such as India, Thailand, Indonesia and China. The demand for PEIT as the top leading product is growing in the Asia-Pacific region. PET is also used in most packaging materials, such as containers and bottles, because it is easy to handle, durable, natural, lightweight, and reliable. On the other hand, the North America region is expected to grow significantly due to high demand for non-alcoholic drinks and fortified beverages, demographic changes, and greater demand from emerging countries.
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About the report:
The global isosorbide market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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