Global Isosorbide Market: Information by Application (Polymers and Coating, Pharmaceuticals, Ohers), Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa)—Forecast till 2027

MARKET SYNOPSIS

According to MRFR analysis, the global isosorbide market is projected to register a CAGR of over 8% during the forecast period, 2020–2027, with a projected market value of over USD 780 million in 2027.

Isosorbide is a cycloaliphatic monomer obtained from sorbitol dehydration. Sorbitol is a polyol obtained from glucose, the starch monomer. A starch monomer is majorly derived from plant-based raw materials such as maize, wheat, and corn. Isosorbide is majorly consumed as a monomer and additive in the manufacture of polymers and coatingsand the pharmaceutical industry as a raw material for medicine formulations.

Isosorbide-based polymers exhibit several excellent properties ranging from their optical clarity to their strong resistance to UV irradiation, heat, chemical degradation, impact, and abrasion. Owing to these properties, these materials are increasingly used as sustainable alternatives for commercial applications such as packaging and electronic displays, automotive, and inthe biomedical field.

The significant rise in demand for bioplastics is expected to be the prominent factor driving the demand for isosorbide in the global market. Bioplastics derived from isosorbide are used in an increasing number of markets, ranging from packaging, automotive, consumer electronics, and sporting goods to textiles. The portfolio of applications continues to diversify with segments, such as automotive & transportation and building & construction, where the growth is expected to increase in the near future significantly.Moreover, the increasing use of bioplastics in these market segments is driven by the continuously rising demand for sustainable products by consumers and brands alike. This is due to a growing awareness of the impact on the environment and the need to reduce the dependency on fossil resources as well as the continuous advancements and innovations of the bioplastics industry in new materials with improved properties and new functionalities.

Considering the growing number of materials, applications, and products, the number of manufacturers, converters, and end-users of bioplastics are increasing steadily. With significant financial investments been made into the production of isosorbide-based plastics, the market is expected to grow at a healthy rate during the forecast period. Moreover, increasing use of isosorbide in the formulation of bio-based coating resins is expected to be the other key factor driving the market growth. Isosorbide, as a monomer or through its derivatives, is particularly adapted to reactive coatings. It enhances the coating properties and meets the stringent government regulations and industry initiatives to create more sustainable coatings, thus reducing volatile organic compounds (VOCs).

However, the high cost of manufacturing isosorbide and biodegradable plastics is one of the key restraining factors for market growth. Nevertheless, technological advancements and increasing investments in bioplastics are likely to fuel the market growth during the forecast period.

MARKET DRIVERS

• Increasing demand for bio-based plastics


• Rising need for alternatives to petroleum-based products


• Expanding packaging industry in the emerging economies

MARKET RESTRAINTS

• Availability and cost of raw materials

SEGMENTATION

By Application

• Polymers and Coating: The polymers and coating segment held the largestshare of the market, around 70 to 75%, in 2019. Isosorbide isused to producePolyethylene-co-Isosorbide Terephthalate (PEIT) and aliphatic polycarbonates, anadditive in polyurethanes epoxy resincoatings.The rising demand for these bio-based polymers globally and the growing demand for VOC-free coatings are expected to propel the segment's growth during the forecast period.


• Pharmaceuticals: The pharmaceuticalssegment held a market share of around 20% of the global market in 2019. Isosorbide is used in medical applications as a diuretic and as a cure for heart problems.


• Others: The others segment includes solvents, adhesives & sealants, and sports & leisure goods.

By Region

• North America


• Europe


• Asia-Pacific


• Latin America


• Middle East & Africa

REGIONAL ANALYSIS (Key Markets)

• North America


• Europe: The regional market held approximately a 25% share of the market in 2019. The regional market's growth is majorly driven by the supportive regulations for bio-degradable plastics and the increasing focus on use of sustainable products in the packaging and related plastics industries.


• Asia-Pacific: The market in Asia-Pacific for isosorbide accounted for the largest share of over 45%in 2019 and is projected to remain the leading regional market during the review period. This is mainly attributed to the high demand for the product in the expanding automotive and packaging industries as well as the fast-growing construction industry in major economies such as China and India. The Chinese market is the largest country-level market. Several players are shifting their production base to China, owing to the low energy costs and availability of skilled labor and raw materials. Moreover, the increase in the number of new biodegradable plastic manufacturing facilities in the region is further expected to boost demand for isosorbide in the regional market.


• Latin America


• Middle East & Africa

KEY PLAYERS

• Roquette Frères (France)


• ADM (US)


• Novaphene (India)


• Samyang Biopharmaceuticals Corp., Inc (South Korea)


• Par Pharmaceutical (US)

Report Scope:

Report Attribute/Metric	Details
Market Size	USD 780 million
CAGR	8%
Base Year	2019
Forecast Period	2027
Historical Data	2018
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Application, Region, REGIONAL ANALYSIS
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Roquette Frères (France) ADM (US) Novaphene (India) Samyang Biopharmaceuticals Corp., Inc (South Korea) Par Pharmaceutical (US)
Key Market Opportunities
Key Market Drivers	Rising need for alternatives to petroleum-based products