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.
REGIONAL ANALYSIS (Key Markets)
|Market Size||USD 780 million|
|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|