Isosorbide is a bicyclic synthetic compound from the gathering of diols and the oxygen-containing heterocycles, containing two melded furan rings. Isosorbide is currently of great scientific and technical interest as a monomer building block for biopolymeric polycarbonates such as polyesters, polyurethanes and epoxides
As the population of the world is rising year by year people are using more and more resources. It not only creating a polluted environment but also leading in reducing the scarce resources. Further this concern of environment is making people aware and concern about using renewable resources more than non renewable resources. It is the major reason that people now looking for the product from renewable source. Likewise demand in isosorbide market also growing.
Global isosorbide market is segmented on the basis of end use and application. On the basis of end use it is categorized into resins & polymers, additives and others end use.
It is projected that resins & polymers were the largest end-use segment among the all three segment and will be the largest over the forecast period 2018-2026. Having excellent optical, thermal and mechanical properties adds advantage to this segment which further leads to increasing the demand for the product. End-use segments such as cosmetics, food, personal care and pharmaceuticals are likely to witness below average growth rates over the forecast period 2018-2026. On the basis of application the global isosorbide market can be divided into polyethylene isosorbide terephthalate (peit), polycarbonate, polyurethane, polyester polyisosorbide succinate, isosorbide diesters and other application.It is anticipated that polyethylene isosorbide terephthate (PEIT) was the largest application and will accounted largest market share during the forecast period. Applications such as diesters, polyurethane (PU) and polycarbonate are able to add advantages in this segment and accordingly it contributed in the rising of demand.
It is anticipated that Asia Pacific is leading the global isosorbide market. Increasing the number of population in china has result in increasing the consumption rate which further resulting in growing bio plastics manufacturing in China. In addition, low raw material cost and low labour cost has also driven the market of China. Various governments initiatives in countries such as India, Indonesia, China and Thailand also driving the market in these countries. It also projected Europe is also likely to witness an increase in demand growth in bio plastics market owing to favourable government regulations. North America is also likely to witness moderate growth rates over the forecast period 2018-2026.
Key market players include Roquette Freres, Ecogreen Oleochemicals, Cargill, Jinan Hongbaifeng, Novaphene, Mitsubishi, JP Laboratories, SK Chemical, and Par Pharmaceutical. Companies are adopting various market strategy to sustain in the market as currently a very niche industry. France-based Roquette is dominating the market.
The global Isosorbide Market has been segmented as follows: