Product Code: 69371
The Global Isosorbide Market is projected to register a CAGR of over 8% during the forecast period (2021-2026).
The market is negatively impacted by COVID-19 in 2020. Owing to the pandemic scenario, the construction, and automotive manufacturing activities were temporarily halted during the lockdown, thus led to a decrease in the consumption of isosorbide polymer and resins used in the production of automotive parts such as interior console and dashboard, exterior radiator grille, etc. and construction products including flooring, decorative indoor surfaces, etc., which in turn has negatively impacted the demand for the market studied. However, the demand for isosorbide derivatives including isosorbide mononitrate and dinitrate has increased during the current situation in order to treat chest pain (angina) induced due to COVID-19, thereby stimulating the demand for the market studied.
- Over the short term, the rising demand for isosorbide from the pharmaceutical industry and the growing demand for bio-based products are expected to drive the market's growth.
- On the flip side, the side effects of isosorbide derivatives on health and unfavorable conditions arising due to the COVID-19 pandemic are expected to hinder the growth of the market.
- By end-user industry, the polymer and resin segment is expected to dominate the market, owing to the increasing demand from industries, like construction, electrical and electronics, and others.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and India.
Key Market Trends
Increasing Demand from the Polymer and Resins Segment
- Isosorbide is a white heterocyclic chemical compound from the group of diols, containing two fused furan rings. It is mainly derived from the catalytic hydrogenation of glucose.
- The growing demand for polymers and resins to manufacture products for various applications in medical, electronic gadgets, and the automotive industry is increasing the demand for isosorbide and propelling its growth.
- According to OICA, about 92.18 million vehicles were produced globally in 2019 and has reached about 77.62 million vehicles in 2020, registering a decline rate of about 15.8%, thus led to a decrease in the demand for isosorbide polymer and resins-based automotive parts such as interior console and dashboard, exterior radiator grille, etc.
- Isosorbide is eco-friendly and non-toxic in nature, as it is produced from raw materials, like starch obtained from maize, wheat, rice, and other crops containing starch. Thus, it is widely used to manufacture biopolymers like polyesters and polycarbonates.
- Isosorbide bis-glycidyl ether is formed by reacting isosorbide with epichlorohydrin, which is crosslinked to thermosetting epoxy resins with suitable curing agents, such as polyamines or cyclic acid anhydrides. These resins find applications as adhesives and paints and coatings of food cans, thus increasing the demand for isosorbide and propelling its growth.
- The global construction industry was valued at about USD 12 trillion in 2019 and is estimated to reach about USD 14.3 trillion by 2024, with a CAGR of about 3.5%, which is likley to enhance the isosorbide market in the construction industry.
- Moreover, in 2019, the total value of new construction put in place was about USD 1,365 billion in the United States and reached about USD 1,430 billion in 2020, with a growth rate of about 4.5%, which in-turn stimulated the demand for the isosorbide market.
- The global polymer industry is expected to register a CAGR of over 5% during the forecast period, which may increase the demand for isosorbide and stimulate its growth in future.
- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the market for isosorbide during the forecast period. In countries, like China and India, owing to the increasing demand for bio-plastics due to low raw material and labor costs, the demand for isosorbide has been increasing in the region.
- The growing demand for bio-based polymers, like polyethylene isosorbide terephthalate (PIET), polycarbonate, and polyurethane made from isosorbide, is anticipated to drive the isosorbide market in the region during the forecast period.
- Additionally, derivatives of isosorbide, namely, diesters and dimethyl, are used as plasticizers in polyvinyl chloride (PVC) and solvents and fluxing agents, respectively. Due to this, the demand for isosorbide has been increasing in the region, which is fueling the growth of the isosorbide market.
- The construction sector is the key consumer of isosorbide-based polymers such as polyethylene co-isosorbide terephthalate (PIET), polycarbonate, polyvinyl chloride (PVC), and others. In 2020, the Chinese construction industry was valued at about USD 1,049.2 billion and is estimated to reach about USD 1,117.4 billion by 2021, with a growth rate of about 6.5%, thus led to an increase in the consumption of isosorbide from the construction industry for applications including flooring, furniture, and others, which in-turn stimulates the demand for the studied market.
- Furthermore, the increasing application of derivatives of isosorbide, such as mononitrates and dinitrates, in medical applications to treat coronary artery diseases is boosting the isosorbide market. Also, isosorbide dinitrate is one of the important ingredients in anti-hypertension drugs.
- The bioplastics market in Asia-Pacific is expected to register a CAGR of over 27% during the forecast period. This may create lucrative growth opportunities for the isosorbide market during the forecast period.
- Isosorbide finds its application in the automotive industry, where it is used to make the paint less automotive exterior and interior parts. According to OICA, China had produced about 25.75 million vehicles in 2019 and reached about 25.23 million vehicles in 2020, with a decline rate of about 2%, thus led to a decrease in the consumption of isosorbide from the automotive segment, which in-turn negatively impacts the demand for the studied market.
- Additionally, India had produced about 4.52 million vehicles in 2019 and reached about 3.39 million vehicles in 2020, with a decline rate of about 25%, which in turn has negatively impacted the demand for the isosorbide market.
- Some of the major companies operating in Asia-Pacific are Roquette Freres, ADM, and Mitsubishi Chemical Corporation.
- Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.
The isosorbide market is consolidated in nature. Some of the key players in the market include Roquette Freres, ADM, Novaphene, Mitsubishi Chemical Corporation, and Par Pharmaceutical, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Growing Trend of Bio-based Products
- 4.1.2 Increasing Demand from Pharmaceutical Sector
- 4.2 Restraints
- 4.2.1 Side Effects of Isosorbide Derivatives on Health
- 4.2.2 Unfavorable Conditions Arising due to COVID-19 Outbreak
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Application
- 5.1.1 Polyethylene Isosorbide Terephthalate (PEIT)
- 5.1.2 Polycarbonate
- 5.1.3 Polyurethane
- 5.1.4 Polyesters Isosobide Succinate
- 5.1.5 Isosorbide Diesters
- 5.1.6 Other Applications
- 5.2 End-user Industry
- 5.2.1 Polymers and Resins
- 5.2.2 Additives
- 5.2.3 Pharmaceuticals
- 5.2.4 Other End-user Industries
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 India
- 220.127.116.11 Japan
- 18.104.22.168 South Korea
- 22.214.171.124 Rest of Asia-Pacific
- 5.3.2 North America
- 126.96.36.199 United States
- 188.8.131.52 Canada
- 184.108.40.206 Mexico
- 5.3.3 Europe
- 220.127.116.11 Germany
- 18.104.22.168 United Kingdom
- 22.214.171.124 Italy
- 126.96.36.199 France
- 188.8.131.52 Rest of Europe
- 5.3.4 South America
- 184.108.40.206 Brazil
- 220.127.116.11 Argentina
- 18.104.22.168 Rest of South America
- 5.3.5 Middle-East and Africa
- 22.214.171.124 Saudi Arabia
- 126.96.36.199 South Africa
- 188.8.131.52 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 ADM
- 6.4.2 Ecogreen Oleochemicals GmbH
- 6.4.3 J P Laboratories Pvt. Ltd
- 6.4.4 J&K Scientific Ltd
- 6.4.5 Jinan Hongbaifeng Industry & Trade Co. Ltd
- 6.4.6 Mitsubishi Chemical Corporation
- 6.4.7 Novaphene
- 6.4.8 Par Pharmaceutical
- 6.4.9 Roquette Freres
- 6.4.10 TCI Chemicals (India) Pvt. Ltd
- 6.4.11 Thermo Fisher Scientific India Pvt. Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS