This market is likely to grow with an anticipated CAGR of more than 19.5% from 2016 to 2023. Growing awareness about sustainable products derived from renewable resources to replace synthetic products, in new emerging applications and regulatory issues is likely to drive the isosorbide market size.
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Resins & polymers were the largest end-use segment and accounted for more than 60% of the total isosorbide market share in 2014 and are expected to witness steady gains over the forecast period. It is preferred in these applications due to its excellent optical, thermal and mechanical properties. End-use segments such as cosmetics, food, personal care and pharmaceuticals are likely to witness below average growth rates over the forecast period.
Polyethylene isosorbide terephthate (PEIT) was the largest application and accounted for more than 35% of the total isosorbide market share in 2014. PEIT along with the largest application is also likely to witness highest gains with an estimated CAGR of over 22% up to 2023. Applications such as diesters, polyurethane (PU) and polycarbonate are likely to witness moderate gains.
Bioplastics market growth coupled with technical development and regulatory support is likely to push manufacturers to increase isosorbide production capacity. It is copolymerized with polyethylene terephthalate (PET) & ethylene glycol to enhance polymer strength and form PEIT. It serves for thermoplastics market where high temperature performance is required which includes rigid containers and bottles for hot-fill applications, thus supporting industry growth.
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Global isosorbide market share is consolidated and represents a niche segment. Companies such as SK Chemicals, Novaphene and ADM are anticipated to commercialize their products in the forecast period. Presence of highly unorganized industry in China poses threat to these current manufacturers.
Asia Pacific witnessed the highest consumption owing to growing bio plastics manufacturing capacity in China. Manufacturing is likely to shift to India, China, Indonesia and Thailand owing to government financial incentives and low cost. Europe is also likely to witness an increase in demand owing to favorable growth in bio plastics market owing to government regulations. North America is also likely to witness moderate growth rates over the forecast period.
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