Global Isosorbide Market To Reach USD 324.6 Million By 2020
The global market for isosorbide is expected to reach USD 324.6 million by 2020, according to a new study by Grand View Research, Inc. The quest for replacing synthetic products with sustainable equivalents based on renewable resources has driven isosorbide exploration as a platform in the industry. Grand View Research further observes the growing end-use industries such as cosmetics and personal care are expected to contribute to the growth of the market. Moreover, due to the increasing concern regarding toxic chemical components, the industry is now focusing on bio-based products such as isosorbide.
PEIT (Polyethylene Isosorbide Terephthate) emerged as the leading application segment for isosorbide and accounted for 36.8% of the total isosorbide consumed in 2012. PEIT along with being the biggest application is also expected to be the fastest growing application segment for isosorbide at an estimated CAGR of 23.8% from 2013 to 2020. Other polymer applications such as polycarbonate, polyurethane and isosorbide diesters among others are expected to witness moderate growth in the future owing to continuous efforts in research and development of isosorbide derivatives for polymer applications. However, the conventional applications of isosorbide in pharmaceutical sector are relatively expected to witness sluggish growth over the forecast period.
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