Muconic Acid Market is poised to touch USD 60.76 million by 2023
Muconic Acid Market Size and Growth Rate:
According to the Research Report, the Global Muconic Acid Market Size valued at USD 33.57 million in the year 2014 and is expected to reach approximately USD 60.76 million by 2023, while registering itself at a compound annual growth rate (CAGR) of 6.81% during the forecast period
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Muconic Acid Market Overview:
Muconic acid and its various derivatives are generally used as intermediates in the production of fibers and plastics. The growing demand for adipic acid is expected to fuel the growth of the global market for muconic acid.
Muconic Acid Market Growth Drivers and Restraints:
The growing demand from the textile and carpet industry has led to an increase in caprolactam production, which has resulted in the global market for muconic acid. The growing demand for adipic acid due to the increased consumption of nylon 66 in various applications has also significantly boosted the overall growth of muconic acid on the market. In 2013, adipic acid accounted for more than 85% of the total volume of the market.
The high price and low yield of muconic acid compared to its substitutes such as cyclohexane will have a negative impact on the market during the forecast period.
Manufacturers are looking for new ways to produce biologically-based mucus or renewed production, which will open up new opportunities for the global muconic acid market over the forecast period.
Market Segmentation of Muconic Acid Market:
The global market for muconic acid is divided according to applications in plastics, lubricants, carpets and textiles, biomarkers, etc. Adipic acid is mainly applied in the textile and automotive industries. Caprolactam, another derivative of muconic acid, is also used in the textile industry. In terms of volume, the carpet and textile segment dominated the global muconic acid market in 2013, with a market share of 46%. The plastics applications segment of muconic acid became the second largest volume segment in the same year.
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Geographic Segmentation of Muconic Acid Market:
Geographically, the global muconic acid market has been divided into four key regions: Europe, Asia-Pacific, North America and Rest of the World. North America and Europe will dominate the worldwide market due to the strong demand for muconic acid derivatives in these regions. The muconic acid market in both regions is supported by thriving automobile industries. The North American market is expected to grow at an average annual rate of 5.4% between 2014 and 2020. The Asia-Pacific market segment is expected to post moderate growth over the forecast period.
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Key Market Players:
Sigma-Aldrich Corporation, Santa Cruz Biotechnology Inc. and Myriant Corporation are among the leading players in the global market. Due to the growing consumer preference for biologically based muconic acid, key players are working to introduce new technologies to produce them.
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