Carpets & textile led the global muconic acid market in 2016 in terms of volume and value. It is likely to attain a CAGR of more than 5% during the forecast period.
Sellbyville, DE -- (SBWIRE) -- 10/23/2018 -- The Muconic Acid Market is set to grow from its current market value of more than $37 million to over $60 million by 2024; as reported in the latest study by Global Market Insights, Inc.
The global muconic acid market is projected to have a significant demand from the textiles industry by 2024. As per the trends presented by FICCI in 2014, North America and Europe held strong positions in textile production with the respective market shares of 14% and 36%. Growing spending capabilities of consumers in Asia Pacific and Latin America are likely to provide new development opportunities for textile industry participants in the near future. The global textile industry will rise with a CAGR exceeding 4% by 2024, which will drive the muconic acid potential over the forecast period.
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Manufacturing of polymer resins; for instance, polyethylene terephthalate (PET) involves a significant role of muconic acid as a chemical intermediate. The plastics industry has been witnessing a growth of over 7% in the recent years and will follow parallel growth trends by 2024 for muconic acid market over the forecast period. The Association of Plastic Manufacturers stated polyolefins to have over 50% share in the global plastic materials demand for the year 2015. Upward demand trends from the various end-use industries, such as consumer goods, electronics, and food & beverage for the plastic packaging products, will have a positive impact on the muconic acid market by 2024.
In 2016, adipic acid held the largest share in the muconic acid market with a contribution of over 50%. The massive share was accredited to the vast adipic acid applications in various end-user industries. Adipic acid, which is extracted by muconic acid hydrogenation, is a key ingredient in the production of nylon. Various physical properties of nylon, such as smooth feel and shining texture, make it a desired fabric in the textile industry. Growing nylon demand in the textile industry will support the muconic acid market growth by 2024. Another derivative of muconic acid, caprolactam plays a key role in nylon production. Caprolactam is estimated to hold immense growth potential for its usage in producing synthetic fibers in brush bristles, textile stiffeners, film coatings, cross-linking of polyurethane, and synthetic leather.
The global muconic acid market for carpet & textile applications was observed to have the highest share in 2016. The segment will have the growth of more than 5% over the forecast period. Nylon, which is chiefly used in carpets & garments is synthesized using adipic acid. These trends present a substantial potential for muconic acid market from the textile industry in the near future.
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North America muconic acid market will grow at a CAGR close to 6% over the forecast period. The region identifies a strong automobile industry, which has been a user of lubricants. Muconic acid has a significant contribution in modifying lubricants' viscosity. Thus, the growing lubricants demand in the automobile industry is likely to boost the muconic acid market by 2024.
Key market participants in the global muconic acid market are Thermo Fisher, Alfa Aesar, Sigma-Aldrich Corporation, Myriant Corporation, and Amyris. These contribute to over half of the global muconic acid market share. Companies have been involved in extensive research & development activities for discovering numerous conducts to produce muconic acid.
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