Sellbyville, DE -- (SBWIRE) -- 04/20/2020 -- The muconic acid market is expected to observe notable growth on account of its increasing application in the plastic and textile industry. The textile sector is considered to be a promising application area for muconic acid, especially owing to its widespread demand from regions like Latin America and Asia Pacific.

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These regions have witnessed a steady rise in per capita income and consumer living standards. Aspects that have led to new developments in the textile industry, driving favorable growth prospects for companies developing muconic acid.

Mounting demand in the plastic industry may further cement the growth of muconic acid market over the coming years. Plastic companies generally use muconic acid as a chemical intermediate while producing polymer resins like polyethylene terephthalate (PET). Plastic is used in a wide variety of end-users like bags, films, and containers, which are extensively used in the packaging sector.

Demand for plastic packaging items from the electronics, consumer goods, and food & beverage industry could massively boost the adoption of muconic acid. Meanwhile, its use as a viscosity modifier in lubricant production for diverse end-users including chemical, manufacturing and automobile sectors may fuel muconic acid market size over the forthcoming years. Considering its broad application range, Global Market Insights, Inc., estimates that the muconic acid market could hit USD 60 million by 2024.

In terms of derivatives, the muconic acid industry is divided into Caprolactam and Adipic Acid. In the year 2016, adipic acid had recorded a major market share owing to its large-scale application in diverse end-user sectors. Adipic acid is generally derived from muconic acid's hydrogenation and acts as a key ingredient in the production of nylon.

Top Companies in the Muconic Acid Market are:

1. Myriant Corporation
2. Deinove
3. Santa Cruz Biotechnology
Amyris
4. Sigma-Aldrich Corporation
5. Dynacare
6. Thermo Fisher Scientific

For the record, nylon acts as a significant fabric because of its smooth feel and shining texture in the textile industry. As a result, proliferating demand for nylon fabric could strengthen the muconic acid industry landscape in the future. Besides, the textile industry is also projected to record a substantial compound annual growth rate within forecast duration.

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Elaborating on caprolactam segment, the product is a crucial derivative of muconic acid, which plays a significant role in nylon production. However, other applications of caprolactam involve the development of synthetic fibers like brush bristles, textile stiffeners, cross-linking polyurethane, film coatings, and synthetic leather.

On the regional forefront, North America is anticipated to emerge as a progressive business landscape for muconic acid market, recording a substantial CAGR by 2024. Earlier in 2016, the region had controlled a dominant market share, in terms of revenue and volume.

Moreover, North America houses a major portion of the automobile industry, which is renowned for using lubricants on a large-scale. Given to the escalating demand for lubricants across the automotive sector, North America muconic acid market is estimated to accrue sizable revenue growth by 2024.

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Main Features of the Global Market Research Report:

The report delivers the market valuation as well as the projected growth rate of the market spanning all years till 2025.

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-The research report endorses a detailed industry chain analysis. Also, it covers the production process of the market, upstream raw material supplier information, raw material costs, labor costs, manufacturing costs, marketing channels, as well as the downstream buyers of the market.

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-The report analyses the various market segments and also provides their contribution to the development of the global industry.

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