Muconic Acid Market size to rise at 6.5% CAGR to 2024

Asia Pacific muconic acid market is likely to experience tremendous growth over the forecast timespan due to continuously increasing product demand from textile and automobile industries.

Selbyville, United States - July 11, 2019 /MarketersMedia/ —

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.

Muconic acid market will be primarily driven by textile and plastics industry growth in the near future. Increasing per capita income of consumers, especially in Latin America and Asia Pacific, is directly increasing their expenditure budget, which implies improved living standards. This presents new growth opportunities for textile market players, which will directly influence muconic acid demand by 2024.

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Plastic industry will be another important growth driver for muconic acid market in the forecast duration as the product acts as a chemical intermediate in production of polymer resins such as polyethylene terephthalate (PET), etc. Plastic finds variety of end-users such as films, bags, containers, etc., which are actively used in packaging industry. Thus, growing demand for plastic packaging products from food & beverage, electronics and consumer goods industry, will be positively influencing product demand during the forecast timeframe. Muconic acid also finds usage in lubricants production as viscosity modifier. Hence, growing demand for lubricants in end-users such as automobile, chemical and manufacturing industries will be accelerating product demand between 2017-2024.

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.

North America is likely to witness significant CAGR by 2024 for muconic acid market and held a prominent market share in 2016, in terms of volume and revenue. North America has huge and mature automobile industry, which is one of the biggest users of lubricants. The product is used in lubricants to modify viscosity. Thus, increasing demand for lubricants in automobile industry, will ultimately propel product demand for lubricants over the next few years.

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Asia Pacific, led by China, will expand at a CAGR close to 6.5% during the forecast timeframe. Asia Pacific is a leading textile producer and an enormous market for the plastic packaging industry. Both, plastic and textile industries in APAC are flourishing at exponential rates, which clearly indicates positive growth prospects for product demand over the forecast duration.

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.

Browse key industry insights spread across 192 pages with 231 market data tables & 23 figures & charts from the report, “Muconic Acid Market Size By Derivatives (Adipic Acid, Caprolactam), By Application (Plastics, Carpets & Textiles, Lubricants), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/muconic-acid-market

Glimpse of Table of Content (ToC)

Chapter 5. Muconic Acid Market, By Application
5.1. Global muconic acid market share by application, 2016 & 2024
5.2. Plastics
5.2.1. Market estimates and forecasts, 2013 - 2024
5.2.2. Market estimates and forecasts by region, 2013 – 2024
5.3. Carpets & textiles
5.3.1. Market estimates and forecasts, 2013 - 2024
5.3.2. Market estimates and forecasts by region, 2013 – 2024
5.4. Lubricants
5.4.1. Market estimates and forecasts, 2013 - 2024
5.4.2. Market estimates and forecasts by region, 2013 – 2024
5.5. Others
5.5.1. Market estimates and forecasts, 2013 – 2024
5.5.2. Market estimates and forecasts by region, 2013 – 2024

Browse Full TOC @ https://www.gminsights.com/toc/detail/muconic-acid-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Website: https://www.gminsights.com/pressrelease/muconic-acid-market

Source URL: https://marketersmedia.com/muconic-acid-market-size-to-rise-at-65-cagr-to-2024/88895209

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