Muconic Acid Market Analysis

Muconic Acid Market Analysis

Adipic acid held major chunk of overall muconic acid market in 2016 and accounted for more than 50% of the total industry share in the same year. Adipic acid is precursor to nylon synthesis. Nylon is extensively used in textile industry. Rising disposable income of consumers and amplified spending power in specially Asia Pacific countries including India, China, Thailand, Japan, Malaysia, etc. will propel textile industry growth in this region. This implies positive growth for product demand in the forecast timeframe.
 

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. The product is majorly used for producing adipic acid, which is widely used in synthesizing nylon. Nylon is an important fabric of textile industry. It is used in production of garments, linen and carpets. Asia Pacific is the leading region in terms of textile production and exports, according to World Trade Organization. Thus, carpet & textile industry has bright growth opportunities in this region, which indicates equivalent growth avenues for muconic acid market in the coming years.
 

Plastics is another important application segment that has huge market opportunities over the next few years. Plastics are widely used in many end-user industries for packaging, as these are cost-competitive and have pressure resistance and high strength. The product is used in manufacturing bioplastics, PET and other polymers, which are prime components of plastic bottles, boxes, pouches and cans. Growing packaging industry shall be driving plastics demand, which will eventually fuel product demand over the forecast timeframe. Moreover, rising popularity of bio-based production processes for muconic acid shall be a key factor promoting product demand in the forecast duration.
 

In 2016, North America led the global muconic acid market size, in terms volume and value. Continuously growing automobile industry with rapid technological changes in textile industry will complement business growth. Growing concern among consumers about usage of bio-based products, shall be a major factor influencing the popularity of bio-based muconic acid among manufacturers. Europe shall witness moderate growth rate for muconic acid market owing to mature textile and plastics industry.
 

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. China muconic acid market is a major industrial hub and shall be primarily responsible for future surged product demand in this region. Furthermore, huge market for plastic packaging options is a positive outlook for the product in this region.