Muconic Acid Market Size

Muconic Acid Market Size

Muconic Acid Market size was more than USD 37 million in 2016 and will witness 6.5% CAGR during the projected timespan.

Plastic industry is an important end-user. The plastics industry is likely to grow at a CAGR close to 7% during the forecast timeframe. Asia Pacific, led by China, accounted for more than 40% of global plastics production in 2015. Rising popularity of packaged goods, especially food & beverage, will augment plastic packaging demand in the coming years. This will, in turn, fuel muconic acid market size in the production of plastic material (PET, bio-plastics, etc.). In recent times, technological advancements and upgradations have been made in development of biotechnology processes for muconic acid production.Increasing lubricants demand and steadily growing textile industry will play a significant role in fueling muconic acid market size over the forecast timespan. Textile industry is a prime end-user, thus recent technological developments in textile industry will positively influence product demand in the coming years. The global textile market was approximately worth USD 1.7 trillion in 2015, which constitutes close to 2% of world’s GDP. The textile market is poised to grow at over 4% in the coming years. Asia Pacific and Latin America are regions with huge growth potential for textile industry and thus for muconic acid market size growth. In addition, automobile industry is a major user of lubricants and the sturdy rise in demand for passenger vehicles will fuel lubricants demand, which will subsequently propel muconic acid market growth over the forecast timeframe, as the product is used as an additive in lubricants.
 

The only major challenge for muconic acid market in future will be the increasing government initiatives and environmental regulations regarding ban of plastic material in packaging. This will directly affect product demand in the next few years. However, continuous R&D efforts by market players to produce muconic acid through biotechnological methods through renewable sugar sources and various others, will positively influence product demand during the forecast timespan.