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Global Muconic Acid Market to Reach USD 86.54 Mn in 2020: TMR

Published on 2016-08-04. Author : SpecialChem

The current shift from synthetic to bio-based products has changed the dynamics of the global muconic acid market. The three key players in the market are Santa Cruz Biotechnology, Myriant Corporation, and Sigma-Aldrich, holding a large share of the total market. The increasing use of muconic acid as an indirect raw material in the carpet and textile industry is anticipated to augment the growth of muconic acid market globally, reports Transparency Market Research in a new study.

Rise in Demand for Derivatives Escalates the Growth of Muconic Acid Market

TMR
Transparency Market Research

An increase in the demand for adipic acid has been witnessed in response to high demand for nylon 66 fiber and resin. This will successively shift the growth the of the global muconic acid market to high gear. Another advantage of muconic acid is that it leads to lower carbon emission in the manufacturing of adipic acid as compared to cyclohexane.

The second largest derivative of muconic acid is caprolactam. Caprolactam is also used as a raw material in nylon 66 production. Nylon 66 can potentially replace the use of metal in automobiles, making vehicles lighter in weight. The growing demand for nylon 66 is anticipated to drive the adipic acid market, which in turn will benefit the muconic acid market globally.

Companies Shift Towards Bio-based Muconic Acid Owing To Increasing Environmental Concerns

“The global muconic acid market has reported modest growth so far,” a TMR analyst states. The global market, which was at US$61.47 Mn in 2015, is anticipated to account for US$86.54 Mn in 2020. “Furthermore, the evolution of bio-based muconic acid will serve the dual purpose of market growth and environment conservation,” he adds.

The vendors are shifting towards bio-based adipic acid and caprolactam due to the growing consumer awareness of bio-based chemicals. This may drive the muconic acid market, but the major drawback with the production of bio-based muconic acid is that the technology is still at a nascent stage. Moreover, the alternatives used in producing bio-based adipic acid such as bio-based butadiene, bio-based benzene, and glucaric acid are well developed in terms of technology and product commercialization.

However, advanced research and technological development of bio-based muconic acid is anticipated to create immense opportunities in the market in the coming years.

About Transparency Market Research

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Its exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Its business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Source: Transparency Market Research
 
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