New growth opportunities for textile market players, which will directly influence muconic acid market demand by 2024
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.
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In 2016, adipic acid accounted for largest share in global muconic acid market due to its extensive usage in multiple end-user industries. Adipic acid, produced from hydrogenation of muconic acid, is a main ingredient in the nylon production. Nylon is an important fabric in textile due to its shining texture and smooth feel. Thus, product demand will be directly proportional to textile market growth, which is poised to expand at a significant CAGR in the forecast duration. Caprolactam is another important derivative of muconic acid, that is used in nylon production. Other uses of caprolactam include production of synthetic fibers such as textile stiffeners, brush bristles, synthetic leather, cross-linking of polyurethane and film coatings.
In 2016, carpet & textile segment held a major chunk of overall muconic acid market. Global textile industry is growing exponentially since past few years. Nylon is commonly used in making carpets & garments and experiences huge demand from across the globe. Thus, product will experience huge demand from textile industry in the next few years.
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