New growth opportunities for textile market players, which will directly influence muconic acid market demand by 2024

Muconic Acid Market share is forecast to surpass USD 60 million by 2024; according to a new research report 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.

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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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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