Muconic Acid Market Analysis and Forecast Study for 2014-2020
Augmenting demand for nylon is anticipated to stimulate the growth of the global muconic acid market in the near future. Muconic acid is a dicarboxylic acid, obtained in three isomers, namely cis,trans-muconic, cis,cis-muconic, and trans,trans-muconic acids. These types can be distinguished by comparing the geometry around their double bonds. Currently, muconic acid has gathered focus from many industries, as it can be used as a base chemical in the preparation of products such as polyethylene terephthalate (PET), polyurethane (as adipic acid intermedisate), and nylon 6,6. Universities and companies alike have been producing muconic acid with the fermentation process using genetically modified microbial species.
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Transparency Market Research (TMR) estimates that the global market for muconic acid is expected to reach US$86.54 mn by value, by the end of 2020.
Increasing Demand for Adipic Acid to Assist Growth of Muconic Acid Market
Adipic acid, a prominent derivative of muconic acid, is expected to contribute a dominant share to the overall market of muconic acid. Adipic acid is used for various applications such as detergents, plasticizers, and coatings. However, it is prominently used as a monomer for the synthesis of nylon 6-6. Currently, adipic acid is principally manufactured from synthetic cyclohexane. However, the trend of using renewable or bio-based sources is motivating manufacturers to use muconic acid to produce adipic acid. It is anticipated that the rising demand for nylon will propel the market for adipic acid, assisting the growth of the global muconic acid market. Adipic acid has a low potential for bioaccumulation and is readily biodegradable. These eco-friendly physical and chemical properties are allowing manufacturers to use adipic acid over synthetic cyclohexane. Following adipic acid, caprolactam has garnered significant interest owing to the growth of the textile industry in developing countries and the carpet industry in developed countries. Other derivatives such as adiponitrile, hexamethylenediamine, and TPA are envisioned to be collectively form a market of US$338.3 thousand by the end of 2020.
In terms of applications, carpets and textiles is expected to hold a leading share of the overall market in the future. Furthermore, the plastic segment is expected to follow carpets and textiles to contribute the second largest share to the overall market. Plastics find key applications in the manufacturing of parts such as conveyor belts and tire cords. Other uses of muconic acid include usage in biomarkers for identifying diseases and research applications.
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North America Leads Muconic Acid Market Owing to Development in Carpets and Textiles Industry
Geographically, North America is expected to hold a commanding position in the global market for muconic acid. In this region, the carpets and textiles application segment has fueled the market’s growth owing to increasing demand for nylon. Furthermore, Europe is expected to demonstrate significant growth in the market due to the growing usage of nylon. Growth in carbon emissions and legislations laid down by governments of various countries to reduce these emissions are expected to increase usage of muconic acid for the production of nylon. The Asia Pacific market is anticipated to grow at a relatively slower rate.
The global muconic acid market is at a developing stage with presence of very few large companies. Key players in this market are striving to expand their market share at a significant rate in the coming years. The continuous research and development programs followed by researchers are expected to augment new applications of muconic acid. Prominent players in this market include Sigma-Aldrich, Myriant Corporation, and Santa Cruz Biotechnology.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend 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.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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