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Muconic Acid Market to observe high growth by 2020
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The global muconic acid market will expand at a 7.0% compounded annual growth rate during the forecast period of 2014 to 2020.The primary key driver behind the growth of the global muconic acid market is the massive demand for adipic acid. The growing demand for nylon fibers worldwide is fueling the growth of the market for adipic acid. In 2013, the adipic acid segment in the global muconic acid market was by far the leading segment in terms of volume; it held over 85% of the total volumes share in 2013. Other derivative segments of muconic acid such as caprolactam will also benefit from the increasing demand for nylon fibers globally.
The global muconic acid market is divided according to application into plastics, lubricants, carpets and textiles, biomarkers, etc. Adipic acid finds application majorly in the textile and automotive industries. Caprolactam, another derivative of muconic acid, also finds its application in the textile industry. Volume-wise, the carpets and textiles segment led the global market for muconic acid in 2013 with a 46% share of the global market. The plastics application segment of muconic acid emerged as the second leading segment in terms of volume during the same year. Plastic made using muconic acid derivatives finds an extensive use in the automobile industry in tire cords along with other manufacturing parts such as conveyor belts. The automobile industry employs nylon widely due to its lightness and high tensile strength.
Some of the top market players that supply the automobile and textile industry with muconic acid derivatives are Santa Cruz Biotechnology Inc., Myriant Corporation, and Sigma-Aldrich Corporation. One key trend that will shape the global muconic acid market in the coming years is the increasing consumer preference towards bio-based muconic acid products. This trend provides significant opportunities to existing and emerging market players in the global muconic acid industry. However, industry players will be challenged by the accelerating presence of bio-based and chemical-based substitutes for muconic acid derivatives. Many of these substitutes tend to be cheaper compared to muconic acid products, which might hamper the growth of the overall muconic acid market.
Geographically, North America and Europe will continue to dominate the global muconic acid market. These two regions have led the global muconic acid market thanks to the concentration of the production of muconic acid derivatives in these regions. A 5.4% CAGR will be demonstrated by the North America muconic acid market in the forecast period. Asia Pacific will also display moderate growth in the global muconic acid market during the forecast period.
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