Muconic acid is a naturally occurring chemical compound that can also be obtained from sorbic acid and its salts. This acid is denoted as COOH. It is a dicarboxylic acid that contains two carboxyl functional groups. Muconic acid derivatives, including adipic acid and caprolactam, are used in the manufacture of various products such as carpets, textiles, PET and other polymers, lubricants and plastics which are also used as primary raw materials in manufacturing of plastics, boxes, cans, bottles and bags. Muconic acid bioproduction can also be used in a platform form to produce a wide variety of consumer bioplastics, including nylon 66, polyurethane and polyethylene terephthalate.
As per analysis, “Global Muconic Acid Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread)” the key companies operating in the global muconic acid market include Clearsynth Labs, Leap Labchem, Sigma-Aldrich, Santa Cruz Biotechnology, Watson International, Myriant, Amyris, Hangzhou Dayangchem, Chemieliva Pharmaceutical and among others. The key players meet the needs of all end user segments. The major players in the industry compete for product designs, prices and global distribution network. Existing established companies and new entrants are developing business strategies such as mergers, acquisitions, product launches, joint ventures and branding to create a solid foundation in the industry. Companies are also leveraging new product research and technology to gain a competitive advantage.
Based on type, muconic acid market can be segregated as caprolactam, adipic acid and others. In addition, based on applications, market can be segregated as carpets & textiles, plastics and lubricants. Muconic acid derivatives such as nylon 66 are widely used by the carpet and textile industries. The market for muconic acid chemicals is growing in the carpet and textile segment due to the increasing demand for nylon 66 fibers and their thermoplasticity and elongation properties. It is made from polyamides such as adipic acid and hexamethylene diamine (HDMA). The consumption of bio-based muconic acid is also increasing due to economic efficiency and growing environmental awareness. Plastics segment holds major share in global market as it is extensively used in various end-user industries for packaging, as plastic is very cost-competitive and has high strength & pressure resistance ability.
Growth in research & development (R&D) activities, followed by rise in demand of packages products and increase in demand for lubricants in various end-use industries such as automobile, chemical and manufacturing industries are some major factors, which are responsible for growth of the muconic acid market. Apart from this, stringent government regulation is a major restraining factor for market.
Based on regional analysis, the North-America is a leading region in Global Muconic Acid Market owing rapid technological modifications in the textile industry and to growth in automobile industry across the region. The Europe and Asia-Pacific regions are estimated to witness higher growth rate due to developed plastics and textile industry and rise in disposable income over the forecast period. It is projected that future of the global muconic acid market will be bright as a result of increase in concerns among consumers regarding the use of bio-based products during the forecast period.
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Ankur Gupta, Head Marketing & Communications