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Asia Pacific Muconic Acid Market Size to grow at 6.5% CAGR till 2024

Author : Ronak Bora | Published Date : 2019-05-21 

The emerging economies of APAC are expected to be the chief contributors of the regional muconic acid market size, as this region caters to the large consumer demand across the plastic, construction, automobiles and textile sectors. APAC muconic acid industry in fact, is slated to expand at a 6.5% CAGR over 2017-2024. North America on the other hand, in 2016, led the overall muconic acid market value and volume, driven by the heavy application of the product across the automotive sector.

North America is likely to witness significant CAGR by 2024 for muconic acid market and held a prominent market share in 2016, in terms of volume and revenue. North America has huge and mature automobile industry, which is one of the biggest users of lubricants. The product is used in lubricants to modify viscosity. Thus, increasing demand for lubricants in automobile industry, will ultimately propel product demand for lubricants over the next few years.

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Muconic acid market, in the forthcoming years, has been projected to generate commendable returns, primarily on account of the rising deployment of derivatives in the plastic, textile and construction industries. As per estimates, muconic acid industry size will apparently cross USD 60 million by 2024. The emerging economies of Asia Pacific and Latin America have been touted as the key growth grounds for the development of this business space. This growth can primarily be attributed to the changing consumer lifestyles pertaining to the high disposable incomes, which would act as a prime catalyst for plastic and textile sectors. This in consequence, would positively influence muconic acid market size over 2017-2024.

Muconic acid is used as platform chemical for some of the most prevalent bioplastics like nylon 6 & 66, polyurethane and polyethylene terephthalate. These individual bioplastic spheres are likely to depict substantial progress in the ensuing years, which would eventually impact the revenue graph of muconic acid market size. It is also prudent to mention that adipic acid is one of the chief derivatives of muconic acid and the precursor of nylon synthesis. Nylon serves as a potent substitute for silk and used in the manufacturing of women’s stockings, parachutes, ropes, carpets and musical instrument strings. Nylon 6 & 66 are also gradually replacing metal parts in automobiles owing to the high resistance to abrasion, tensile strength and high elasticity. Furthermore, nylon parts are also far lighter than metal parts and help decrease the overall weight of the automobile that aid in achieving greater fuel efficiency which also indirectly benefits the environment. In essence, this validates the fact that muconic acid market size from adipic acid, an essential precursor to nylon synthesis, is indeed appreciable.

The market size of polyurethane, another essential material deploying muconic acid, was over USD 50 billion for 2015 and is forecast to witness growth at over 5% CAGR from 2016 to 2023. This business space encompasses flexible and rigid polyurethane foams, elastomers, adhesives and sealants. Flexible PU foam also finds extensive application in the manufacturing of beddings, vehicle seating, upholstery and textile. Rigid PU foam is widely used in construction and insulation industries. Polyethylene terephthalate (PET) market size in fact, will see a massive growth of 40% CAGR between 2016 and 2023. The growing global PET market size is chiefly credited to the increasing awareness among consumers and stringent government norms promoting the use of bio degradable and environmental friendly products. In consequence, the expansion of the polyurethanes market and PET industry is likely to have a commendable impact on muconic acid market outlook.

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Plastic plays a major role in automotive, construction and the packaging sectors. Rigid plastic, a form of plastic that finds wide applications in packaging numerous products and manufacturing of rigid bottles for personal care and pharmaceutical products as well as bottles for carbonated drinks, water, food products and other household care products, has the largest market as far as plastic products are concerned. Owing to increasing population and a huge consumer base with disposable incomes, the rigid plastic industry is forecast to perceive an impressive growth rate speedily affecting muconic acid market trends, given that this product is an essential component of plastic manufacturing.

In 2016, the muconic acid market was competitive. Key market players include Alfa Aesar, Thermo Fisher, Sigma-Aldrich Corporation, Myriant Corporation and Amyris. These held for more than half of global industry share. Companies are engaged in upgrading technologies for exploring numerous ways to produce muconic acid.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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