Albany, NY, March 4, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new market report titled "Muconic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020." According to the report, the global muconic acid market was valued at USD 54.21 million in 2013 and is anticipated to reach USD 86.54 million by 2020, expanding at a CAGR of 7.0% from 2014 to 2020.
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Rising demand for muconic acid derivatives, especially adipic acid and caprolactam, is estimated to drive the global muconic acid market. Additionally, increasing consumer awareness about bio-based products is likely to augment market growth. However, presence of synthetic and bio-based substitutes, such as cyclohexane, bio-succinic acid and butadiene, is projected to inhibit market growth during the forecast period. Growth in environmental concerns related to the usage of petrochemical-derived products is likely to provide large opportunities for the bio-based muconic acid market. Bio-based muconic acid has high potential to replace petrochemicals such as cyclohexane, a benzene derivative, if the price is competent enough to compete with these petrochemicals.
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Adipic acid dominated the global muconic acid market in terms of volume in 2013. In terms of volume, it accounted for over 85% share of global muconic acid demand in 2013. Adipic acid is widely used in the production of nylon 6, 6 fiber and resins. It finds major applications in carpets, textiles and automotives. Caprolactam followed adipic acid and is expected to grow at a substantial rate during the forecast period. Growth in the carpet industry in developed countries and textile industry in developing countries is anticipated to drive the caprolactam market. This, in turn, is projected to drive the muconic acid market.
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In terms of volume, carpets & textiles was the largest application segment of muconic acid derivatives, accounting for around 46% of the market share in 2013. Plastics emerged as the second-largest application segment of muconic acid in terms of volume in 2013. It finds major application in automobiles in tire cords and other manufacturing parts such as conveyor belts. Growth in carbon emissions and legislations laid down by regulatory bodies to suppress these emissions is projected to increase the usage of muconic acid for nylon production. Nylon is widely used in automobiles due to high tensile strength and lightness in weight. Lubricants and other applications of muconic acid are estimated to grow at a moderate rate during the forecast period.
Demand for muconic acid was predominant in North America and Europe as the production of muconic acid derivatives (adipic and caprolactam) is primarily concentrated in developed countries. This is ascribed to high demand for nylon in the manufacture of carpets in these countries. North America is expected to be the fastest growing region, expanding at a CAGR of 5.4% in terms of volume from 2014 to 2020. Asia Pacific is anticipated to account for moderate share in the global muconic acid market by 2020.
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The global market for muconic acid is at a nascent stage, with few players operating in the market. Myriant Corporation and Santa Cruz Biotechnology Inc. are some of the major players in the global muconic acid market.
This Report Segments the Global Muconic Acid Market as follows:
Muconic Acid Market - Derivative Analysis
- Adipic acid
- Others (Terephthalic Acid, hexamethylenediamine and adiponitrile)
Muconic Acid Market - Application Analysis
- Carpets & textiles
- Others (Biomarkers, etc.)
Muconic Acid Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World
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