Muconic Acid Market Forecast 2023 - 2030

By Derivative :

The derivative segment is categorized into adipic acid, terephthalic acid, caprolactam, and others. In 2022, the adipic acid segment held the highest share of 33.50% in the market. The growth of the segment is attributed to the increasing adoption of adipic acid in the production of nylon that is further processed for various applications including carpeting, clothing, and automobile tire cord. In addition, the rising deployment of the compound in the expanding pharmaceutical sector owing to their ability to control acidic and basic release of other drugs is also proliferating the demand for adipic acid. For instance, according to the India Brand Equity Foundation, the pharma industry in India is projected to reach at USD 130 billion by 2030. Hence, the growing textile and pharmaceutical industries are contributing to the market growth.

Moreover, the terephthalic acid segment is expected to register the fastest CAGR in the muconic acid market. The extensive application of terephthalic acid as a raw material to produce various drugs is anticipated to proliferate market growth. Additionally, the wide scope of application of hot melt adhesives in various end use industries including rubber, plastics, and glass, among others is also projected to surge the demand for the compound. This is due to the use of terephthalic acid in the production of hot melt adhesive.

Get More Information

Download Sample Report

By Application :

Based on application segment, the market is dived into functional resins, bio-plastics, food additives, lubricants, chemicals intermediate, agrochemicals, and others. In 2022, the chemical intermediate segment accounted for the highest market share of the muconic acid market. Muconic acid is widely adopted as the raw material in the production of various compounds that are further applied as base chemicals in other end use industries. For instance, muconic acid is widely deployed in the production of caprolactam which is used in the manufacturing of synthetic fibers in the textile industry. Hence the increasing application of muconic acid in the production of other potential chemicals is propelling the growth of muconic acid market.

However, the bio plastics segment is expected to witness the fastest CAGR over the forecast period. The rising adoption of bio-plastics due to shifting trends towards bio-based products is anticipated to accelerate the demand for muconic acid market growth. For instance, as per the report published by PlasticsEurope AISBL, in 2021 bio-based plastic accounted for 8.3% of the global world plastic production. In addition, the shifting consumer preference towards eco-friendly products is urging manufacturers to move towards renewable and bio-based feedstocks, as a result anticipated to proliferate the market growth.

By End Use Industry :

The end use industry segment is categorized into food & beverage, chemicals, agriculture, textiles, plastics, and others. The chemicals segment held the highest market share in the overall muconic acid market. This is due to the rising application of muconic acid as a chemical intermediate for the production of various industrial chemicals such as adipic acid, terephthalic acid, and caprolactam. In addition, the expanding chemical industry, particularly in the growing economies including India and China is also propelling the growth of the market. For instance, as per the report published by Invest India, the petrochemical & chemical sector is projected to reach USD 300 billion by 2025. Hence, the above-mentioned factors are contributing to the growth of the segment.

Moreover, the textile segment is anticipated to register the fastest CAGR over the forecast period. The wide adoption of muconic acid in the production of nylon is expected to surge the growth of the market. This is due to the extensive use of nylon by various end use industries such as automotive, and electronics owing to its high elasticity and good mechanical strength. Therefore, the rising demand for muconic acid-based-nylon is expected to proliferate the market growth over the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share at 42.15% and was valued at USD 42.35 million, and is expected to reach USD 71.06 million in 2030. In Asia Pacific, China accounted for the highest market share of 42.85% during the base year of 2022. The rising consumption of textiles due to the increasing population along with shifting clothing trends is driving the market growth in the region. Additionally, the growing chemical industry in the region, due to the presence of major chemical-producing countries including India and China is also propelling the growth of the market.

However, North America is expected to register the fastest CAGR of 7.2% during the forecast period. The rising concern among consumers and governments of various countries in the region regarding the use of fossil fuel-based plastics products is fueling market growth. For instance, in April 2023, U.S., President Joe Biden announced the aim to replace 90% of fossil fuel-based plastic with bio-plastics over 20 years. Hence, the rising demand for sustainable and eco-friendly products is accelerating the growth of muconic acid market.