Global Muconic Acid Market growing at a CAGR of 6.6% from 2023 to 2030
Category : Materials And Chemicals | Published Date : Jun 2023
Key Market Overview
The muconic acid market is expected to gain significant growth in the forecast period of 2023 to 2030. Consegic Business Intelligence analyzes that the market was 100.46 million in 2022 and is expected to reach the market size of USD 167.47 million in 2030 with a compound annual growth rate of 6.6%.
The report highlights the increasing adoption of muconic acid in the chemical industry that is proliferating the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the muconic acid market.
Global Muconic Acid Market By Overview
The muconic acid market is bifurcated into derivative, application, and end use industry. Based on derivative, the market is segmented into adipic acid, terephthalic acid, caprolactam, and others. In 2022, the adipic acid segment dominated the overall muconic acid market. On the basis of application, the market is divided into functional resins, bio-plastics, food additives, lubricants, chemical intermediate, agrochemicals, and others. In 2022, the chemical intermediate segment accounted for the highest market share in the muconic acid market. The end use industry segment is categorized into food & beverage, chemicals, agriculture, textiles, plastics, and others. In 2022, the chemicals segment accounted for the highest market share in the muconic acid market.
Get Free SampleMarket Dynamics
Driver:
- Muconic acid is widely deployed as a chemical intermediate for the production of various important chemicals such as adipic acid and diethyl terephthalate that are further used by various end use industries as base chemicals. As a result, the wide application of muconic acid in the chemical industry is propelling market growth.
- The wide adoption of nylons and polyester polyols in the textile industry owing to their properties such as water resistance and mechanical strength in various products including clothing and carpets is contributing to the growth of the muconic acid market.
Restraints:
- The lack of specific petrochemical or microbial manufacturing processes for the production of muconic acid which leads to a less supply of muconic acid is likely to hinder the market growth.
Market Segmentation:
| Report Attributes | Report Details |
| By Derivative | Adipic Acid, Terephthalic Acid, Caprolactam, and Others |
| By Application | Functional Resins, Bio-Plastics, Food Additives, Lubricants, Chemicals Intermediate, Agrochemicals, and Others |
| By End Use Industry | Food & Beverage, Chemicals, Agriculture, Textiles, Plastics, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
As per the study, the market is dominated by certain major companies such Alfa Aesar (subsidiary of Thermo Fisher Scientific), Merck KGaA, Santa Cruz Biotechnology, Inc., and Tokyo Chemical Industry Co., Ltd. Inc have a strong market position in the current market circumstances. Further, the Muconic acid market is expected to witness significant growth in coming years due to increasing demand for other industrial chemicals such as adipic acid and terephthalic acid. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in muconic acid are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
- Alfa Aesar (subsidiary of Thermo Fisher Scientific)
- Merck KGaA
- Santa Cruz Biotechnology, Inc.
- Tokyo Chemical Industry Co., Ltd.
- Toronto Research Chemicals, Inc.
- VWR International, LLC
- LGC Limited
- Sisco Research Laboratories Pvt Ltd
- Parchem fine & specialty chemicals.