New York, June 26, 2023 (GLOBE NEWSWIRE) -- As per analysis By Consegic Business Intelligence global Muconic Acid Market is expected to witness significant growth at a remarkable CAGR of 6.6% during the forecast period of 2023-2030. This growth is attributed to the increasing demand for muconic acid in various end use industries such as pharmaceutical, agriculture, and food & beverages. In addition, the rising demand for textiles in key regions such as Asia Pacific, Middle East, and others is accelerating the demand for muconic acid.
According to a recent report by Consegic Business Intelligence, the muconic acid market is poised for strong expansion and is expected to reach USD 167.47 Million by 2030. The market, which was valued at USD 100.46 Million in 2022, is predicted to grow at a compound annual growth rate of 6.6% during the period 2023-2030. The report highlights the increasing adoption of muconic acid in the pharmaceutical industry as API (Active Pharmaceutical Ingredient). 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.
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Muconic acid is a yellow-beige crystalline powder that is a high-value-added dicarboxylic acid and has three isomeric forms, trans-trans-muconic acid, cis-cis-muconic acid, and cis-trans-muconic acid. The chemical finds a wide range of applications as a raw material in the production of various other industrial chemicals such as adipic acid and terephthalic acid. Additionally, in the food and beverages industry, muconic acid-driven derivatives are widely deployed as food additives in a wide range of food products such as gelatin and other powdered foods.
The global muconic acid market is primarily driven by the expanding textile industry owing to the wide adoption of muconic acid in the production of nylon. The growth is attributed to the increasing demand for nylon-based products by various industries such as automotive, manufacturing, and packaging industries due to the high durability, strength, and resistance to abrasion. In addition, the extensive application of muconic acid in the chemical industry as an intermediate is also driving the growth of the market.
Moreover, due to the rising advancement in microbiology tools production of muconic acid is expected to pose significant opportunities to the market. In addition, the rising awareness regarding the harmful effects of plastics on the environment is projected to propel the growth of muconic acid over the forecast period.
Global Muconic Acid Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 167.47 Million |
| CAGR (2023-2030) | 6.6% |
| 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 |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
| Key Players | 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 |
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Global Muconic Acid Market Segmentation Details:
Based on Derivative, the terephthalic segment is expected to witness the fastest CAGR over the forecast period. The segment growth is attributed to the wide adoption of terephthalic acid as a raw material in the production of plasticizers. In addition, the rising application of the compound in the pharmaceutical industry for certain drugs is also fueling market growth. For instance, Toronto Research Chemicals offers terephthalic acid that is used in the pharmaceutical industry to remove drug impurities. Therefore, the extensive use of muconic acid in the production of terephthalic acid to be further deployed in various end-use industries including plastic and pharmaceutical is accelerating the growth of the market.
Based on Application, the chemical intermediate segment held the highest market share in 2022. Muconic acid is widely deployed as a chemical intermediate for the production of various industrial chemicals including adipic acid, terephthalic acid, and caprolactam. For instance, adipic acid is widely produced from muconic acid which is extensively used in the production of nylon. Therefore, the rising application of muconic acid in the production of other chemicals is fueling market growth.
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Based on End Use Industry, the textile segment is anticipated to witness the fastest CAGR over the forecast period. The ability of muconic acid and adipic acid to produce nylon that is further deployed in the textile industry for the manufacturing of various products such as carpets and clothing is expected to proliferate the market growth. Moreover, the changing clothing trends along with expanding population also propelled the market growth.
Based on Region, in 2022, Asia Pacific accounted for the highest market share in the overall muconic acid market. The growing chemical industry owing to the presence of major-chemical producing countries including China and India is expected to fuel the demand for muconic acid. For instance, according to the Chemical Quarterly Report, Chemical output in china grew by 2.5% in 2022. Moreover, the expanding textile industry is also proliferating the market growth.
Competitive Landscape
According to research, Alfa Aesar (subsidiary of Thermo Fisher Scientific), Merck KGaA, Santa Cruz Biotechnology, Inc., and Tokyo Chemical Industry Co., Ltd. Inc are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies such as the development of efficient, cost-effective muconic acid. Further, the muconic acid market is expected to grow steadily due to rising demand from the textile industry, especially in the Asia Pacific, North America, and Europe regions are estimated to boost the market in the forecast years. Additionally, the trend towards increasing adoption of muconic acid in the pharmaceutical industry is also estimated to drive demand for such starch ethers which is anticipated to increase the competition in the market.
Key Market Takeaways
- Based on derivative, the adipic acid segment accounted for the highest market share in the muconic acid market in 2022.
- On the basis of application, the bio-plastic segment is expected to register the fastest CAGR over the forecast period.
- By end use industry, the textile segment is expected to register the fastest CAGR over the forecast period.
- North America is expected to register the fastest CAGR of 7.2% due to rising technological advancements in the muconic acid market to reduce costs and improve quality.
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List of Major Global Muconic Acid Market:
- 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
Global Muconic Acid Market Segmentation:
- By Derivative
- Adipic Acid
- Terephthalic Acid
- Caprolactam
- Others
- By Application
- Functional Resins
- Bio-Plastics
- Food Additives
- Lubricants
- Chemicals Intermediate
- Agrochemicals
- Others
- By End Use Industry
- Food & Beverage
- Chemicals
- Agriculture
- Textiles
- Plastics
- Others
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Frequently Asked Questions in the Muconic Acid Market Report
- What was the market size of the muconic acid industry in 2022?
- In 2022, the market size of muconic acid was USD 100.46 million
- What will be the potential market valuation for the muconic acid industry by 2030?
- In 2030, the market size of muconic acid is expected to reach USD 167.47 million.
- What are the key restraints of the muconic acid market?
- 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 serve as the key restraint of the market.
- What is the dominating segment in the muconic acid market by derivative industry?
- In 2022, the adipic acid segment accounted for the highest market share of 33.50% in the overall muconic acid market.
- Based on current market trends and future predictions, which geographical region will have the fastest impact on the muconic acid market's growth in the coming years?
- North America is expected to be the fastest-growing region in the market during the forecast period.
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