Muconic acid (COOH) is a naturally occurring chemical molecule that can also be produced from sorbic acid and its salts. It's a carboxylic acid with two carboxylic functional groups that's called a dicarboxylic acid.
Muconic acid derivatives, such as adipic acid and caprolactam, are used to make a variety of products, including PET and other lubricants, carpets, plastics, polymers and textiles which are then utilized as key raw materials to make plastic bottles, pouches, boxes and cans. Muconic acid bio-production can also be used as a substrate for the synthesis of a variety of consumer bio-plastics, such as nylon 66, polyethylene terephthalate and polyurethane.
COVID-19 Impact analysis
- The muconic acid market was negatively affected due to the outbreak of COVID-19 pandemic.
- The industries such as plastics, carpets & textiles, lubricants and others were shut down during the COVID-19 pandemic this decreases the demand for muconic acid.
- The COVID-19 pandemic has caused the imposition of lockdown due to which the production of muconic acid decreased because of decreased demand from end users. Which resulted in downfall of revenue in 2020.
Top Impacting Factors
The textile sector is a key end user of muconic acid, and it is predicted to increase at a steady rate of 3% to 5% over the next five years, owing to rising consumer expenditure, especially in emerging markets. The global muconic acid market is likely to benefit as a result of this. Moreover, muconic acid is largely employed in the manufacture of plastics, which are used in the manufacture of a variety of items such as containers, bags, and films. The worldwide plastic packaging business is predicted to be driven by rising packaged product demand. Furthermore, demand for lubricants has increased significantly in a number of end-use industries, including the, automobile, chemical and industrial industries. This is also projected to have a significant effect on global muconic acid demand.
- In terms of volume and value, North America dominated the worldwide muconic acid market. The textile sector's rapid technical advancements will complement the continuous rise of the vehicle industry.
- A major element impacting the popularity of bio-based muconic acid among producers will be growing consumer concern regarding the use of bio-based products. Because of the established textile and plastics industries in Europe, the muconic acid market is expected to increase at a moderate rate.
- The Asia-Pacific muconic acid market is expected to grow at a rapid pace over the projected period, owing to rising product demand from the textile and automobile industries.
- The muconic acid market in China is a major industrial hub that will drive future product demand in this area. Furthermore, the large market for plastic packaging choices in this region bodes well for the product.
- Product launches, acquisitions, and partnerships are among the leading players' growth tactics, all of which contribute to the global growth of the muconic acid market. Key players focusing on muconic acid, on the other hand, use product launch as a growth strategy to expand their market share.
- The businesses that operate in this industry have a variety of company structures. Some companies concentrate on supplying product to research and academic organizations for use in practical investigations, while others concentrate on refining product qualities for long-term viability.
Key Benefits of the Report
- This study presents the analytical depiction of the muconic acid industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the muconic acid market share.
- The current market is quantitatively analyzed to highlight the muconic acid market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed muconic acid market analysis based on competitive intensity and how the competition will take shape in coming years
Muconic Acid Market Report Highlights
Key Market Players
Santa Cruz Biotechnology, Inc., Dynacare, Toronto Research Chemicals, Inc., Amyris, Inc., Zhejiang Huangyan Zhongxing Flavors & Fragrances Co., Ltd., Tokyo Chemical Industry Co., Ltd., MilliporeSigma, Myriant Corporation, Thermo Fisher Scientific, Inc., Deinove SA, Alfa Aesar