The muconic acid market reached $90.1 million in 2020, with a projected CAGR of 7.3% from 2021-2026, driven by applications in textiles, plastics, and lubricants.
According to the latest report by IMARC Group, title “Muconic Acid Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026; the global muconic acid market reached a value of US$ 90.1 Million in 2020. Muconic acid, represented as COOH, refers to a chemical compound that occurs naturally and can also be sourced from sorbic acid. It is a dicarboxylic acid that includes two carboxylic functional groups. The derivatives of muconic acids, such as adipic acid and caprolactam, are utilized to produce various products, including PET, carpets, textiles, lubricants, plastics, etc. The bio-production of muconic acid is used in a platform to produce numerous consumer bioplastics, including polyurethane, nylon 66, polyethylene terephthalate, etc.
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The expanding textile industry, which is a significant end-user of muconic acid, is being driven by growing consumer spending, particularly in emerging economies. This, in turn, is bolstering the muconic acid market. In addition to this, the increasing utilization of muconic acid to produce plastics, including containers, bags, films, etc., is also augmenting the market growth. Moreover, the escalating demand for packaged products is expected to drive the global plastic packaging industry. Additionally, the rising need for lubricants in several end-use industries, including chemical, automobile, and manufacturing, is anticipated to fuel the muconic acid market in the coming years. Looking forward, IMARC Group expects the market to grow at a CAGR of 7.3% during 2021-2026.
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The article focuses on the muconic acid market, its size, growth, and forecast from 2021 to 2026.
What are the key applications of muconic acid? It is used in textiles, plastics, and lubricants.
Who are the key players in the muconic acid market? Companies like Myriant Corporation and Merck are major players.
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