Rising application in the textile sector to stimulate muconic acid market share by 2024

Sellbyville, DE -- (SBWire) -- 06/24/2020 --Demand for plastic packaging items from the electronics, consumer goods, and food & beverage industry could massively boost the adoption of muconic acid market. Meanwhile, its use as a viscosity modifier in lubricant production for diverse end-users including chemical, manufacturing and automobile sectors may fuel muconic acid market size over the forthcoming years. Considering its broad application range, Global Market Insights, Inc., estimates that the muconic acid market could hit USD 60 million by 2024.

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In terms of derivatives, the muconic acid market is divided into Caprolactam and Adipic Acid. In the year 2016, adipic acid had recorded a major market share owing to its large-scale application in diverse end-user sectors. Adipic acid is generally derived from muconic acid's hydrogenation and acts as a key ingredient in the production of nylon.

Considering the Derivatives landscape, the report offers an overview of the products across the muconic acid market, categorized into Adipic Acid, and Caprolactam in terms of market share, segment valuation, current and projected growth rate, development trends, and performance of the segment on the overall market.

Based on the application spectrum in the muconic acid market, the research report bifurcates the segment into (Plastics, Carpets & Textiles, Lubricants. It provides minute details on the growth drivers, current and predicted market share, expected segment valuation, individual segmental growth rate, and much more.

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On the regional forefront, North America is anticipated to emerge as a progressive business landscape for muconic acid market, recording a substantial CAGR by 2024. Earlier in 2016, the region had controlled a dominant market share, in terms of revenue and volume.

Moreover, North America houses a major portion of the automobile industry, which is renowned for using lubricants on a large-scale. Given to the escalating demand for lubricants across the automotive sector, North America muconic acid market is estimated to accrue sizable revenue growth by 2024.