The Global Levulinic Acid Market is growing rapidly. The market growth attributes to the growing consumption of this acid for a number of applications. Besides, levulinic acid or Keto acid is a recognized, versatile bio-based platform chemical that serves as an alternative feedstock for fuel manufacturing. Levulinic acid demonstrates feedstock flexibility and allows a wide range of downstream transformations that can offer high conversion yields, high productivity, and concentrated process streams resulting in cost-competitive economics.
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Moreover, increasing demand from various industries, including personal care, F&B, pharmaceuticals, dietary supplements, and resins & coatings, escalate the market growth on furthered height. According to Market Research Future (MRFR), the global levulinic acid market is estimated to garner colossal accruals by 2023, registering a phenomenal CAGR throughout the review period (2017-2023). Levulinic acid is also extensively used to make specialty products such as home care & laundry, heavy industrial cleaning, polymer & adhesive removers, and biopolymers.
However, agriculture products, PVC sheets, flexible PVC, flooring, and plastisols are large volume consumer markets. In the future, Levulinic acid would be extensively used in the manufacturing of polymers, fuel additives, and PVC piping. Cost-competitive economics is a key driving force behind the rapid growth of the levulinic acid market. Additional factors that are helping the upsurge of the market include the growing demand for alternative feedstock for fossil fuels.
The ever-increasing population that is increasing the demand for food, energy, and quality housing & healthcare, propel a large share of the market, driving the industries such as agriculture, pharmaceutical, construction (paints & paints & coating), and power.
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Global Levulinic Acid Market – Segmentation
The report is segmented into three dynamics;
By Technology : Acid Hydrolysis Production Process, Biofine Hydrolysis Production Process, and others.
By Application : Food Additive, Pharmaceuticals, Cosmetic & Personal Care, and others.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Levulinic Acid Market – Regional Analysis
North America dominates the global levulinic acid market. The largest market share attributes to the growing consumption of levulinic acid in well-developed end-user industries. Besides rising applications of levulinic acid in food & beverages, pharmaceuticals and cosmetic & personal care drive the growth of the market. Moreover, the demand for convenience food led by the heady lifestyle and the growing working population in this region foster market growth. The US and Canada hold major shares in the regional market.
Europe accounts for the second-largest market for levulinic acid, globally. Factors such as the increasing consumption of this acid in well-developed personal care and pharmaceutical industries in the region act as key driving forces behind the growth of the market, creating a huge demand. Moreover, the presence of major industry players and consumer markets in the region positively impacts the market growth.
The Asia Pacific levulinic acid market is emerging as a profitable market globally. Factors such as the rapid urbanization and industrialization in the region and emerging economies act as key growth drivers for the regional market.
Indonesia, China, Malaysia, and India, are major growth contributing countries due to the raw material advantage. Moreover, the widening uptake of levulinic acid in the food and cosmetics & personal products industry positively influences the growth of the regional market. Furthermore, the growing number of the working population in the region, fuel the market growth, augmenting the demand for on-the-go food products.
Global Levulinic Acid Market – Competitive Analysis
Highly competitive, the global levulinic acid market appears fragmented due to the presence of several well-established as well as small players. Matured players incorporate strategic initiatives such as collaboration, acquisition, expansion, product & technology launch, and partnership to gain an edge over their rivals and thus to maintain their market positions.
Leading players make substantial investments locally and in the emerging countries to expand their production capacity, distribution network, and supply chain. In such a scenario, obtaining strong financial support becomes the sole strategy of suppliers to sustain in the market. Manufacturers strive to minimize the cost of their products by adopting cost-effective manufacturing techniques.
Industry/ Innovation/ Related News:
June 29, 2020 ——- Origin Materials (North America), a material development company, announced its commitment to the commercial manufacture of the chemical 5-chloromethyl furfural (CMF) products. The company also announced the development of a proprietary biomass-to-chemicals production process based on furan chemistry. The new process allows the conversion of lignocellulosic plant-based carbon into chemical building blocks CMF and hydrothermal carbon (HTC) and furfural and levulinic acid, through simple, economical, single-step chemo-catalysis.
- Biofine International Inc.
- GF Biochemicals Ltd.
- Anhui Herman Impex Co Ltd
- CSPC Pharmaceutical Group
- Great Chemicals Co. Ltd.
- Hefei TNJ Chemical Industry Co.Ltd.
- Langfang Triple Well Chemicals Co. Ltd
- Simagchem Corporation