San Francisco, 5 December 2018: According to a report
published by Grand View Research, Inc.; the levulinic acid (LA) market is expected to reach a valuation of around USD19.65
million by 2022.
Growing product demand for
manufacturing solvents, pesticides, pharmaceuticals, and cosmetics can propel
the market over the forecast period (2012 to 2022). Additionally, increasing
utilization of the product in niche applications such as nylons, rubbers, and
plastics are projected to increase demand in the next few years.
The LA is widely utilized as
an alternative to its synthetic counterparts in various industrial
applications. The chemical industry has been constantly emphasizing on the
development of renewable bio-based products. Increasing development of novel
technologies for manufacturing bio-based LA is likely to drive the market
growth in the coming years. Several techniques such as dehydrative treatment of
carbohydrates or biomass with acid, acid hydrolysis reaction of acetyl
succinate esters, hydrolysis reaction of furfuryl alcohol, and oxidation
reaction of ketones with ozone are widely used in the production of bio-based
LA. In addition, the derivative called ketal esters obtained from the bio-based
LA is also expected to replace all phthalate-based plasticizers. This is
considered as one of the key factors that may increase the inclination of
industries towards the use of green chemicals.
Access
Research Report of Levulinic
Acid Market@ www.grandviewresearch.com/industry-analysis/levulinic-acid-market
However, high price of raw
material, which is required for producing bio-based LA is considered as major
challenge for the market. Several raw materials such as biomass, brewery waste,
manure and bagasse are required to produce bio-based LA.
The worldwide levulinic acid
market can be segmented on the basis of applications and downstream potential
platform. As per applications, the market can be categorized into
pharmaceuticals, agriculture, food additives, and cosmetics.
In 2013, the pharmaceutical
and agriculture sector collectively accounted for over 66% of the overall
volume. The Agriculture sector is posed to grow at a CAGR of 6% and
pharmaceutical sector is likely to expand at a CAGR of 6% during 2014 to 2020.
Apart from these applications, the product is broadly used in cigarettes to
increase nicotine delivery in smoke and binding of nicotine to neural
receptors.
Based on downstream potential
platform, the market can be classified into delta aminolevulinic acid (DALA),
diphenolic acid, methyltetrahydrofuran (MTHF), and others.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/renewable-chemicals
The Methyltetrahydrofuran
(MTHF), acts as a fuel additive, therefor used as a fuel extender in automotive
industry. This is expected to drive the segment growth in the coming years. The
demand for MTHF is projected to have potential demand of 20000 kilo tons by
2020.
Geographically, the market can
be divided into Asia Pacific, North America, Europe, and Rest of the World.
In 2013, North America
dominated the market and accounted more than 41% of the overall demand. The
region is anticipated to expand at a CAGR of 5.6% during the projected period
due to presence of the leading manufacturers. The demand for the product in
this region is estimated to be 1,598.3 tons by 2020. In 2012, Europe was the
second largest market and accounted for 31% of the total market volume. Asia
Pacific is an emerging market. China is considered as one of the major
suppliers, manufacture, and seller of the product at a comparatively lower
price in comparison with companies based in the U.S. and Europe. The U.S. and Europe
based downstream companies generally source the product form Chinese suppliers
at low prices for their corresponding applications.
Some of the leading companies
working in the market include Segetis, DuPont, Biofine Technology LLC, and
Shanghai Apple Flavor & Fragrance Co. Ltd.
Major manufacturers are mostly
concentrating on research and development activities (R&D) to manufacture
bio-based products at low price. But, to reduce production cost of LA at
competitive levels is a critical factor for the manufacturers. For instance,
recently, Biofine, Inc. has developed a technique for converting the waste
cellulose from various sources such as municipal solid waste, paper mill
sludge, waste wood, unrecyclable waste paper, and agricultural residues into LA.
The LA obtained from waste cellulose could reduce the use of fossil fuels and
the overall cost of manufacturings
Access
Press Release of Levulinic Acid Market@ www.grandviewresearch.com/press-release/global-levulinic-acid-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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