Global levulinic acid market demand
was 2,606.2 tons in 2013 and is projected to be 3,820 tons by 2020. The
increasing application of levulinic acid, especially in pesticides, solvents,
pharmaceuticals, and cosmetics industries are anticipated to boost growth in
the coming years.
Over the past few years, the chemical
industry has continually been striving towards attaining a sustainable growth,
with a focus on the development of renewable biotechnological and bio-based
products. The production technology for bio-based levulinic acid has been
simplified by dehydration of biomass or carbohydrates with acid. Levulinic acid
is being increasingly used as a substitute to its synthetic counterparts in
industrial usage.
The global levulinic acid market is
anticipated to reach USD 19.65 million revenue, with a growing CAGR of 4.8% by
2020. Increasing usage of the acid in niche applications including plastics,
nylons and rubbers are expected to drive demand in the coming years. Increasing
R&D expenditure, mainly to diminish production costs of levulinic acid to
competitive levels is a critical factor for market players.
Access Research Report of Levulinic acid market @ http://www.grandviewresearch.com/industry-analysis/levulinic-acid-market
Agriculture and pharmaceutical together
accounted for over 66% of the overall volume in 2013. Demand for levulinic acid
in the agricultural sector and its related applications is expected to grow at
a CAGR of 6%, whereas the market is anticipated to grow at 5.4% CAGR from 2014
to 2020 in the pharmaceutical sector.
Apart from these applications, levulinic
acid is also moderately used in the production of cigarettes to enhance
delivery of nicotine in smoke, making it more receptive to neurons.
Methyltetrahydrofuran (MTHF), a critical component of levulinic acid acts as a
fuel additive. MTHF is commercially used in automotive segments as fuel
extenders and is projected to have a potential demand of 20,000 kilo tons by
2020.
North America dominated the levulinic acid
market contributing to more than 41% of the overall demand in 2013. Levulinic
acid demand in the region is anticipated to be 1,598.3 tons by 2020, growing at
a CAGR of 5.6% over the forecast period, owing to the presence of the prominent
application players in the region.
Europe and Asia Pacific are emerging
markets for levulinic acid. China, being one the major suppliers, manufactures,
and sells the product at a relatively lower price to companies present in the
U.S. and Europe which produce downstream products of the chemical. Europe,
being the second largest consumer, accounted for 31% of the overall market
volume in 2013.
Major market players include Segetis,
Biofine, and DuPont. China has large an unorganized manufacturing base with
major suppliers being Ouyi Pharmaceutical Co Ltd. and Shijiazhuang
Pharmaceutical Group. Biofine has been one of the prominent manufacturers in
the industry, with a key focus on MTHF and DALA applications.
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Grand View Research has
segmented the global levulinic acid market on the basis of application and
region:
Levulinic Acid Application Outlook
·
Pharmaceuticals
·
Agriculture (Organic potassium fertililizer
DALA, 2--Methylindole-3-acetic acid)
·
Food Additives
·
Cosmetics
Levulinic Acid Regional Outlook
·
North America
·
Europe
·
Asia Pacific
·
Rest of the World
Bio-based Levulinic Acid Potential
Downstream Platform Outlook
·
Methyltetrahydrofuran (MTHF)
·
Delta aminolevulinic acid (DALA)
·
Diphenolic Acid
·
Others
Access Press Release of
Levulinic acid market@ https://www.grandviewresearch.com/press-release/global-levulinic-acid-market
About Grand View Research
Grand View Research, Inc. is a
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