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.
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
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.
No comments:
Post a Comment