Levulinic Acid Market Is Projected To Be Around $45.36 Million By 2022
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A research study titled, “Levulinic Acid Market by Application Type and Potential Downstream Platform - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the levulinic acid market is projected to be around $45.36 million by 2022.
The global levulinic acid market was worth USD 16.07 million in the year of 2014 and is anticipated to reach approximately USD 45.36 million by 2022 while registering itself at a compound annual growth rate (CAGR) of 12.02% over the forecast period. Levulinic acid is a natural substance that is held to substitute the products which are petroleum based, in the industry like chemical and bio-fuel among others, in the coming years. It has been assorted as keto acid and is usually prepared from manure, biomass, brewery waste and others. Also, levulinic acid can be prepared by ketones' ozone-based oxidation, by the hydrolysis of acetyl succinate esters and by furfuryl alcohol’s acidic hydrolysis. It is a crystalline colorless solid. It is also referred as 4-oxopentanoic acid. In law, it is produced by heating sucrose together with saturated acid. The formic acid is also produced during the procedure. Levulinic acid is dissoluble in ethanol, water, and diethyl ether whereas indissoluble in aliphatic hydrocarbons. Levulinic acid is relatively non-toxic in character. It is also considered to possess the prospective of substituting phthalate plasticizers. Biofuels like methyltetrahydrofuran, valerolactone, and ethyl levulinate are also being formed using levulinic acid.
The global levulinic acid market is anticipated to experience a lucrative growth with a prominent compound annual growth rate during the forecast period. Levulinic acid has been widely used by farming industry with major applications in pesticides and fertilizers. The sturdy demand growing from the farming industry is the major driving factors for the global levulinic acid market. Also, the levulinic acid market has a favorable regulatory environment which demonstrates a positive effect on the demand for levulinic acid for the near future. Furthermore, increasing research and development (R&D) spending by major market players, growing use of levulinic acid in pesticides, biofuel production, pharmaceutical manufacturing, and food additives among others is contributing to fuel the growth of the global levulinic acid market. It is also utilized in cigarettes for amplifying content of nicotine that is released by the smoke. The bio-based levulinic acid has much higher cost than its synthetic substitutes which might be the restraining factors for the global levulinic acid market over coming years.
The key market players for the global levulinic acid market are Shanghai Apple Flavor & Fragrance Co., Ltd., Yancheng China Flavor Chemicals Co., Ltd., Segetis, Hebei Shijiazhuang Worldwide Furfural & Furfuryl Alcohol Funan Resin Co., Ltd., DuPont, Shijiazhuang Pharmaceutical Group Co., Ltd, Hebei Langfang Triple Well Chemicals Co., Ltd., CSPC Ouyi Pharmaceutical Co., Ltd. and Biofine Technology LLC. By Potential Downstream Platform, the market industry is divided into; Methyltetrahydrofuran (MTHF), Delta aminolevulinic acid (DALA), Diphenolic Acid and Others. According to applications, the global market is classified as; Pharmaceuticals, Agriculture, Food Additives, and Cosmetics. Geographically, the global levulinic acid market is segmented in regions which are; Europe (Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), North America (the United States, Mexico and Canada)and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the levulinic acid market
- In 2014, the global levulinic acid market was evaluated at USD 16.07 million and is expected to reach around USD 45.36 million by 2022 while registering itself at a compound annual growth rate (CAGR) of 12.02% over the forecast years owing to the rising usage of levulinic acid in solvents, pesticides, cosmetics, and pharmaceuticals industries.
- During precedent few years, the chemical industry has recurrently been motivated towards achieving a sustainable development, with a concentration on the progress of recyclable bio-based and biotechnological products. The manufacturing process for bio-based levulinic acid has been modified by carbohydrates with acid or dehydration of biomass. Levulinic acid is gradually more used as an alternate to its artificial equivalent in industrial applications.
- In 2013, pharmaceutical along with agriculture sector reported for around 66% of the total volume. Levulinic acid demand in the agricultural and its correlated applications are anticipated to rise at a compound annual growth rate of 6%, while the market is expected to grow at a compound annual growth rate of 5.4% during forecast years in the pharmaceutical sector.
- In 2013, North America region ruled the global levulinic acid market led to around 41% of the total demand. The demand of levulinic acid in the region is projected to be 1,598.3 tons by the end of 2020, rising at a compound annual growth rate of 5.6% during the forecast period, due to the existence of the important application participant in the North America region.
- Asia Pacific and Europe are developing levulinic acid markets. China is the major supplier, manufacturer and sells the product at a comparatively lower cost to companies in the Europe and U.S. which create downstream chemical products. In 2013, Europe is the second major consumer, reported for 31% of the total market volume.
- Key market players are DuPont, Segetis, and Biofine. China has huge and an unorganized production base with main suppliers as Shijiazhuang Pharmaceutical Group and Ouyi Pharmaceutical Co Ltd.