Market Overview
Levulinic acid is an organic acid that is a product of cellulose degradation. It is produced from manure, brewery waste, and biomass waste. It is also produced from furfuryl alcohol acidic hydrolysis and ketones oxidation. The continuous research in the chemical industries is leading to the development of Levulinic acid.
The Levulinic Acid Market is receiving great demand from the end-use industries. This factor is raising the need for acid at an affordable cost with versatile features. The technological development in the research activities to develop the chemical properties to meet the end-users demand is driving the market. The latest practice for the direct product of the levulinic acid from biomass waste is developing the product quality. The manufacturer’s efforts in the production of cost reduction will increase the demand for levulinic acid in the future years. The by-products of the acid-like levulin esters and oligomers are highly adopted as transportation fuels which is a key driving factor of the Levulinic Acid Market.
Slower technological development is not able to meet the growth, which is challenging the market. The key industrial players’ development and efforts with strategies for advanced chemical launch with enhanced property will limit the challenges. Other factors favoring the market’s growth, such as the automotive industries, flourishing construction along with research and development activities in chemistry and biotechnology, are accelerating the market’s growth in the forecast period.
Levulinic Acid Market is projected to be worth USD 93.69 million by 2030, registering a CAGR of 14.34% during the forecast period (2021 - 2030).
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Key Players
- GF Biochemicals Ltd. (Italy)
- Langfang Triple Well Chemicals Co. Ltd (China)
- Biofine International Inc. (U.S.)
- Avantium (Netherlands)
- Simagchem Corporation (China)
- Hefei TNJ Chemical Industry Co.
- Ltd. (China)
- CSPC Pharmaceutical Group (China)
- Great Chemicals Co. Ltd. (China)
- Anhui Herman Impex Co Ltd (China)
- DuPont (U.S.)
Market Segments
The Levulinic Acid Market is segmented into technology, end-users, and application.
The technology segment of the market is categorized into the biofine production process, acid hydrolysis production process, and others. The end-users section is bifurcated into food, beverages, pharmaceuticals, agriculture, cosmetics, and personal care. The agriculture and pharmaceutical sectors will drive the market with a healthy CAGR in the forecast period.
The application segment is segregated into agriculture, plasticizers, food additives, pharmaceuticals, cosmetics, and personal care. The pharmaceuticals and cosmetics capture a good share of the levulinic acid market. Levulinic acid is also widely utilized in food additives and cigarettes.
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Regional Analysis
According to the regional updates, the Levulinic Acid Market covers the prominent regions worldwide, such as the Americas, which includes South America, Latin America, and North America, and the Asia Pacific, the Middle East and Africa, Europe, and the rest of the world.
North America is holding the dominating position with a higher share value of the market. The region is also regarded as the fastest growing compared to others. The Asia Pacific region is propelling due to the increased demand for levulinic acid in China and India.
Other regions will also show significant growth in the forecast period due to the increased research in the chemical field. The presence of industrial players in the above regions is driving the regional market, accelerating the global Levulinic Acid Market.
Industry News
In October 2021- Brenntag, a global leader in chemical and ingredients distribution, made a contract with NXTLEVVEL Biochem to develop Household, Industrial, and Institution portfolios for biobased solvents in the North American region. The present contract consists of the latest product lines such as the levulinates and levulinate ketals.
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