Levulinic Acid Market
The global levulinic acid market is mainly driven by the growing demand for levulinic acid from the pharmaceuticals, cosmetics and personal care, agriculture, and food and beverage industries, according to the latest research report from Market Research Future (MRFR). Levulinic acid is a substitute for oil and is being used widely in several industrial sectors due to the growing awareness about the dropping levels of oil in conventional and unconventional reservoirs and growing awareness about the utility of levulinic acid as a replacement for the same.
Growing demand for levulinic acid as a replacement for phthalate plasticizers is likely to be a major driver for the global levulinic acid market over the forecast period. Phthalate plasticizers are widely used in the manufacturing sector to produce a wide range of products. However, their adverse environmental effects have led to a growing awareness about the need to replace them with more viable alternatives. The need to replace phthalate plasticizers has been felt keenly across a wide range of industrial sectors, leading to a steady emergence of the levulinic acid market as a viable alternative for phthalate plasticizers. The growing plastic production industry in the developing world is likely to remain a major driver for the global levulinic acid market over the forecast period.
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The growing use of levulinic acid in the production of polyvinyl chloride (PVC) is a major driver for the global levulinic acid market, as vast amounts of PVC is produced to satisfy the world’s demand for plastic piping and other such products. PVC is also used in automobile applications, and has thus gained a steady rise in demand over the last few years due to the growing demand for new production of automobiles. The pharmaceutical and personal care applications of levulinic acid are also likely to grow over the forecast period due to the growing demand for skin care, hair care, and other similar products and the rising demand for alternatives for petroleum compounds conventionally used in the same.
The global levulinic acid market is segmented on the basis of technology, application, and region.
On the basis of technology, the levulinic acid market is segmented into biofine production process, acid hydrolysis production process, and others.
By application, the levulinic acid market is segmented into food additives, cosmetic and personal care products, pharmaceuticals, plasticizers, agriculture, and others. Agriculture accounted for a dominant share of 30% in the global levulinic acid market in 2017. Due to the growing demand for levulinic acid products in the agriculture sector, the agriculture segment is likely to remain the leading revenue generator over the forecast period. Levulinic acid is a key component and platform chemical for pesticides as well as fertilizers, ensuring widespread demand in the agriculture industry.
The global levulinic acid market is segmented into five regions, namely North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
North America is the dominant regional market for levulinic acid due to the growing demand for levulinic acid from the region’s pharmaceutical and personal care product industries. The high disposable income of the consumers in this region and the widespread availability of personal care products have helped drive the demand from the levulinic acid market in this region. The growing demand for personal care products is likely to be a major driver for the levulinic acid market in North America over the forecast period. The growing demand for levulinic acid as a food additive is also likely to be a major feature of the levulinic acid market’s growth in North America over the forecast period.
Leading players in the global levulinic acid market include Biofine International Inc., GF Biochemicals Ltd., Simagchem Corporation, Great Chemicals Co. Ltd., DuPont, CSPC Pharmaceutical Group, Anhui Herman Impex Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., Langfang Triple Well Chemicals Co. Ltd., and Avantium.
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