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.
In depth research report on 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
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energy.
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