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.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/levulinic-acid-market
Levulinic acid market volume share by application, 2013
Further
key findings from the study suggest:
·
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.
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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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