Accelerated Digitization in Manufacturing to Benefit Levulinic Acid Market Despite COVID-19
Research Reports
Aug 19, 2023
Market Overview
The Levulinic Acid Market size was valued at USD 0.08 billion in 2022. The levulinic acid industry is projected to grow from USD 0.083 billion in 2023 to USD 0.12 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.30% during the forecast period (2023 – 2032).
Levulinic acid also known as Keto acid is a recognized versatile bio-based platform chemical. Derived directly from biomass, levulinic acid can even serve as an alternative feedstock for the manufacturing of fuel. Levulinic acid demonstrates feedstock flexibility and allows a wide range of downstream transformations that can offer high conversion yields, high productivity and concentrated process streams resulting in cost-competitive economics.
Current markets of levulinic acid include personal care, F&B, pharmaceuticals, dietary supplement, and resins & coatings among others. Levulinic acid is also extensively used in the making of specialty products such as home care & laundry, heavy industrial cleaning, polymer & adhesive removers, and biopolymers among others. However, agriculture products, PVC sheets, flexible PVC, flooring, plastisols are its all-time large volume markets.
In the future, Levulinic acid will be extensively used in the manufacturing of polymers, fuel additives, and PVC piping among others. Cost-competitive economics is a key driving force behind the fast and successful market introduction of levulinic acid.
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As a result, the global levulinic acid market is growing rapidly witnessing a huge demand across industries. A range of application areas is a key factor impacting the substantial market growth which will be continued in the coming years as well.
Acknowledging the potential that the market holds to grow further in the upcoming years, Market Research Future (MRFR) in its recently published analysis asserts that the global levulinic acid market will garner colossal accruals by 2032, registering a phenomenal CAGR throughout the review period (2023 – 2032).
Additional factors that are helping the upsurge of the market include the growing demand for alternative feedstocks for fossil fuels. Also, the ever-increasing population that is continually creating a massive demand for food, energy, and quality housing & healthcare is propelling the levulinic acid market, driving the industries such as agriculture, pharmaceutical, construction (paints & coating), and power.
Renowned Vendors
G.F. 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.)
The Valspar Corporation (U.S.)
KCC Corporation (South Korea)
Sherwin-Williams (U.S.)
AkzoNobel (Netherlands)
Jotun A/S (Norway)
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Segmental Analysis
The levulinic acid industry can be dissected with respect to technology and application.
The technology-wise segments considered in the market study include biofine production process, acid hydrolysis production process, and more. Considered to be highly advanced, the biofine production process is a lignocellulosic-fractionating technology that has gained more strength than its counterpart in the market.
The market categories depending on the application include plasticizers, pharmaceuticals, food additive, agriculture, cosmetic and personal care, and others. The market is headed by the plasticizers segment and this can be the case even during the review period. The accelerated deployment of levulinic acid for better flexibility in plastics, particularly in PVCs remains the top reason for the segment’s growth. It is also anticipated that the pharmaceuticals and agriculture segments can record a CAGR of more than 5% in the ensuing years.
Regional Insight
The levulinic acid market is spread across the key regions of Latin America, APAC/Asia Pacific, Europe/EU, the Middle East & Africa/MEA and North America.
At present, North America is the world leader in the levulinic acid market and can also expect to attain a significant growth rate in the next few years. The personal care along with food and beverage industry has emerged as one of the prominent end-users positively influencing the levulinic acid market in the region. Some of the leading contenders in the North American market include Canada as well as the U.S/United States. With the stupendous growth in R&D activities and their increasing commercialization, the price of levulinic acid is expected to be more competitive in the years to come. Moreover, favorable government regulations are also leading the levulinic acid market in the region to greater heights.
APAC can advance at a steady pace and is all set to emerge as a strong market in terms of growth. The extensive agriculture sector across various countries in the region has led to a higher uptake of levulinic acid as pesticides, thereby favoring the market. The escalating per capita income in China and India and the rampant demand for personal care products and cosmetics combined with the rising preference for on-the-go beverages and food among the working population could also stoke the market expansion rate in the region.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team has the supreme objective to provide the optimum quality market research and intelligence services to our clients.
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