Levulinic Acid Market– Market Overview
Levulinic acid also classified as keto acid is an organic compound derived from the degradation of cellulose. It is generally produced from biomass, manure, and brewery waste and is a potential replacement for petroleum based products. Levulinic acid is also produced ozone based oxidation of ketones and by acidic hydrolysis furfuryl alcohol. Levulinic acid has a wide variety of applications such as pharmaceuticals, as a replacement of plasticizers, food additives, pesticides, and are also used in cigarettes for increasing nicotine content. The global Levulinic acid is segmented on the basis of technology, application and region. On the basis of application, pharmaceuticals and agriculture is expected to grow at a highest CAGR during the forecast years. In pharmaceuticals, Levulinic acid is used as indomethacin and calcium levulinate, an anti-inflammatory medicine whereas agricultural applications includes chemical fertilizers and pesticides.
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Market Analysis
According to the analysis of MRFR, the major market forces and trends driving growth of the global Levulinic Acid market includes growing usage of Levulinic acid in the chemical industry as a replacement for the synthetic counterparts, and increasing demand for the use in the pharmaceuticals, cosmetics, biofuel production, among others. The market growth of Levulinic acid is also attributed owing to the potential replacement of phthalate plasticizers for the manufacture of PVC. This is due to the wide application PVC in different industries such as automotive, healthcare and packaging among others. Moreover, the increasing use of Levulinic acid in chemical fertilizers and pesticides is also expected to contributive the market demand. In addition, a component of Levulinic acid; Methyltetrahydrofuran (MTHF) acts as a fuel additive which is commercially used in automobiles as fuel extenders.
Levulinic Acid Market- Competitive Landscape
The Global Levulinic Acid Market is a highly lucrative market driven by flourishing advances and demand from the chemical industry along with the increasing application in the pharmaceuticals and agriculture industry among others. GF Biochemical, Ltd., Segetis, Inc., Heroy Chemical Industry Co., Ltd., Parchem fine & specialty chemicals, Tokyo Chemical Industry Co. Ltd., E. I. du Pont de Nemours and Company, Biofine Technology LLC are some of the prominent players operating in the market .Most of these market participants are adopting the innovation and product launch tactics to strengthen their production capacities and market position. Taking account of these trends, the global Levulinic Acid market is projected to witness considerable competition over the forecast period of 2019-2023.
North America is expected to be the dominant market followed by Europe and Asia pacific. The developed end user industries in the region such as pharmaceutical, and cosmetics among others coupled the increasing adoption rate are factor contributing to the market growth in the region. Moreover, the stringent government regulation regarding the use of relating to the use of toxic chemicals has augmented the use of levulinic acid as an alternative for synthetic chemicals which further is expected to add to the market growth in the forecast years. Europe’s market of levulinic acid is expected show a strong CAGR owing to the high demand of the acid from the plasticizers, pharmaceuticals and cosmetic industry. Germany is expected to lead the European market during the forecast years.
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Key Players For Levulinic Acid Market
• GFBiochemicals Ltd.
• Segetis Inc.
• Heroy Chemical Industry Co.Ltd.
• Parchem fine & specialty chemicals
• Tokyo Chemical Industry Co. Ltd.
• E. I. du Pont de Nemours and Company
• Biofine Technology LLC
• China Shijiazhuang Pharmaceutical Group Co. Ltd.
• Apple Flavor & Fragrance Group Co.Ltd.
• Hebei Langfang Triple Well Chemicals Co.Ltd
• Avantium Inc
• Tokyo Chemical Industry Co. Ltd
• Hefei TNJ Chemical Industry Co Ltd
Industry/ Innovation/ Related News:
22 July, 2015 - Bio based chemical company GF biochemical started the production of levulinic acid in their 10,000MT capacity plant in Caserta, Italy. GF Chemicals Company become the first company to start the production of levulinic acid from biomass at a commercial scale. This development is expected to fuel the market of bio based levulinic acid in Europe.
17 May, 2017 – GF biochemical successfully acquired the intellectual property and assets of Segetis, a US based levulinic acid derivatives producer. This acquisition will help GF biochemical to use Segetis technologies for converting bio based acid into in specialty chemicals.