Global Levulinic Acid Market was valued at US$ 18.96 Mn in 2019 and is expected to reach US$ 58 Mn by 2027, at a CAGR of 15% during a forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
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The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data, and projections with a suitable set of assumptions and methodology. The report also helps in understanding levulinic acid market dynamics, structure by identifying and analyzing the market segments and project the global market size.
Further, the report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders prioritizing the efforts and investment in the near future to emerging segments in the levulinic acid market.
The report study has analyzed the revenue impact of the COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
Levulinic acid is an organic compound that is supposed to replace petroleum-based products, in sectors such as chemical industry and bio-fuel among others, in the forecast period. It has been classified as a keto acid and is usually produced from brewery waste, biomass, and manure.
Levulinic acid can also be manufactured by acidic hydrolysis of furfuryl alcohol, by hydrolyzing acetyl succinate esters, and by ozone-based oxidation of ketones. It is a white granular solid that is also called 4-oxopentanoic acid. It is also formed by using heating sucrose along with concentrated acid. Levulinic acid dissolves in water, diethyl ether, and ethanol but is insoluble in aliphatic hydrocarbons.
Levulinic acid is widely used for the manufacturing of PVC which is a better alternative for phthalate plasticizers which is a factor that is expected to drive the market during the forecast period. PVC is mostly used in the manufacturing of different products in different industries such as packaging, healthcare, automotive, and others. Levulinic acid is less toxic as compared to phthalate plasticizers that can cause health concerns for children.
It is also used as a pesticide and additive in the biofuel production and pharmaceutical industry. Levulinic acid is also used in cigarettes to improve the nicotine content. Increasing investment in the R&D of manufacturing technology is projected to open new growth opportunities in the forecasted period.
Based on technology, the market is segmented into the biofine production process and acid hydrolysis production process.
In terms of application, the plasticizers segment is expected to lead the levulinic acid market during the forecast period. Levulinic acid has an extensive range of applications in end-user industries such as pharmaceuticals, cosmetics & personal care, agriculture, food, and beverages. The rising demand for the replacement of phthalate plasticizers by levulinic acid in the production of polyvinyl chloride (PVC) is the key factor driving the global market. Furthermore, PVC is used in various applications such as construction and automobiles among others, therefore, adding to the growth of the global levulinic acid market.
Geographically, North America holds a major market and is projected to be the fastest-growing market during the forecast years. North America followed by Europe are expected to show steady growth during the forecast period. The developed personal care and pharmaceutical industry are driving the market in North America in the last few years.
Additionally, the fast-paced lifestyle and the growing working population have improved the demand for convenience food in the region, which further spurs the demand for levulinic acid as food additives. Europe is the second-largest levulinic acid market and is likely to grow at a considerable CAGR during the forecast timeframe due to growing demand from pharmaceutical cosmetic & personal care industries.
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The Scope of the Global Levulinic Acid Market: Inquire before buying
Global Levulinic Acid Market, by Technology:
• Acid Hydrolysis
• Biofine
Global Levulinic Acid Market, by Application:
• Plasticizers
• Pharmaceuticals
• Cosmetics
• Others
Global Levulinic Acid Market, by Region:
• North America
• Europe
• Middle East & Africa
• Asia-Pacific
• South America
Key Players Operating in the Global Levulinic Acid Market:
• Biofine International Inc.
• Avantium
• GF Biochemicals Ltd.
• Langfang Triple Well Chemicals Co. Ltd
• Simagchem Corporation
• Hefei TNJ Chemical Industry Co., Ltd.
• Great Chemicals Co. Ltd.
• Anhui Herman Impex Co Ltd
• Heroy Chemical Industry Co. Ltd.
• Haihang Industry Co. Ltd
• DuPont
• CSPC Pharmaceutical Group
• Segetis
• Jiangsu Yancheng China Flavor Chemicals Co., Ltd.
• Shanghai Apple Flavor & Fragrance Co., Ltd.
• Tokyo Chemical Industry Co. Ltd
• Merck KGaA
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