Market Research Report
Levulinic Acid Market Research Report: By Technology, Application, Geographical Outlook - Global Industry Analysis and Growth Forecast to 2024
|Published by||Prescient & Strategic Intelligence Private Limited||Product code||918869|
|Published||Content info||118 Pages
Delivery time: 2-3 business days
|Levulinic Acid Market Research Report: By Technology, Application, Geographical Outlook - Global Industry Analysis and Growth Forecast to 2024|
|Published: October 1, 2019||Content info: 118 Pages||
From valuing $26.3 million in 2018, the global levulinic acid market is predicted to grow to $34.5 million by 2024, registering a CAGR of 4.9% during the forecast period (2019-2024).
Based on technology, the market is bifurcated into biofine and acid hydrolyisis. In 2018, the larger share in the levulinic acid market was held by biofine, and it is projected to maintain its dominance during the forecast period. This technology allows the production of levulinic acid without using any microorganisms for the fermentation of monomers. Additionally, the process facilitates the use of heterogenous lignocellulosic resources, which, in turn, supports the production of numerous levulinic acid derivatives, such as succininc acid, diphenolic acid, methyl levulinate, and ethyl levulinate. These derivatives are set to experience a huge demand in the coming years due to their application as fuel additives, food additives, agricultural, and personal care products.
The largest application area of levulinic acid across the world is as fuel additives. Further, the levulinic acid market is predicted to witness the fastest growth in this category in the forecast period. This can be attributed to the rising concerns about the environment regarding the depleting fossil reserves, which make up for most of the energy needs in the present time. Additionally, the category of personal care products is expected to register notable growth, due to the rising popularity of bio-based personal care and cosmetics products.
The rising adoption of levulininc acid derivatives across various end-use industries is driving the growth of the levulinic acid market. Recently, the demand for bio-based products, including organic fragrances and cosmetics has surged. The derivatives of levulinic acid, such as diphenolic acid, hydroxymethylfurfural, ethyl levulinate, succinic acid, and sodium levulinate, find application in agricultural products, food and fuel additives, and personal care products. In the personal care industry, a sodium salt derived from levulinic acid, sodium levulinate, is witnessing a high demand, as it is used as a skin-conditioning agent in cosmetics and other personal care products. In addition to that, the salt is also being used as a food preservative, as it helps in inhibiting the growth of aerobic microorganisms while storing food.
In 2018, among all regions, the largest share in the levulinic acid market was held by North America. During the forecast period, the region is expected to register a 9.8% volume CAGR. The high-volume adoption of levulinic acid derivatives in a huge number of applications due to their organic nature is one of the reasons behind the remarkable growth of the market. In addition to being used as a fuel additive, the derivatives of levulininc acid are also used in agricultural products, such as herbicides and pesticides. They are capable of enhancing crop yield and preventing pest infestation. Further, the rising environmental concern in the region, have motivated manufacturers to shift from synthetic insecticides to bio-based ones.
The levulinic acid market has only a handful of companies operating on a commercial scale. Some key manufacturers are Haihang Industry Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., Heroy Chemical Industry Co. Ltd., and GFBiochemicals Ltd.