Levulinic Acid Market Competitive Landscape Prediction And Industry Statistics Analysis Till 2023
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.
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.
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.
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