WASHINGTON, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The Global Levulinic Acid Market is valued at USD 25.5 million in 2021 and is projected to reach a value of USD 43.2 million by 2028 at a CAGR (Compound Annual Growth Rate) of 9.2% over the forecast period 2022-2028.
Market Overview
According to Vantage Market Research, some key factors are anticipated to accelerate the Levulinic Acid market growth over the forecast period. Levulinic Acid is likely in higher demand as the plastics and polymer sectors seek to increase the flexibility of plastics, notably PVC. Levulinic Acid is being used in cigarettes more frequently to enhance nicotine delivery in smoke and nicotine binding, which will promote market expansion.
We forecast that the agriculture category in Levulinic Acid market sales will account for more than 20% of total sales by 2028. The rising need for fertilizers for increased crop production is one of the main factors driving the market's expansion. By raising the productivity of farmland, fertilizers enable farmers to increase crop yields. They can also make less productive land produce substantial velds.
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Market Dynamics
Personal Care Industry's Explosive Growth Will Support Market Expansion
Levulinic Acid and its salts, such as sodium levulinate, are utilized in the personal care sector to provide an effective preservative for personal care products. Additionally, the US Food and Drug Administration (FDA) has authorized its usage in personal care products, which has expedited the expansion of the Levulinic Acid market. The expansion in online beauty spending drives sales of personal care goods, greater consumer interest in high-end products, growing social media influence, and rising per capita income, eventually helping the Levulinic Acid market. As a result, the Levulinic Acid market will expand due to the rising demand for personal care products.
Agriculture Sector Development to Support Market Expansion
The need for agrochemicals has increased. The demand for Levulinic Acid is rising due to the widespread usage of its delta-aminoLevulinic Acid (DELTA) derivative in certain grain crops and lawns. Levulinic Acid also plays a significant role in fertilizers, which are extensively used in the agricultural sector. According to the International Fertilizer Association (IFA), the capacity for ammonia is expected to increase globally by 6% between 2019 and 2024, from 218 Mt. Additionally, a 9% rise in phosphate rock supply is anticipated globally, from 238 Mt in 2019 to 261 Mt in 2024.
Top Players in the Global Levulinic Acid Market
- 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)
For Additional Information on Levulinic Acid Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Levulinic Acid Market
- One trend that Vantage Market Research (VMR) expects to see in the Levulinic Acid industry is pharmaceutical industry is expanding. The Levulinic Acid market is being driven by an increase in pharmaceutical sector demand for drug preparation due to increased global disease and infection rates.
- Another trend that VMR predicts will continue in the Levulinic Acid industry is the development of biofuels for transportation. The usage of LA derivatives as fuel additives and as an alternative to the present diesel cetane improvers and cold-flow performance is growing. The need for environmentally friendly transportation fuels like green diesel, jet fuel, and gasoline is also rising.
Top Report Findings
- Based on Technology, most of the Levulinic Acid market's revenue is controlled by the Bio-Fine category. In the bio-fine process, five- and six-carbon sugars are converted to furfural and hydroxymethyl furfural, respectively, using diluted sulfuric acid. This method's increased production effectiveness is the reason for its popularity.
- Based on End Users, most of the Levulinic Acid market's revenue is controlled by the cosmetics and personal care category. During the projection period, there is an expected rise in the industry's demand from the cosmetics sector. There is a substantial rise in producing organic and natural cosmetic formulations using Levulinic Acid and its derivatives in the recent times.
- Based on Applications, most of the Levulinic Acid market's revenue is controlled by the agricultural products category. The agricultural sector has a significant need for the industry. It is being utilized as a substitute for conventional insecticides and herbicides. Levulinic Acid increases the ability of pesticides to get rid of unwanted pests.
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Recent Developments in the Global Levulinic Acid Market
- In May of 2022, BTC Europe GmbH and NXTLEVVEL Biochem formed a partnership to distribute Levulinic Acid-based biobased and biodegradable solvents across Europe. This expansion is made to bolster the company's position in the European market. High solubility, low volatility, and biodegradability make Levulinic Acid useful in many contexts.
Agricultural Products Category in Levulinic Acid Market to Generate Over 29% Revenue
Levulinic Acids are an expensive investment. Vantage Market Research has analyzed the market for Levulinic Acid to understand its current state and potential future growth factors. For better understanding, based on the application, the Levulinic Acid market is divided into food additives, pharmaceuticals, agricultural products, personal care products, plasticizers, and fuel additives.
During the forecast period, the market for Levulinic Acid to experience the highest CAGR for the agricultural products category. The largest market for Levulinic Acid is agriculture. The fertilizers necessary for a successful crop yield are the main element affecting this market. By increasing farmland productivity, fertilizers give farmers the ability to increase crop yields. They can also transform lands that would have been less productive and produce significant yields.
On the other hand, the fuel additives category is anticipated to grow significantly. Due to its operationally feasible qualities, such as low toxicity, high lubricity, a constant flash point, and appreciable flow features, Levulinic Acid and its derivatives are increasingly used as fuel additives, which makes them a good additive for gasoline and diesel fuels.
Asia Pacific Region in Levulinic Acid Market to Generate More 35% Revenue
The Asia Pacific dominates the market for Levulinic Acid, and this trend of dominance will continue throughout the projection period. Due to numerous government environmental protection measures and a movement in consumer preferences toward bio-based products, the region has seen a rise in the demand for Levulinic Acid. The expansion of the market in the Asia Pacific is driven by the expanding bio-based plastic sector and the rising use of biofuel technologies.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Levulinic Acid Market Forecast Report (2022-2028).
Global Levulinic Acid Market Segmentation
By Technology
- Biofine
- Acid hydrolysis
By End User
- Agriculture
- Food
- Beverages
- Pharmaceuticals
- Cosmetics & Personal Care
By Applications
- Food Additives
- Pharmaceuticals
- Agricultural Products
- Personal Care Products
- Plasticizers
- Fuel Additives
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 25.5 Million |
| Revenue Forecast by 2028 | USD 43.2 Million |
| CAGR | 9.2% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | G.F. Biochemicals Ltd., Langfang Triple Well Chemicals Co. Ltd., Biofine International Inc., Avantium, Simagchem Corporation, Hefei TNJ Chemical Industry Co. Ltd., CSPC Pharmaceutical Group, Great Chemicals Co. Ltd., Anhui Herman Impex Co Ltd, DuPont, The Valspar Corporation, KCC Corporation, Sherwin-Williams, AkzoNobel, Jotun A/S |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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- Top Companies in Levulinic Acid Market by Size, Share, Historical and Future Data & CAGR
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