According to the latest report by IMARC Group, titled "Levulinic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global levulinic acid market size reached US$ 27.2 Billion in 2022. Levulinic acid is an organic compound that is manufactured by the degradation of cellulose. Classified as a keto acid, it is a white crystalline solid, which is mostly produced from carbohydrates, including glucose, sucrose and fructose, and bio-based materials, such as starch, wood and agricultural wastes. Completely soluble in water and polar organic solvents, it is widely used for maintaining the acidic balance of numerous solvents, pharmaceuticals and agrochemicals. It is also replacing petroleum-based products across numerous industries, such as chemical and biofuel. Apart from this, it is extensively utilized as a plant stimulator, fuel additive and as an additive in cigarettes.
Global Levulinic Acid Market Trends:
The global market is driven by significant growth in the agriculture sector. Levulinic acid manufactured using biomass is used as a green alternative to sulfuric acid for the production of pesticides, fertilizers and herbicides. In line with this, the growing inclination toward organic farming and the increasing need to improve crop yield are facilitating the market growth. The market is further driven by the rising preference for levulinic acid as a substitute for phthalate plasticizers in the manufacturing of polyvinyl chloride (PVC) products. The acid is comparatively less toxic than the traditionally used phthalate plasticizers that have been known to pose health concerns among users. This, along with the increasing demand for PVC products across numerous industry verticals, is creating a positive outlook for the market. The growing utilization of the acid in the personal care products as a preservative and a skin conditioning agent is acting as another major growth-inducing factor. Some of the other factors contributing to the market growth include the growing application of levulinic acid in the automotive, pharmaceuticals and biofuel industries and the continual research and development (R&D) activities conducted in the field of chemistry and biotechnology. On account of the aforementioned factors, the market is projected to reach a value of US$ 35.9 Billion by 2028, registering a CAGR of 4.8% during 2023-2028.
- On the basis of technology, the market has been bifurcated into acid hydrolysis and biofine.
- Based on the end use industry, the market has been divided into agriculture, pharmaceutical, food, cosmetics and other industries.
- On the basis of the form, the market has been classified into liquid and solid.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include Avantium Chemicals B.V., Biofine International Inc., Dupont De Nemours Inc., GFBiochemicals, Great Chemical Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., Langfang Triple Well Chemicals Co. Ltd., Sigma-Aldrich Corporation, Simagchem Corporation and Tokyo Chemical Industry Co. Ltd.
|Base Year of the Analysis
||Technology, End-Use Industry, Form, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Avantium Chemicals B.V., Biofine International Inc., Dupont De Nemours Inc., GFBiochemicals, Great Chemical Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., Langfang Triple Well Chemicals Co. Ltd., Sigma-Aldrich Corporation, Simagchem Corporation and Tokyo Chemical Industry Co. Ltd.
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