Levulinic Acid Market: Industry Players to Show High Growth Rate by 2024

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Global Levulinic Acid Market: Overview

Levulinic acid is an organic compound which is replacing petroleum-based products in different sectors such as biofuel and chemical industry. It is normally produced from biomass, manure, and brewery waste. It is the antecedent of biofuels and is derived from degradation of cellulose. Levulinic acid is used as a precursor in plasticizers, pharmaceuticals, and various other additives. It is produced by acidic hydrolysis of furfuryl alcohol, ozone-based oxidation of ketones, and hydrolyzing acetyl succinate esters. Levulinic acid is commonly formed by heating sucrose along with concentrated acid, during this process formic acid is also formed. It is soluble in ethanol, diethyl ether, and water but is insoluble in aliphatic hydrocarbons.

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Global Levulinic Acid Market: Growth Factors

Levulinic acid is extensively used for manufacturing of PVC which is a better alternative for phthalate plasticizers; this factor is expected to drive the market. PVC is broadly used in the manufacturing of different products in varied industries such as packaging, healthcare, automotive, and others. Levulinic acid is less toxic as compared to phthalate plasticizers that can pose health concerns for children. It is used as pesticides and additives in the biofuel production and pharmaceutical manufacturing. Levulinic acid is also used in cigarettes to enhance the nicotine content. Bio-based production of levulinic acid is in huge quantity as there occurs a large price difference, thus its production quantity is much higher. Increasing spending on the R&D of manufacturing technology is anticipated to open new growth opportunities in coming years. However, substitution from alternatives of the synthetic chemical of levulinic acid is the major challenge before levulinic acid market.

Global Levulinic Acid Market: Segmentation

The levulinic acid market is categorized based on the application and region. The application segment is classified into pharmaceuticals, agriculture, food & beverages, cosmetics, and others. Geographically, the levulinic acid market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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Global Levulinic Acid Market: Regional Analysis

North America is the largest region for the levulinic acid market with the highest consumption; Europe and Asia Pacific are following the same trend. Asia Pacific is developing at the fastest rate and manufacturers from the country of China are supplying the levulinic acid to European and the U.S. based downstream enterprises at reduced prices for their individual application. Levulinic acid is heavily used in various application areas in the European region, this is anticipated to fuel the market growth in future. Key manufacturers of levulinic acid are focusing on introducing innovative products, which is augmenting the levulinic acid market.

Global Levulinic Acid Market: Competitive Players

Major market players that are dominating the levulinic acid market are E. I. du Pont de Nemours and Company, GFBiochemicals, Ltd., Tokyo Chemical Industry Co. Ltd., Heroy Chemical Industry Co., Ltd., Biofine Technology LLC, Parchem Fine & Specialty Chemicals, and Segetis, Inc. Other prominent players include Hebei Langfang Triple Well Chemicals Co., Ltd., Apple Flavor & Fragrance Group Co., Ltd., and China Shijiazhuang Pharmaceutical Group Co. Ltd.

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Global Levulinic Acid Market: Regional Segment Analysis

  • North America
    • U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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shawn

Shawn Morgan is an accomplished digital marketing professional. He tracks the most recent patterns and happenings in the advanced showcasing scene, additionally offering his feeling on their effect on organizations. He has involvement in both B2C and B2B markets. His side interests incorporate perusing books and voyaging.

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