Reports and Data has recently published a new report titled “Global Levulinic Acid Market Forecast to 2028” that offers an in-depth assessment of current market scenario and dynamics along with a comprehensive impact of the COVID-19 pandemic on the materials & chemicals industry. The report provides a panoramic view of the market and insights that will help formulate better and informed business decisions. The report also discusses in detail about the key factors influencing the market growth. The report provides a comprehensive analysis of the drivers, restraints, limitations, threats, and growth opportunities in the market along with a complete analysis of key companies operating in the market. All the findings and data have been gathered through extensive primary and secondary research with further validation from industry experts, professionals, and research analysts.
The global levulinic acid market is expected to reach USD 61.2 Million by 2027, according to a new report by Reports and Data. Levulinic acid is a very versatile chemical that finds usage in several end-use industries attributed to its application as food & feed additive, fertilizer, fungicide, plasticizer, coating, and antifreeze, among others. Agriculture is the primary user of levulinic acid. Growing demand for fertilizers for high crop yield is one of the significant factors influencing the market growth. Fertilizers allow farmers to increase their crop yield by boosting the productivity of the agricultural land, as well as can make an otherwise less productive land produce substantial yields. Fertilizers are formulated to support the yield of certain plants by allowing the plants to absorb the essential macro and micronutrient easily. The worldwide demand for fertilizers has witnessed a decent pace of growth, with the demand being more than 138 million tons in the year 2000 and rose to around 210 million tons in the year 2019.
Manufacturers in the personal care and cosmetic sector constantly emphasize on the formulation of safe and effective products from natural ingredients such as levulinic acid that is beneficial in the prevention of bacterial build-up in cosmetics products and is used in the formulations for lotions, creams, lotions, and other products to avert spoiling, as well as doesn’t influence the color or the pH levels of the cosmetic products. Sodium levulinate, a sodium salt of levulinic acid, is a commonly used chemical as a skin cream treatment. Further, it is beneficial in maintaining the skin tone and condition, along with killing microbes in beauty products.
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The COVID-19 pandemic is having a significant impact on the levulinic acid industry. Demand for chemicals is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global chemical sector into an oversupply situation. Lack of free movement in major producing nations like India, China, and the US, is hindering the growth of the levulinic acid market in the COVID-19 pandemic. Movement restrictions appear to be a direct and immediate effect, and once the compulsory social distancing ends, it is expected things would get back to normal conditions.
Key participants include:
GF Biochemicals, Avantium NV, DuPont, Hebei Shijiazhuang Worldwide Furfural & Furfuryl Alcohol Furan Resin Co. Ltd., Shijiazhuang Pharmaceutical Group Ouyi Pharmaceutical Co. Ltd., Biofine Technology LLC, Segetis, Shanghai Apple Flavor & Fragrance Co. Ltd., Hebei Langfang Triple Well Chemicals Co. Ltd., Jiangsu Yancheng China Flavor Chemicals Co. Ltd., Sigmachem Corporation, and Anhui Herman Impex Co Ltd., among others.
Further key findings from the report suggest
By technology, acid hydrolysis is likely to observe a growth rate of 8.8% in the forecast period. Levulinic acid is made by high-temperature acid hydrolysis of carbohydrates, including galactose, glucose, and sucrose, among others, as well as form biomeric material like wood and agricultural wastes. Levulinic is isolated either by solvent extraction or partial neutralization, filtration, and vacuum steam distillation.
By distribution channel, offline held a larger levulinic acid market size in 2019. The levulinic acid industry is very offline-intensive and witnesses transparency. The offline channel necessitates the requirement of substantial investment of time by the buyer and high selling costs, along with considerable knowledge of the levulinic acid market on the seller side.
By application, food additive held a substantial levulinic acid market size in 2019. Levulinic acid as a food-grade preservative finds usage in slowing down microbial growth, regulating the pH levels of food products, and disinfecting the surface of fruits. Besides, levulinic acid is generally deployed to make maple, caramel, and several other syrupy flavors such as a flavor in berry-type compositions.
North America held the levulinic acid largest market share in 2019 and is likely to grow at a rate of 8.9% in the forecast period. The market dominance of the region is owing to the high demand for the product from the cosmetics and pharmaceutical industry. Besides, high purchasing power parity in countries like the US and Canada is driving the growth of the levulinic acid market in the region.
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For the purpose of this report, Reports and Data have segmented the global levulinic acid market on the basis of technology, distribution channel, application, and region:
Technology Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
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