The levulinic acid market is projected to reach USD 32.5 million by 2021
The levulinic acid market is projected to reach USD 32.5 million by 2021, at a CAGR of 14.0% between 2016 and 2021. Increasing consumption of levulinic acid by pharmaceuticals and cosmetics industries is one of the significant factors driving the growth of the levulinic acid market. High price due to low production volumes of levulinic acid is one of the key restraints for growth of the market. However, with capacity expansion, the prices may go down.
Based on application, the pharmaceuticals & cosmetics segment is expected to grow at a high rate during the forecast period
Levulinic acid is an important bio-based platform chemical that is increasingly being used in several applications, owing to its exceptional performance as an anti-inflammatory and minerals supplement. Levulinic acid offers several advantages, such as increasing demand for biochemical across industries and regulations imposed by regulatory bodies, such as governments and environmental associations on use of petrochemical products. In addition, ketal esters, which are derivatives of levulinic acid, are expected to replace all phthalate-based plasticizers, as these are bio-based. This factor may lead to high demand for levulinic acid in the coming years with changing industry trends for green chemicals.
The levulinic acid market in Europe is projected to grow at the highest CAGR during the forecast period
The Europe levulinic acid market is anticipated to grow at the highest CAGR between 2016 and 2021. This growth can be attributed to the increasing demand for levulinic acid by industries, such as plasticizers, pharmaceuticals, and cosmetics. Germany is anticipated to lead the Europe levulinic acid market, in terms of consumption, during the forecast period.
BREAKDOWN OF PROFILE OF PRIMARY PARTICIPANTS:
- By Company Type: Tier 1 – 37 %, Tier 2 - 13%, and Tier 3 - 50%
- By Designation: C Level - 50%, Director Level - 31%, and Others - 19%
- By Region: North America - 44%, Europe - 31%, Asia-Pacific - 19%, and Rest of the World - 6%
Major companies profiled in this report are Biofine International Inc. (U.S.), Avantium (Netherlands), GF Biochemicals Ltd. (Italy), Langfang Triple Well Chemicals Co. Ltd (China), Simagchem Corporation (China), Hefei TNJ Chemical Industry Co., Ltd. (China), Great Chemicals Co. Ltd. (China), and Anhui Herman Impex Co. Ltd. (China), among others.
REASONS TO BUY THE REPORT:
- This report includes market statistics pertaining to applications and region, along with their respective revenues
- Major drivers, restraints, and opportunities for the levulinic acid market have been detailed in this report
- Illustrative segmentation, analysis, and forecast of markets based on application and region have been conducted to give an overall view of the levulinic acid market
- Detailed competitive landscape includes key players, in-depth analysis, and revenue of key players
The market for levulinic acid has been segmented into application and region. Based on application, the levulinic acid market has been divided into plasticizers, pharmaceuticals & cosmetics, and others. Four major regions, namely, North America, Europe, Asia-Pacific, and Row have been covered for country-wise study of the levulinic acid market. The study covers a comprehensive market overview for the levulinic acid market that depicts potential drivers, restraints, challenges, and current policies for biochemical in five major regions that may affect the dynamics of the market, in terms of future trends.