According to the MarkNtel Advisors’ research report, “Global Levulinic Acid Market Analysis, 2021”, the market is expected to grow at a CAGR of around 6% during 2021-26. The upsurge in the application of biomass and agricultural wastes for the production of levulinic acid, burgeoning inclination toward the use of levulinic acid as a replacement to phthalate plasticizers in the production of polyvinyl chloride (PVC), and growing demand for the production of pesticides and biofuel are the factors aiding to the growth of the market. Entwined with this, escalating application of levulinic acid in plastic to add flexibility, significant growth of the construction and automotive sectors and snowballing usage as a substitute in nicotine-based products such as cigarettes are the factors contributing to the growth of the market in the forecast period.
Key questions answered in the study
Cosmetic Segment Attain Highest CAGR
Based on Application, the Cosmetic segment is expected to attain the highest CAGR in the Global Levulinic Acid market during 2021-26. This is due to the propelling use of levulinic acid in various skincare product as it is a natural plant-based acid and act as an antimicrobial agent. The cosmetic manufacturers are constantly using levulinic acid in various cosmetic to ensure that the products are safe, healthy and don't spoil from bacteria, thus preventing microbial build-up on cosmetic as of daily contact and use. Moreover, the application of levulinic acid is high in fragrances and perfumes and also in consumer goods product such as mouthwashes and breath fresheners. Hence, this is projected to fuel the growth of the market in the forthcoming timeline.
“Global Levulinic Acid Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting the market growth, hotspots and opportunities available for Levulinic Acid providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Growing at a Fastest Rate
North America is expected to grow at an astronomical rate in the Global Levulinic Acid market over the forecast period. The US acquired the majority market share in the North American region. This is due to the increasing number of initiatives for R&D, burgeoning companies inclination toward the use of levulinic acid as a replacement for petroleum-based chemicals for various commercial applications such as flavours & fragrances, detergents and personal care along with snowballing commercialization of bio-based production methods. Hence, these are fueling the growth of the global Levulinic Acid market in the forecast period as revealed by MarkNtel Advisors’ research report “Global Levulinic Acid Market Analysis, 2021”.
According to MarkNtel Advisors, the major leading players in the global Levulinic Acid market are Segetis, Biofine Technology LLC, DuPont, Hefei TNJ Chemical Industry Co. Ltd., Haihang Industry Co. Ltd., Heroy Chemical Industry Co. Ltd., GFBiochemicals Ltd., Vigon International Inc. etc.