The Global Levulinic Acid Market is projected to grow at a CAGR of 6% in the forecast period of 2021-26, reveals MarkNtel Advisors in their recent research report. The market is driven primarily by the snowballing adoption of Levulinic acid as an alternative to petroleum-based products entwined with massive investments in the development of Levulinic acid for pharmaceutical drugs.
In addition, the increasing number of research activities to reduce the depletion of natural resources are further generating growth opportunities for the leading players & driving the global market. Besides, in recent years, the chemical industry has undergone substantial growth toward sustainability, intending to introduce biotechnological & bio-based products, where Levulinic acid is changing the industrial dynamics.
Moreover, constant developments to reduce the production cost of Levulinic acid shall also boost the market in different applications during the forecast period.
Mounting Prevalence of Bio Based Products in Agriculture to Boost the Market Growth through 2026
Based on the Application, the Agriculture sector dominated the Global Levulinic Acid Market in recent years. It owes to the burgeoning worldwide inclination toward bio-based agricultural products for attaining nutritious & chemical-free crops and the mounting demand for Levulinic Acid as herbicides, insecticides, & pesticides to enhance crop production & prevent unwanted pests.
Moreover, the requirement for by-products like Levulinic Acid-based Ketal Plasticizers is soaring due to their extensive application in the agriculture sector. It owes to their compatibility with hydrophilic biopolymers like polylactic acid. Furthermore, the by-product is also seen as a suitable alternative to phthalate plasticizers, further states the research report, “Global Levulinic Acid Market Analysis, 2021.”
Asia-Pacific to Observe Booming Market Growth through 2026
Geographically, amongst all regions, Asia-Pacific is projected to display the fastest growth for the Global Levulinic Acid Market during the forecast period. The region is among the largest markets for Levulinic Acid and attributes mainly to countries like China, India, & Japan, being the largest consumers of fertilizers.
The exponentially rising population across Asia-Pacific is directly impacting the demand for agricultural production to suffice the food requirements of the burgeoning population. Besides, with the surging necessity to bring sustainable improvements in the soil condition by using organic fertilizers & eliminating the use of chemicals & producing nutrition-rich crops, the demand for bio-based products like Levulinic Acids is increasing significantly across the region.
On the other hand, the growing penetration of personal & skin care products across Asia-Pacific is another crucial aspect projected to fuel the overall market growth owing to the increasing purchasing power of people & growing awareness & availability of skincare products.
Leading Companies in the Market
According to MarkNtel Advisors, the 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.
Key Questions Answered in the Study