Levulinic acid, also known as 4-oxopentanoic acid, is a colorless, bio-based organic and water-soluble solid, which derives from hydrolyses of raw materials, such as biomass, cane sugar, starch, or cellulose.
Market Overview
According to the MarkNtel Advisors" research report, "Global Levulinic Acid Market Analysis, 2021," the market is likely to grow at a CAGR of around 6% during 2021-26 due to surging demand for Levulinic Acid in the pharmaceutical & cosmetic industries, escalating need for fertilizer substitutes, and rising initiatives by the governments to reduce the increasing depletion in natural resources.
The snowballing use of Levulinic Acid as a fuel additive to enhance the properties of the fuel, significant growth in the biofuel & agriculture industries, and propelling application in the production of nylons and rubbers are factors likely to promise a lucrative opportunity for the market growth in the forecast period.
Impact of COVID-19
The COVID-19 pandemic significantly impacted the Levulinic Acid industry due to supply chain disruptions, thereby impacting the demand for Levulinic Acid across various end-use markets. However, as the market is recovering, the Levulinic Acid market growth would likely surge in the future.
Market Segmentation
Agriculture Acquired Significant Market Share
Based on the Application, Agriculture acquired a significant market share in the Global Levulinic Acid Market in the previous few years. The growth attributes to the burgeoning demand for Levulinic Acid for various agriculture applications and other pesticides owing to the surging number of fertilizers & herbicides as green alternatives for high crop yield to boost their productivity.
Besides, the astronomical rise in the use of fertilizers and snowballing ongoing research for producing Levulinic Acid by the agricultural waste further likely fuel the growth of the Levulinic Acid market in the forecast period, reveals MarkNtel Advisors in their research report, "Global Levulinic Acid Market Analysis, 2021."
Acid Hydrolysis Segment Registers Considerable Growth
Based on Technology, Acid Hydrolysis registers considerable growth in Global Levulinic Acid. The increasing inclination to derive Levulinic Acid from biomass & rice husk is surging the need for acid hydrolysis technology. Moreover, rising research on acid hydrolysis of cellulose to make Levulinic Acid is further soaring the market growth.
Regional Landscape
Asia-Pacific Attain Highest CAGR
Asia-Pacific is likely to attain the highest CAGR in the Global Levulinic Acid market during 2021-26 primarily due to giant market leaders, increasing demand for various personal care products & consumer goods by the urban populace, and burgeoning investments toward bio-based products.
Apart from this, rising inclination toward using Levulinic Acid as a replacement for petroleum-based chemicals for commercial purposes, the introduction of favorable policies by the government for bio-based materials in the countries such as China, and robust growth in the pharmaceutical industries are factors further likely to place a positive influence on the market growth in the forecast period.
Market Driver
The astronomical growth of the cosmetic industry has propelled the Levulinic Acid market growth. The rising demand for natural skin-care products by customers has increased the need for Levulinic Acid in cosmetic products. It helps balance formulations and doesn't cause skin infections. Additionally, escalating demand for Levulinic Acid in the food & beverage industries as an acidulant can further drive the market growth.
Competitive Landscape
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.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions:
Q. What are historical, base, and forecast years considered in the research report on Global Levulinic Acid Market?
A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
Q. What are the units or denomination for measuring market value in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of the Global Levulinic Acid Market during 2021-26?
A. The Global Levulinic Acid Market is forecasted to grow at a CAGR of 6% during 2021-26.
Q. Who are the key competitors or players operating in Global Levulinic Acid Market?
A. 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. are few of the leading players in the Global Levulinic Acid Market.
Q. Which application segment would emerge as an opportunity area for players in the Global Levulinic Acid Market?
A. Pharmaceutical segment is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which region would emerge as an opportunity area for players in the Global Levulinic Acid Market?
Asia-Pacific continues to grow at a CAGR of 5% during 2021-26, presenting immense opportunities for market players of the Global Levulinic Acid Market.
