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Levulinic Acid, also known as 4-oxopentanoic acid is a colourless, bio-based organic and water-soluble solid, which is derived by the process of hydrolysis of raw material 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 expected to grow at a CAGR of around 6% during 2021-26. The growth of the market is accredited to surging demand for levulinic acid in the and pharmaceutical and 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 and agriculture industries along propelling application in the production of nylons and rubbers are the factors that are expected to promise a lucrative opportunity for the growth of the market in the forecast period.
Impact of COVID-19
A significant impact can be witnessed on the levulinic acid industry due to the COVID-19 pandemic. This is due to disruption in the supply chain thus impacted the demand for levulinic acid across various end-use markets. However, the market is recovering as it is expected that the demand would be back to normal conditions from the industry in the near 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 2019. This is due to the burgeoning demand for levulinic acid for various agriculture applications and other pesticides due to the rising demand for fertilizers and herbicides as a green alternative for high crop yield to boost their productivity. Besides this, the astronomical rise in the use of fertilizers along with snowballing ongoing research for the production of levulinic acid by agricultural waste is projected to fuel the growth of the Levulinic Acid market in the forecast period as revealed by the MarkNtel Advisors’ 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 soaring the growth of the market.
Regional Landscape
Asia-Pacific Attain Highest CAGR
Asia-Pacific is anticipated to attain the highest CAGR in the Global Levulinic Acid Market during (2021-26). The strong presence of giant market players, upsurge in the urban populace increasing the demand for various personal care, flavours & fragrances, consumer goods product along burgeoning investment toward bio-based products are the factors driving the demand for levulinic acid. Apart from this, rising inclination toward the use of levulinic acid as a replacement for petroleum-based chemicals for commercial purposes, the introduction of favourable policies by the government for bio-based materials in the countries such as China and robust growth in the pharmaceutical industries are the factors anticipated to place a positive influence to the growth of the market in the forthcoming timeline.
Market Driver
The astronomical growth of the cosmetic industry has propelled the growth of the levulinic acid market. The rising demand for natural skin-care products by the customer has increased the need for the acid in cosmetic products as it helps to balance formulations and doesn’t cause infection to the skin. Coupled with this, escalating demand for levulinic acid in the food & beverages industries as an acidulant is projected to 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 is the historical year, base year and forecast year 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 is forecast 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 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 Global Levulinic Acid Market?
A. Pharmaceutical segment is expected 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 Global Levulinic Acid Market?
A. Asia-Pacific continues to grow at a CAGR of 5% during 2021-26, presenting immense opportunities for market players of Global Levulinic Acid Market.
