Levulinic acid, commonly known as Keto acid, is an organic compound extracted from the degradation of cellulose. It is widely produced from biomass, brewery waste, and manure, and is considered as a competent replacement for petroleum-based products. Levulinic acid can also be provided by the oxidizing of ketones and by acidic hydrolysis of furfuryl alcohol.
According to a detailed report published by Market Research Future (MRFR), the global levulinic acid market has been assessed to reach a significant market valuation at a healthy CAGR over the forecast period of 2017 to 2023.
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The market is primarily driven by factors such as the extensive range of applications of levulinic acid in end-user industrial sectors such as agriculture, cosmetics & personal care, food, and beverages, and pharmaceuticals. The increase in the replacement of phthalate plasticizers by levulinic acid share and size in the production of polyvinyl chloride (PVC) is another significant factor driving the global market of levulinic acid. additionally, PVC is used in various applications such as automobiles and construction, among others, thus, contributing to the market share of the global levulinic acid market over the forecast period.
Furthermore, the rise in the functions of levulinic acid in the production of biofuel, pharmaceuticals, and pesticides, among others, is also estimated to drive the market demand over the forecast period. Levulinic acid is used in cigarettes to increase the nicotine content and is also used as food additives.
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The global market for levulinic acid has been segmented into technology, application, and region.
Based on the technology, the levulinic acid market has been segmented into the acid hydrolysis production process, biofine production process, and others.
Based on the application, the levulinic acid market has been segmented into agriculture, cosmetic and personal care, food additive, pharmaceuticals, plasticizers, and others. Among these, the plasticizers segment has been assessed to dominate the global market for levulinic acid over the forecast period. The increasing usage of levulinic acid to enhance the flexibility in plastics, especially in PVCs, is an essential factor contributing to the market share of the segment. moreover, agriculture and pharmaceuticals segments are anticipated to grow at a CAGR of more than 5% during the forecast period.
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- Biofine International Inc.
- GF Biochemicals Ltd.
- Anhui Herman Impex Co Ltd
- CSPC Pharmaceutical Group
- Great Chemicals Co. Ltd.
- Hefei TNJ Chemical Industry Co.Ltd.
- Langfang Triple Well Chemicals Co. Ltd
- Simagchem Corporation
North America has been accounted for a significant region of the market and is expected to be the fastest growing market over the forecast period. North America is expected to witness steady growth during the forecast period, owing to the established personal care, and pharmaceutical industry, which are driving the market in this region. furthermore, the urban lifestyle and the increasing working population have improved the demand for convenience food in the region, which consequently increases the need for levulinic acid as a food additive. The significant growth in the levulinic acid market in the region is credited to the U.S. and Canada.
Europe is the second leading levulinic acid market globally and is estimated to grow at a stable CAGR during the forecast period, due to the increasing demand from pharmaceutical cosmetic & personal care industries.
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The APAC region is an emerging market for levulinic acid, owing to the growing urbanization and industrial development in the developing nations such as India and China in the region. Moreover, the increase in the demand for cosmetic & personal products is expected to have a positive influence on the growth of the market. Furthermore, the increasing working population is contributing to the demand for on-the-go food products in the region, which is consequently driving the market growth of the global levulinic acid market, due to the extensive use of levulinic acid as food additives.
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