26-Feb-2021 | Zion Market Research
As per the researchers at Zion Market Research, in 2018, the global levulinic acid market was capitalized at around $25.98 million and is projected to reach about $35.7 million by 2025, registering approx 4.8% CAGR during the forecast period. Few of the prominent players in the global levulinic acid market consist of Hefei TNJ Chemical Industry Co. Ltd., GF Biochemicals Ltd., Haihang Industry Co. Ltd., and Heroy Chemical Industry Co. Ltd. The market participants are functioning toward escalating their production capacity. To cite, a joint venture was declared by GFBiochemicals Ltd. with American Process Inc. in March 2017 for the building of an integrated biorefinery in the United States having 50–200 thousand tons per annum production capacity. The planned step was taken by the firm to increase levulinic acid production.
Large-Scale Commercialization To Boost The Growth Of Global Market In Near Future
The expansion of the global levulinic acid market is mainly driven by the large-scale commercialization of levulinic acid. At present, the market is in the budding phase, with few players producing the product and working at considerably high prices. With the anticipated commercialization of this chemical on a huge scale, the prices of production are projected to drop, which would lead to scale economies further magnetizing more companies to the market. In addition, the levulinic acid manufacturing from biomass substrates results in the creation of commercially workable end-products, like furfural, formic acid, and lignin waste. Such factors are anticipated to offer an economic spur to manufacturers and assist to fuel the structuring of large-scale biorefineries, thus driving the manufacturing of levulinic acid and its derivatives in the coming period. Collectively, all these factors are projected to play a vital role in the expansion of the global levulinic acid market during the forecast period.
Maximum Share In The Global Levulinic Acid Market To Be Registered By Biofine
The global levulinic acid market is segmented based on application, technology, and region. based on technology, the global market is divided into acid hydrolysis and biofine. Among these, biofine is projected to capture a major market share owing to the higher implementation of the technology, as the levulinic acid production via the biofine method doesn’t involve the microorganisms’ use for the monomers’ fermentation. Further, the use of Biofine technology enables the usage of a broader range of heterogeneous lignocellulosic sources that resulted in the production of numerous levulinic acid derivatives. Based on application, the market is categorized into pharmaceuticals, food additives, personal care products, agricultural products, fuel additives, and plasticizers.
North America Expected To Continue Its Dominance Over The Global Market During Forecast Period
Regionally, in 2018, the global levulinic acid market was governed by North American, in terms of demand and expected to continue its market supremacy during the forecast period as well. This regional levulinic acid market expansion is primarily propelled by the high-volume use of the bio-based product for several purposes, such as personal care products, food additives, and fuel additives, in Canada and the US. Also, ethyl levulinate (its derivative) is achieving grip as an additive within the agriculture industry.
Browse the full “Levulinic Acid Market - By Application (Pharmaceuticals, Food Additives, Personal Care Products, Agricultural Products, Fuel Additives, And Plasticizers), By Technology (Acid Hydrolysis And Biofine), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2019 – 2025.” Report at https://www.zionmarketresearch.com/report/levulinic-acid-market
The global levulinic acid market is segmented as follows:
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