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Levulinic Acid Market Anticipated To Witness Healthy CAGR Over 2018-2024

Author : Ronak Bora | Published Date : 2019-05-15 

The study on the global Levulinic Acid Market evaluated the historical and current performance of this market, especially highlighting the key trends and growth opportunities. According to the study, the rising demand for this product is driving the global market significantly. The expansion in the various related industry is also expected to reflect positively on the sales of the product over the next few years.

Levulinic Acid Market size will witness healthy growth with developments in the agriculture and biofuel industry. It is a type of keto acid, manufactured from degraded cellulose and precursor to biofuels. Its naturally occurring form is Delta-amino levulinic acid (DALA) and it finds usage as herbicide in lawns and is useful for grain crops. It is also used as a plant growth stimulator. It can be used as a potential replacement of petroleum products reducing amount of greenhouse emissions. In most cases microorganism Rhodobacter is used in its production. Leluvinic acid also used in cigarettes for binding nicotine to neutral receptors.

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In North America and Europe green alternatives get tax reliefs and escape from some of the stringent industrial clauses. It is expected that Germany will lead the market in Europe. Global focus on smart agriculture and alternative to fossil fuel is an important driver of levulinic acid market. Its derivation from waste biomass leads to a significant saving on raw material costs. The industry possibilities are endless and near future will be shaped by technology which can make leluvinic acid products cheap and more efficient.

The physical properties of levulinic acids lead low yields which hurts economies of scale. High equipment costs make mass production a very costly affair. Vinyl acetates and cellulose acetates are upcoming substitutes produced and available at cheaper rates. Setting appropriate conditions for production of levulinic acid from waste biomass is a daunting task and not easily achievable. Separating the reaction products and obtaining levulinic acid is another tough task. Many Asia Pacific nations impose education cess and countervailing duties on the levulinic acid market, leading to increasing product costs, hence posing hindrances in the Levulinic Acid Market growth.

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The segmentation of levulinic acid market can be done based on application such as usage in agriculture, pharmaceuticals, food additives, tobacco and cosmetics. It can also be segmented according to the method of production. It can be produced from glucose or biomass waste. Levulinic acid is mostly produced from carbohydrates in presence of mineral acids such as hydrochloric acid at temperature 140-200 degree Celsius. The geographical segmentation is useful to study regional demand for levulinic acid in North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.

 

North America is a key consumer of levulinic acid as the U.S. is one of the largest production grounds for biofuels. Most companies in North America imports levulinic acid from Chinese manufacturers. Levulinic acid is sold in Asia Pacific through bulk chemical suppliers and finds increased usage in oil & gas and paints & coatings industry. Biofuel is an upcoming industry in Asia Pacific and levulinic acid can expect lot of demand from this sector. In Europe levulinic acid is mostly used as raw material for other chemical industries.

The ideal location for levulinic acid production factory is near glucose/sugar manufacturing facilities for easy access to raw materials. Global companies in levulinic acid market are Biofine International, Avantium, Simagchen Corporation, GF Biochemical Ltd, etc. GF Biochemical Ltd is largest producer of levulinic acid in the world. Levulinic Acid Market players mostly rely on strategic partnerships for supply to the end-user companies.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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