Market Research Future (MRFR) confirms that the Levulinic Acid Market 2022 can note a substantial growth between 2022 and 2030 (assessment period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Boosters and Main Restraints
The COVID-19 outbreak and the subsequent lockdown have shut down various manufacturing units worldwide, impacting the availability of different chemicals. Following the rising cases of SARS-CoV-2, chemical vendors have been progressively employing advanced technologies for production, since human intervention is no longer allowed due to the lockdown. The pandemic has also prompted manufacturers to adopt automation, digitization and remote-controlled equipment that bring down the dependency on manual workforce.
The novel coronavirus has left a deep impact on the global economy but that has not stopped leading players to vigorously research and develop bio-based levulinic acid. They are focused on exploring sustainable and renewable chemicals that have no negative effects on the environment, which could be highly favorable for the levulinic acid market. The growing use of levulinic acid instead of phthalate plasticizers for producing PVC/polyvinyl chloride can also work in the market’s favor. The expanding application scope of levulinic acid during the production of pharmaceuticals, pesticides and biofuel is also projected to accelerate market development in the following years.
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Many of the leading firms are employing mergers, collaborations and partnerships as top strategies to boost their market presence worldwide. This way, not only the companies gain impetus but the market growth is also boosted to a large extent. To cite an instance, in February 2020, Towell Engineering Group joined hands with GF Biochemicals to produce bio-plasticizers and bio-solvents that are based on levulinic acid. Some of the key target end-users include personal and home care, coatings, agriculture and industrial cleaning.
Some of the renowned vendors in the levulinic acid industry are Avantium (Netherlands), GF Biochemicals Ltd. (Italy), Simagchem Corporation (China), Hefei TNJ Chemical Industry Co., Ltd. (China), Biofine International Inc. (U.S.), Anhui Herman Impex Co Ltd (China), Langfang Triple Well Chemicals Co. Ltd (China), DuPont (U.S.), Great Chemicals Co. Ltd. (China), CSPC Pharmaceutical Group (China), and more.
The levulinic acid industry can be dissected with respect to technology and application.
The technology-wise segments considered in the market study include biofine production process, acid hydrolysis production process, and more. Considered to be highly advanced, the biofine production process is a lignocellulosic-fractionating technology that has gained more strength than its counterpart in the market.
The market categories depending on the application include plasticizers, pharmaceuticals, food additive, agriculture, cosmetic and personal care, and others. The market is headed by the plasticizers segment and this can be the case even during the review period. The accelerated deployment of levulinic acid for better flexibility in plastics, particularly in PVCs remains the top reason for the segment’s growth. It is also anticipated that the pharmaceuticals and agriculture segments can record a CAGR of more than 5% in the ensuing years.
The levulinic acid market is spread across the key regions of Latin America, APAC/Asia Pacific, Europe/EU, the Middle East & Africa/MEA and North America.
At present, North America is the world leader in the levulinic acid market and can also expect to attain a significant growth rate in the next few years. The personal care along with food and beverage industry has emerged as one of the prominent end-users positively influencing the levulinic acid market in the region. Some of the leading contenders in the North American market include Canada as well as the U.S/United States. With the stupendous growth in R&D activities and their increasing commercialization, the price of levulinic acid is expected to be more competitive in the years to come. Moreover, favorable government regulations are also leading the levulinic acid market in the region to greater heights.
APAC can advance at a steady pace and is all set to emerge as a strong market in terms of growth. The extensive agriculture sector across various countries in the region has led to a higher uptake of levulinic acid as pesticides, thereby favoring the market. The escalating per capita income in China and India and the rampant demand for personal care products and cosmetics combined with the rising preference for on-the-go beverages and food among the working population could also stoke the market expansion rate in the region.
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