The levulinic acid market has been estimated to experience significant growth opportunities in the years to come. The market growth is on the back of the ongoing depletion of fossil fuels across the world. In addition to this, the lack of market alternatives in order to replace the compounds that are produced by oil is also bolstering demand opportunities in the market.
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In recent years, people are gaining awareness related to the use of biomass to produce some alternative fuels as well as some other chemicals, for example, levulinic acid and bioethanol. This process is reducing the dependency on oil. Thus, the manufacturers serving in the market have been leveraging these opportunities to drive growth avenues in the respective countries.
Levulinic acid has been used in transdermal patches, mineral supplements, anti-allergic agents, and anti-inflammatory medications. Some other drugs, such as calcium levulinate and indomethacin also use this acid for better results.
As per the research report by Transparency Market Research, the levulinic acid market is estimated to reach a CAGR of ~5% and gain a valuation of US$ 41.2 Mn. during the forecast period from 2019 to 2027.
Growth in Pharmaceutical Industry Projected to Stimulate Growth Opportunities in Levulinic Acid Market
The manufacturers from the pharmaceutical industry are investing a handsome amount to develop novel bio-based medicines. This increased expenditure is attributed to the rising adoption of innovative and novel products in developed countries. These efforts are likely to augment the pharmaceutical industry in the years to come. Thus, based on these factors, the levulinic acid market has been estimated to grow rapidly.
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The agriculture segment has been estimated to hold a noticeable position in the market during the forecast period. The market production has been predicted to reach ~1,300 tons by the 2022 year end. In addition to the agriculture segment, the manufacturers are also been putting efforts to manufacture the chemical compounds that are used to develop additives of fragrances, plastics, oils, and fluids, etc.
The companies serving in the levulinic acid market are Godavari Biorefineries Ltd., GFBiochemicals Ltd., Tokyo Chemical Industry Co., Ltd., and Biofine Technology LLC.
Asia Pacific Region, Powered by Rising Population, Anticipated to Lead in Levulinic Acid Market
The levulinic acid market has been bifurcated into North America, Latin America, Middle East & Africa, Europe, and Asia Pacific on the basis of geographical regions. Among these geographical areas, the Asia Pacific region has been estimated to grow at a significant speed due to the rapidly increasing regional population. This factor further fuels growth opportunities in the food and beverages industry that is propelling expansion avenues in the levulinic acid market. In addition to this, an abundance of biomass in this region is also stimulating lucrative opportunities in the regional market.
Moreover, the North American market has been driven by a significant expansion in the food & beverages as well as pharmaceutical industries. Furthermore, personal care & cosmetics has also been operating as the leading end-use industry in the U.S. that further creates growth opportunities in the regional market. Infinitus has published a research report in the year 2018. According to the report, the cosmetic industry in the region has been expected to reach the valuation of US$ 68.92 Bn, by the year 2020. Thus, owing to these factors, the levuline acid market has been anticipated to grow at a rapid speed during the forecast period.
Rising Use of Microalgae Supports Growth Impetus in Levulinic Acid Market
Various types of microalgae have been used commercially to produce phycocolloids. Further, these products also have the potential to produce pharmaceutical and nutraceutical products. Thus, sustainable use of this biomass to produce cosmetics along with thickening agents in the food have been bolstering growth avenues in the levulinic acid market.
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The global levulinic acid market is divided into:
- Global Levulinic Acid Market, by Application
- Food & Beverages
- Others (Including Fuels & Fuel Additives, Resins & Coatings, Anti-freezing Agents, and Textile)
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