The
Levulinic
Acid Market is projected to reach
USD 32.5 million by 2021, at a CAGR of 14.0% during the forecast period. Growth
in this market can be attributed to the increasing demand for bio-based
platform chemicals for different applications, such as plasticizers,
pharmaceuticals & cosmetics, among others. Levulinic acid is widely used as
an anti-inflammatory agent.
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Moreover,
large number of derivatives that are developed from levulinic acid, such as
delta-amino levulinic acid (DALA), are used in pharmaceuticals for diagnosis
and treatment (photodynamic therapy) of cancer and other medical cases. Thus, increase
in use of chemicals made from bio-based feedstock and regulations imposed by
regional authorities on use of oil-based chemicals are anticipated to drive the
levulinic acid market during the forecast period.
Based
on application, the levulinic acid market has been classified into plasticizers,
pharmaceuticals & cosmetics, and others. The pharmaceuticals &
cosmetics segment is estimated to grow at the fastest rate during the forecast
period. This high growth rate can be attributed to increasing application of
levulinic acid and its derivatives in the application industry.
Levulinic
acid is increasingly used in anti-inflammatory medication, anti-allergy agent,
mineral supplements, and others in the pharmaceuticals industry. It is also
used in organic and natural cosmetic compositions in perfumes, and skin
conditioning, and pH-regulating purposes.
The
market for levulinic acid is still growing as compared to petroleum-based
chemicals. Levulinic acid can also be used for various applications, such as food
packing, fuel additives, polyurethanes, detergents, polymers, among others.
The Europe levulinic acid market
is anticipated to grow at the highest CAGR between 2016 and 2021. This
growth can be attributed to the increasing demand for levulinic acid from plasticizers,
pharmaceuticals, and cosmetics industries. Germany is anticipated to lead the
Europe levulinic acid market, in terms of consumption, during the forecast
period.
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Major
market players in the Levulinic Acid Market are Biofine International Inc.
(U.S.), Avantium (Netherlands), GF Biochemicals Ltd. (Italy), Langfang Triple
Well Chemicals Co. Ltd (China), Simagchem Corporation (China), Hefei TNJ
Chemical Industry Co., Ltd. (China), Great Chemicals Co. Ltd. (China), and Anhui
Herman Impex Co. Ltd. (China).
GF Biochemicals Ltd. (Italy) is the largest producer of levulinic acid in the world.
The company is
focusing on both, organic and inorganic business expansion strategies to
strengthen its market position and consolidate its financial position in the levulinic
acid market. Biofine International Inc. (U.S.) is another major player in the levulinic
acid market with high presence in North America. The company is currently
focusing on its pilot plant based in the U.S. The company aims at penetrating
the low volume market followed by increase in the scale of production
Reference:
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