The Levulinic Acid market is expected to witness market growth at a rate of 6.1% in the forecast period of 2021 to 2028. Data Bridge Market Research report on Levulinic Acid market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increase in demand for the product for various industrial applications is escalating the growth of Levulinic Acid market.
Levulinic acid is an organic compound that is obtained from cellulose degradation. It is also called Keto acid and is produced from brewery waste, manure, and biomass waste. Levulinic acid is considered a petroleum-based product replacement. Also, levulinic acid is being produced by furfuryl alcohol acidic hydrolysis and by the oxidation of ketones. The development of bio-based levulinic acid is increasing with the increasing research and development activities in various chemical industries. Levulinic acid and their salts are water-soluble and commonly used in beauty and personal care products, as approved by the U.S. Food and Drug Administration (FDA).
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Market Analysis and Insights
Levulinic acid is a white crystalline solid that is soluble in water and organic solvents. It's an organic compound that is derived from cellulose degradation. Levulinic Acid is also commonly known as a keto acid. It is superseding petroleum-based products in many different industries like biofuel. Generally, it is produced from manure, brewery waste, and biomass. The production process of this acid includes acidic hydrolysis of furfuryl alcohol, hydrolyzing acetyl succinate esters, and ozone-based oxidation of ketones.
Furthermore, the rise in initiatives taken by the government and support of public corporations for rodent control extends profitable opportunities to the market players in the forecast period of 2022 to 2029.
Additionally, increasing initiatives to reduce resource depletion and rising research activities extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
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Levulinic Acid Market Scope
The levulinic acid market is segmented on the basis of technology, end user and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Technology
- Biofine
- Acid hydrolysis
On the basis of technology type, levulinic acid market is segmented into biofine and acid hydrolysis.
End User
- Agriculture
- Food
- Beverages
- Pharmaceuticals
- Cosmetics and Personal Care
On the basis of end user, levulinic acid market is segmented into agriculture, food, beverages, pharmaceuticals, and cosmetics and personal care.
Application
- Food additives
- Pharmaceuticals
- Agricultural products
- Personal care products
- Plasticizers
- Fuel additives
Based on application, levulinic acid market is segmented into food additives, pharmaceuticals, agricultural products, personal care products, plasticizers and fuel additives.
Competitive Landscape and Levulinic Acid Market Share Analysis
The levulinic acid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to levulinic acid market.
Some of the major players operating in the levulinic acid market are:
- G.F. Biochemicals Ltd. (Italy)
- Langfang Triple Well Chemicals Co. Ltd (China)
- Biofine International Inc. (U.S.)
- Avantium (Netherlands)
- Simagchem Corporation (China)
- Hefei TNJ Chemical Industry Co., Ltd. (China)
- CSPC Pharmaceutical Group (China)
- Great Chemicals Co. Ltd. (China)
- Anhui Herman Impex Co Ltd (China)
- DuPont (U.S.)
- The Valspar Corporation (U.S.)
- KCC Corporation (South Korea)
- Sherwin-Williams (U.S.)
- AkzoNobel (Netherlands)
- Jotun A/S (Norway)
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