NEW YORK, Aug. 17, 2020 /PRNewswire/ — According to the market research report published by P&S Intelligence, the global levulinic acid market, which generated $27.2 million in 2019, would grow to $60.2 million by 2030, at an 8.8% CAGR between 2020 and 2030. This is because the usage of compounds such as hydroxymethylfurfural (HMF), ethyl levulinate, sodium levulinate, methyltetrahydrofuran (MTHF), diphenolic acid, and succinic acid, in a number of end-products, including personal care products, fuel additives, and food & beverages, is rising.
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The short-term future for the levulinic acid market looks bleak, as, due to the coronavirus situation, chemical processing plants around the world have closed shop. Being in its nascent stages, the levulinic acid industry depends on funds for research and development (R&D), which have also dried up. In addition, with people not being allowed to travel, except for essential purposes, the demand for gasoline and diesel has come down sharply. As per the International Energy Agency’s estimates, the average fuel demand reduced by 7.6 million barrels per day (bpd), compared to 2019, to reach 74.3 million bpd in 2020.
The Biofine bifurcation, under segmentation by technology, dominated the levulinic acid market till 2019. This is because, unlike the acid hydrolysis process, it does not require microorganisms for monomer fermentation. In addition, numerous heterogeneous lignocellulosic resources can be used during the Biofine process, to create diphenolic acid (lubricant, adhesive, and paint additive), methyl levulinate and ethyl levulinate (fuel esters), and succinic acid (food additive).
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In the coming years, the personal care products category, based on application, is projected to witness the fastest growth in the levulinic acid market. This would be due to the increasing usage of sodium levulinate and ethyl levulinate in organic cosmetics, to stabilize the emulsions and formulations and provide a fresh fragrance. Due to the rising disposable income of people, especially in developing countries, and growing awareness about the various chemicals present in cosmetics, the demand for organic cosmetics is increasing.
North America presently makes the largest revenue contribution to the levulinic acid market, owing to the rising demand for bio-based raw materials and intermediates, for the production of agricultural products, fuel additives, and personal care products. Due to concerns for the environment, the use of synthetic pesticides and herbicides is being strictly regulated, which is why, being a bio-based additive, levulinic acid is being added to these products. Further, with the rising demand for biofuels, the consumption of ethyl levulinate is increasing.
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During the next decade, the highest CAGR in the levulinic acid market would be witnessed in Asia-Pacific (APAC). This is attributed to the rising consumption of levulinic acid derivatives for the production of personal care and agricultural products. Due to the economic growth in the regional developing countries, the sale of perfumes, fragrances, lipsticks, and makeup removers is rising, thus driving the demand for levulinic acid derivatives, and, in turn, for the base chemical.
The major players in the global levulinic acid market are Tokyo Chemical Industry Co. Ltd., GFBiochemicals Ltd., Haihang Industry Co. Ltd., Técnicas Reunidas S.A. (WALEVA Pilot Plant), Avantium N.V., Heroy Chemical Industry Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., Simagchem Corporation, Vigon International Inc., and Shandong Xinhua Pharmaceutical I&E Co. Ltd.
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SOURCE P&S Intelligence