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Levulinic Acid Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
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COVID-19
Pandemic disrupted the entire world and affected many industries.
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Levulinic acid, chemically known as 4-oxopentamoic acid is an organic compound, which is categorized as a keto acid. This white, crystalline solid is derived from the degradation of cellulose and is soluble in water and other polar organic solvents. It is majorly produced from bio-mass and brewery waste and can also be produced by a number of processes such as oxidation of ketones and by acidic hydrolysis of furfuryl alcohol. Levulinic acid is considered to be an efficient substitute of petroleum based products in various sectors such as bio-fuels and chemical industry. It also acts as a precursor in plasticizers and pharmaceutical products.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast units | Value (USD) |
Segments covered | Type, Application, Industry Vertical, and Region |
Regions covered | North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa (Saudi Arabia, UAE, Kuwait, South Africa, and Rest of MEA) |
Companies covered | GFBiochemicals Ltd., Tokyo Chemical Industry Co. Ltd., Heroy Chemical Industry Co. Ltd., Biofine Technology LLC, Parchem Fine & Specialty Chemicals, Segetis Inc., Hebei Langfang Triple Well Chemicals Co. Ltd., Godavari Biorefineries Ltd., Apple Flavor & Fragrance Group Co. Ltd. and China Shijiazhuang Pharmaceutical Group Co. Ltd. |
COVID-19 scenario analysis:
The outbreak of the COVID-19 pandemic has affected all the sectors of businesses and the levulinic acid is no exception.
- The outbreak of the global pandemic caused a severe downfall in the construction and automobile industries resulting in a significant decrease in the application of PVC. Since a major fraction of the total levulinic acid produced is utilized in the manufacture of PVC, the fall in demand for PVC has affected the levulinic acid to a great extent.
- Due to the lockdowns imposed by the governments in order to contain the virus, the demand for energy and fuels decreased to a great extent. As a result, the demand for levulinic acid as an additive for bio-fuel also decreased.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
One of the major factors that drives the growth of the levulinic acid market is its role in the manufacture of polyvinyl chloride (PVC). The fact that PVC is a better alternative for phthalate plasticizers in terms of toxicity, increases usage of PVC in different industries such as packaging, healthcare, automobile, construction and several others. Moreover, levulinic acid is also used as an additive in the bio-fuel production and in the production of several pharmaceutical products. It also plays an important role in the production of cigarettes as levulinic acid enhances the nicotine content in it. The increasing R&D toward production of bio-based levulinic acid is expected to provide lucrative growth opportunities to the market. However, the high production cost and the need innovations in direct production of levulinic acid might act as restraining factors for the market.
The market in the North America region is dominating the global levulinic acid market owing to high demand of levulinic acid in the personal care and pharmaceutical industries of the region. The market in the Asia-Pacific region is also expected to grow significantly with surging demand for levulinic acid in the food and beverage industry as a flavoring agent and also in the agricultural sector for the manufacture of pesticides. Europe also holds a major share of the levulinic acid market and thus, is expected to grow steadily during the forecast period.
Key segments covered:
Segments | Sub-segments |
Type |
|
Application | • Personal Care • Flavors & Fragrances • Resins & Coatings • Pharmaceuticals • Agrochemicals • Polymers & Plasticizers
|
Industry Vertical | • Agricultural • Healthcare • Personal Care • Petrochemical • Others |
Key benefits of the report:
- This study presents the analytical depiction of the global levulinic acid industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global levulinic acid market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global levulinic acid market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global levulinic acid market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Levulinic Acid Market research report:
- What are the leading market players active in the levulinic acid market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
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