Press release
Levulinic Acid Market Projected to Witness a Double-Digit CAGR During 2016 – 2023
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The growth of the market for levulinic acid can be primarily attributed to its potential of replacing phthalate plasticizers used for manufacturing PVC. This is because PVC is widely used for manufacture of various products across different industry verticals, such as healthcare, automotives and packaging among others. Additionally, levulinic acid is relatively less toxic while phthalate plasticizers can pose health concerns for children. Furthermore, with increasing research and development (R&D), levulinic acid is being utilized as food additives, pharmaceutical manufacturing, biofuel production and pesticides among others. It is also used in cigarettes for increasing nicotine content, being delivered by the smoke. However, the main constraint of levulinic acid market is the bio-based production of it in large scale. Bio-based production of levulinic acid is currently unable to match the selling price of levulinic acid manufactured from other sources, though the production quantity is much higher. With heightening interest in levulinic acid and increasing fund allocation on R&D of manufacturing technology, the restraints faced by the levulinic acid market can be expected to be overcome in the near future.
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The levulinic acid market can be segmented by applications into agriculture, cosmetics, food & beverages, pharmaceuticals and others. Additionally, levulinic acid market can be geographically segmented into North America, Europe, Asia-Pacific (APAC) and rest of the world (ROW).
Some of the key companies leading the levulinic acid market are GFBiochemicals, Ltd. (Italy), Segetis, Inc. (U.S.), Heroy Chemical Industry Co., Ltd. (China), Parchem fine & specialty chemicals (U.S.), Tokyo Chemical Industry Co. Ltd. (Japan), E. I. du Pont de Nemours and Company (U.S.), Biofine Technology LLC (U.S.), China Shijiazhuang Pharmaceutical Group Co. Ltd. (China), Apple Flavor & Fragrance Group Co., Ltd. (China) and Hebei Langfang Triple Well Chemicals Co., Ltd (China) among others.
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