Levulinic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Transparency Market Research Reports incorporated a definite business overview and investigation inclines on Levulinic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2015 - 2023. This report likewise incorporates more illumination about fundamental review of the business including definitions, requisitions and worldwide business sector industry structure.
Albany, NY -- (SBWire) -- 09/04/2015 --Levulinic acid, also known as 4-oxopentanoic acid, is an organic compound derived from bio-based raw materials such as manure, bagasse, biomass, and brewery waste. It is a crystalline solid, white in color, and is soluble in ethanol, water, and diethyl ether. Levulinic acid can be produced using several processes. The most common process used is dehydration treatment of biomass with acid. Some other methods include acidic hydrolysis of furfuryl alcohol, oxidation of ketones with ozone, and hydrolysis of acetyl succinate esters. Agriculture, food additives, pharmaceutical, and cosmetics are key end-user industries of levulinic acid. It is also used in a limited manner in other industries such as plastics (as an additive), synthetic rubbers, and nylon. Levulinic acid is used in fertilizers and pesticides in the agriculture industry. Subsequently, it is also used in the manufacture of polyols and plasticizers as raw material.
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The agriculture industry is expected to primarily boost the global levulinic acid market due to strong demand from the fertilizers and pesticides market. Currently, pharmaceuticals and agriculture applications account for almost two-third of the globallevulinic acid market. Agricultural applications of levulinic acid include pesticides and chemical fertilizers. Keypotential downstream applications of levulinic acid include delta-aminolevulinic acid, diphenolic acid, ethyl levulinate, and methyltetrahydrofuran. The chemical industry has been working toward developing bio-based products in the past few years to maintain sustainability by exploring new avenues across chemistry and biotechnology. Levulinic acid is accepted as the building block in the manufacture of specialty chemicals that substitute their synthetic alternatives. Manufacturers are highly investing in research and development of levulinic acid to reduce cost and achieve substitutes for synthetic products in potential applications such as fuel additives and polymers. Manufacturers are aiming to introduce innovative developments that may aid new applications. Segetis, Inc., a company based in Minnesota, U.S., recently developed a molecule made from corn cobs and bio-based hydroxyl compounds present onesters of levulinic acid.
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Threat of substitution by synthetic chemical alternatives of levulinic acid is posing a major challenge for the levulinic acid market. Users may tend to prefer synthetic chemical alternatives due to major price gap between products. Manufacturers are striving to develop improved production practices to control inflated prices of levulinic acid without compromising on quality. The anticipated reduced prices are expected to open a host of opportunities for the levulinic acid market in terms of applications such as green chemicals, energy, transportation, and specialty polymers.
The levulinic acid market in North America has been the strongest in the past few years, followed by rising markets in Europe and Asia Pacific. Increasing research and development activities related to this acid and its technologies by major market players is estimated to primarily drive the market in North America. Europe and Asia Pacific are projected to witness extensive growth during the next few years due to increasing demand from end-user industries. In addition, technological advancement along with increasing investment in research and development activities are likely to augment the market growth in the near future. Development of newer and easier methods for the production of levulinic acid is anticipated to present new opportunities for the market growth during the next few years.
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Some of the major market players in the levulinic acid market include Segetis, Inc., BioFine International Inc., E. I. du Pont de Nemours and Company, Langfang Triple Well Chemicals Co., Ltd.,China Shijiazhuang Pharmaceutical Group Co., Ltd.,Yancheng China Flavor Chemicals Co., Ltd., andApple Flavor & Fragrance Group Co., Ltd.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
-Middle East and Africa
This report provides comprehensive analysis of
-Market growth drivers
-Factors limiting market growth
-Current market trends
-Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter's five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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