The Levulinic Acid Market is projected to reach USD 32.5 Million by 2021, at a CAGR of 14.0% between 2016 and 2021. This growth can be attributed to the increasing consumption of levulinic acid in pharmaceuticals and cosmetics.
Browse 27 market data Tables and 52 Figures spread through 113 Pages and in-depth TOC on "Levulinic Acid Market”.
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Among applications, the plasticizers segment is expected to lead the levulinic acid market during the forecast period
Based on application, the plasticizers segment accounted for a major share of the levulinic acid market in 2015. Plasticizers are organic esters that are used to provide more flexibility to plastics, such as polyvinyl chloride (PVC). PVC is used in several applications due to its low cost, durability, and versatility. Levulinic acid-derived ketal esters can be a potential replacement of phthalate-based plasticizers, which make majority of the world’s plasticizer market. With increasing demand for renewable, phthalate-free plasticizers, particularly used in children toys, as well as for products that are used by humans, the demand for levulinic acid is expected to grow during the forecast period.
North America is expected to lead the levulinic acid market during the forecast period
North America accounted for the largest share of the levulinic acid market in 2015, followed by Europe and Asia-Pacific. The U.S. is one of the major consumers of levulinic acid in North America. Increasing investments in organic materials by leading companies of the fast moving consumer goods industry for end-products, and rising demand for levulinic acid from pharmaceuticals and cosmetics industries are expected to drive the North America levulinic acid market.
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GF Biochemical (Italy) is a leading player in the levulinic acid market. Other key players operational in the levulinic acid market are Biofine Inc. (U.S.), Avantium (Netherlands), Langfang Triple Well Chemicals Co. Ltd. (China), Simagchem Corporation (China), and Anhui Herman Impex Co. Ltd. (China), among others. These players are most active in the levulinic acid market and have an established distribution network. These players are investing more in research & development activities and expansion of capacities. They also have strong technical and market development capabilities, which enable them to upgrade their existing products for new applications.
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