Levulinic Acid Market: Introduction
The levulinic acidmarket was valued at ~US$ 26.2 Mn in 2018 andis anticipated to expand at a CAGR of ~5% from 2019 to 2027.The Asia Pacific led the global agrochemical industry, accounting forapproximately 30% share in 2018. Countriesin Asia, such as South Korea, China, Japan, and Vietnam, are applyingherbicides in large amounts onto short-term as well as perennial crops. Thus,growth of the agrochemical industry in Asia Pacific is driving the levulinicacid market in the region.
KeyDrivers of Levulinic Acid Market
According to L'Oréal, aleading manufacturer of cosmetic products, the global cosmetics industry wasvalued at US$532 Bn in 2018 andis expected to expand at a CAGR of 5.5% from 2019 to 2020.The industry is primarily driven by rise in urbanization, continuous increasein online purchase of beauty products, and growth in the adoption of socialmedia platforms.
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Levulinic acid isprimarily used in personal care products and cosmetics, as it enhances activeconcentration; enables high water loading for moisturizing formulations; raisessolubility of ethanol; and reduces greasiness. Thus, the levulinic acid marketis driven by the growth of the global cosmetics industry.
LevulinicAcid Constantly Replacing Petroleum-based Products
Levulinic acid isgenerally produced from cellulose, biomass, manure, and brewery waste. It isthe antecedent of biofuels. Levulinic acid is widely used in the manufacturingof polyvinyl chloride, which is a better alternative for phthalateplasticizers. Levulinic acid derivatives such as gammavalerolactone (GVL),methyl tetrahydrofuran (MeTHF), and methyl butanediol (MeBDO) are suitable foruse as solvents in several applications.
HighPrices of Levulinic Acid to Hamper Global Market
Levulinic acid pricesrange between US$ 5 perkilogram and US$ 8 perkilogram. High prices of levulinic acid are associated with the high initialcost incurred for its production as well as modifications such as alterationsin the production process at the application end. Various countries in AsiaPacific have imposed anti-subsidy duties on levulinic acid, leading to increasein the product price. This, in turn, restrains the levulinic acid market in theregion.
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NorthAmerica Dominates Levulinic Acid Market
In terms of volume,North America held a leading share of the levulinic acid market in 2018.The U.S.-based companies usually source levulinic acid at a low price fromChina-based manufacturers. For instance, Segetis is reported to sourcelevulinic acid from China for its portfolio of L-ketal products. MiddleEast & Africa held a minimal share of the levulinic acid market in 2018;however, the market in the region is at a nascent stage currently. It isanticipated to expand in the near future, owing to the rising demand forlevulinic acid for use in plasticizers and as a substitute for petroleum-basedproducts.
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HighApplication of Levulinic Acid in Agriculture
Among applications, theagriculture segment held a major share of the levulinic acid market in 2018.Delta-amino levulinic acid (DALA), a levulinic acid derivative, is widelyutilized as herbicide for lawns and certain grain crops. Levulinic acid is usedin anti-inflammatory medications, anti-allergy agents, mineral supplements, andtransdermal patches. Delta-amino levulinic acid (DALA) is utilized in thediagnosis and treatment of cancer (photodynamic therapy).
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Levulinic Acid Market: Prominent Players
Prominent playersoperating in the levulinic acid market include GFBiochemicals Ltd., BiofineTechnology LLC, Tokyo Chemical Industry Co., Ltd., Godavari Biorefineries Ltd,and Aurochemicals. In February 2016,GFBiochemicals acquired Segetis, a player based in Golden Valley, Minnesota(the U.S.). The latter is a leading producer of levulinic acid derivatives andit owns more than 50 patents. It has over 200 pending patent applicationsworldwide. GFBiochemicals has acquired Segetis’ pilot production plant locatedin Minnesota. With this acquisition, the company is planning to establish itsdirect presence in the U.S. market through opening commercial offices as GFBiochemicalsAmericas. Biofine Technology LLC is a technology holding company controllingpatents for the levulinic acid technology, along with various licenseagreements for related derivatives.
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