LevulinicAcid Market: Introduction
The levulinic acid market was valued at ~US$ 26.2 Mn in 2018 and isanticipated to expand at a CAGR of ~5% from 2019 to 2027. The AsiaPacific led the global agrochemical industry, accounting forapproximately 30% sharein 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
Accordingto L'Oréal, a leading manufacturer of cosmetic products, the global cosmeticsindustry was valued at US$532 Bn in 2018 andis expected to expand at a CAGR of 5.5% from 2019 to 2020. Theindustry is primarily driven by rise in urbanization, continuous increase inonline purchase of beauty products, and growth in the adoption of social mediaplatforms.
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Levulinicacid is primarily used in personal care products and cosmetics, as it enhancesactive concentration; enables high water loading for moisturizing formulations;raises solubility of ethanol; and reduces greasiness. Thus, the levulinic acidmarket is driven by the growth of the global cosmetics industry.
LevulinicAcid Constantly Replacing Petroleum-based Products
Levulinicacid is generally produced from cellulose, biomass, manure, and brewery waste.It is the antecedent of biofuels. Levulinic acid is widely used in themanufacturing of polyvinyl chloride, which is a better alternative forphthalate plasticizers. Levulinic acid derivatives such as gammavalerolactone(GVL), methyl tetrahydrofuran (MeTHF), and methyl butanediol (MeBDO) aresuitable for use as solvents in several applications.
HighPrices of Levulinic Acid to Hamper Global Market
Levulinicacid prices range between US$5 per kilogram and US$ 8 per kilogram. High pricesof levulinic acid are associated with the high initial cost incurred for itsproduction as well as modifications such as alterations in the productionprocess at the application end. Various countries in Asia Pacific have imposedanti-subsidy duties on levulinic acid, leading to increase in the product price.This, in turn, restrains the levulinic acid market in the region.
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NorthAmerica Dominates Levulinic Acid Market
Interms of volume, North America held a leading share of the levulinic acidmarket 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 is anticipatedto expand in the near future, owing to the rising demand for levulinic acid foruse in plasticizers and as a substitute for petroleum-based products.
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HighApplication of Levulinic Acid in Agriculture
Amongapplications, the agriculture segment held a major share of the levulinic acidmarket in 2018. Delta-amino levulinic acid (DALA), a levulinic acid derivative,is widely utilized as herbicide for lawns and certain grain crops. Levulinicacid is used in anti-inflammatory medications, anti-allergy agents, mineralsupplements, and transdermal patches. Delta-amino levulinic acid (DALA) isutilized in the diagnosis and treatment of cancer (photodynamic therapy).
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LevulinicAcid Market: Prominent Players
Prominentplayers operating in the levulinic acid market include GFBiochemicals Ltd., BiofineTechnology LLC, Tokyo Chemical Industry Co., Ltd., Godavari Biorefineries Ltd,and Aurochemicals. In February 2016, GFBiochemicals acquiredSegetis, a player based in Golden Valley, Minnesota (the U.S.). The latter is aleading producer of levulinic acid derivatives and it owns more than 50patents. It has over 200 pending patent applications worldwide. GFBiochemicalshas acquired Segetis’ pilot production plant located in Minnesota. With thisacquisition, the company is planning to establish its direct presence in theU.S. market through opening commercial offices as GFBiochemicals Americas.Biofine Technology LLC is a technology holding company controlling patents forthe levulinic acid technology, along with various license agreements forrelated derivatives.
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