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Levulinic Acid Market Size Poised to Surpass $34.5 Million by 2024: P&S Intelligence

Levulinic Acid Market Research Report: By Technology (Biofine, Acid Hydrolysis), Application (Food Additives, Pharmaceuticals, Agricultural Products, Personal Care Products, Plasticizers, Fuel Additives), Geographical Outlook (U.S., Canada, Germany, France, Italy, U.K, China, Japan, India, South Korea, Brazil, Mexico

/EIN News/ -- NEW YORK, Nov. 07, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global levulinic acid market share was valued at $26.3 million in 2018 and is expected to reach $34.5 million by 2024, advancing at a CAGR of 4.9% during the forecast period (2019–2024). Among various application areas, fuel additives are expected to dominate the market during the forecast period.

The levulinic acid market is expected to witness notable growth in this category, on account of the projected high-volume demand for levulinic acid derivatives for application in fuel additives. For instance, ethyl levulinate, a derivative of levulinic acid, when blended with diesel, results in lower sulfur emissions than those caused by diesel in its primary form. In addition, increasing environmental concerns are expected to stimulate a shift toward organic and bio-based fuel additives, which, in turn, would drive the demand for levulinic acid in the coming years.

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Based on technology, Biofine held the larger share in the levulinic acid market in 2018 and is expected to continue maintaining its dominance during the forecast period. The technology facilitates the production of levulinic acid without the use of any microorganisms for the fermentation of monomers. In addition, the process allows for the use of heterogeneous lignocellulosic resources, which further facilitates the production of several levulinic acid derivatives, including ethyl levulinate, methyl levulinate, diphenolic acid, and succinic acid. The demand for these derivatives is expected to increase in the coming years owing to their growing application in food additives, fuel additives, personal care products, and agricultural products.

Fuel additives constitute the largest application area of levulinic acid across the world. Moreover, during the forecast period, the levulinic acid market is expected to witness the fastest growth in this category, on account of the increasing environmental concerns over depleting fossil fuel-based energy resources. In addition, the demand for levulinic acid in the personal care products category is expected to demonstrate notable growth, owing to the growing adoption of bio-based cosmetics and personal care products.

Browse report overview with detailed TOC on "Levulinic Acid Market Research Report: By Technology (Biofine, Acid Hydrolysis), Application (Food Additives, Pharmaceuticals, Agricultural Products, Personal Care Products, Plasticizers, Fuel Additives), Geographical Outlook (U.S., Canada, Germany, France, Italy, U.K, China, Japan, India, South Korea, Brazil, Mexico) – Global Industry Analysis and Growth Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/levulinic-acid-market

North America held the largest share in the levulinic acid market in 2018. Moreover, the North American levulinic acid market is expected to progress with a CAGR of 9.8% in terms of volume during the forecast period. This growth can be attributed to the projected high-volume adoption of levulinic acid derivatives in a number of application areas owing to its organic nature. These applications include agricultural products, personal care products, fuel additives, and food additives.

Levulinic acid is a biomass product and its derivatives, such as ethyl levulinate and alkyl levulinate, can be used as fuel additives. With the rise in environmental concerns over depleting fossil fuels, the focus on the conversion of biomass into fuels in the region has increased. This, in turn, has provided impetus to the demand for levulinic acid in North America.

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In addition, levulinic acid and its derivatives can be used in agricultural products, such as pesticides and herbicides, owing to their ability to prevent pest infestation and enhance crop yield. Moreover, increasing environmental concerns in the region have facilitated a shift from synthetic herbicides and pesticides to bio-based herbicides and pesticides, thereby fueling the demand for levulinic acid.

The global levulinic acid market is characterized by the presence of a limited number of players that operate on a commercial scale. However, untapped potential in developed nations continues to offer ample opportunities for growth to levulinic acid manufacturers (existing and new) in the market. GFBiochemicals Ltd., Heroy Chemical Industry Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., and Haihang Industry Co. Ltd. are some of the key manufacturers of levulinic acid across the world.

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