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Ethyl Levulinate Market size is forecast to reach US$11.2 million by 2027 after growing at a CAGR of 3.5% during the forecast period 2022-2027.

HYDERABAD, TELANGANA, INDIA, November 18, 2022 /EINPresswire.com/ -- The Ethyl Levulinate Market size is forecast to reach US$11.2 million by 2027 after growing at a CAGR of 3.5% during the forecast period 2022-2027. In general, Ethyl levulinate is an ester that is obtained from the esterification of ethanol and levulinic acid, which is known to be a flexible building block for the purpose of manufacturing various chemicals. It lies under the class of organic compounds called gamma-keto acids. Ethyl Levulinate is used for a wide range of applications such as Fragrances & Perfumes, Food Additives & Flavouring, Cosmetics & Personal Care, Fuel Additives, Pharmaceutical Additives, and more. An increase in demand from the cosmetics and personal care industry along with an increase in demand for food additives and flavoring acts as major drivers for the market. Health hazards associated with the prolonged use of Ethyl Levulinate may act as a major constraint for the market.

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Key takeaways:

This IndustryARC report on the Ethyl Levulinate market highlights the following areas -

1. Fragrances & Perfume segment is expected to see the fastest growth, especially during the forecast period, owing to the rise in demand for fragrances, perfumes, and skincare products across the world. Since Ethyl Levulinate is obtained from the esterification of ethanol and levulinic acid, it is the key component to add fragrance to perfumes and skincare products. An increase in demand for Ethyl Levulinate from these industries is most likely to drive market growth over the forecast period.

2. Ethyl Levulinate is known to give integral fresh odor, help prevent wrinkles along with providing properties for stabilizing formulations and emulsions, which makes it ideal for the production of fragrances, perfumes, cosmetics, and personal care products.

3. The Asia Pacific is expected to account for the largest share in the Ethyl Levulinate Market. The major reason behind this is an increase in demand from food additive and fragrance industries, specifically in countries like China, and India.

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Segmental Analysis:

1. Ethyl Levulinate Market Segment Analysis – By Application : The Fragrances & Perfume held the largest share in the Ethyl Levulinate Market in 2021 and is expected to grow at a CAGR of 3.7% between 2022 and 2027. This is mainly to the increase in demand for fragrances required in perfumes, cosmetics, and skincare products owing to an increase in awareness regarding personal grooming across the world. For instance, according to a study published on Fashion Network, skincare and sun care products produced an average annual growth of 5.6% in 2020.

2. Ethyl Levulinate Market Segment Analysis – By Geography : The Asia Pacific held the largest share in the Ethyl Levulinate Market in 2021 up to 32%, owing to the increasing demand for Ethyl Levulinate from the food additives and fragrance industries. According to a recent study published in the Economic Times the average annual revenue of the Indian Perfume Industry is around INR 3000 crore (US$ 408 million) and is expected to grow by approx. 17% in the next three years by 2024.

Competitive landscape:

The top 5 players in the Ethyl Levulinate industry are:

1. Axxence Aromatic
2. Beijing Lys Chemicals Co. Ltd
3. Alfa Aesar, Fleurchem Inc.
4. Lluch Essence S.L
5. Advanced Biotech Inc.

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