New York, Sept. 12, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 85.0 million levulinic acid market will reach USD 192.1 million by 2032. Levulinic acid has long been recognised as a platform chemical. As a result, despite its tiny market size, it has received significant R&D to serve as a precursor to speciality chemicals such as fuel additives like Methyltetrahydrofuran (MTHF), pesticides like D-amino levulinic acid (DALA), Diphenolic Acid (DPA), and so on. The method for producing bio-based levulinic acid is relatively easy, with the most common way being the dehydrative treatment of biomass or carbohydrates with acid. Other vital processes include acetyl succinate esters hydrolysis, acid hydrolysis of furfuryl alcohol, and ozone oxidation of ketones. Levulinic acid is used in medications, cosmetics, and modest applications in nylons, synthetic rubbers, and plastics.
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Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the essential levulinic acid market share. China is a big cosmetics user, which raises the country’s consumption of levulinic acid from the cosmetics sector. According to wholesale and retail companies, cosmetics retail sales in China are expected to reach USD 55 billion in 2022. According to forecasts, revenue in Thailand’s beauty and personal care business is predicted to reach USD 5.76 billion by the end of 2023. Thailand’s premium cosmetic and fragrance market value will be over USD 340 million in 2021. Cosmetics sector operators focus on expanding their product line to expand their beauty and cosmetics.
The acid hydrolysis segment dominated the market with the most significant revenue of USD 48.4 million.
The acid hydrolysis segment dominated the market with the most significant revenue of USD 48.4 million. The acid catalyses the hydrolysis of cellulose or hemicellulose into smaller sugars like glucose and xylose. These sugars can then undergo further reactions to form levulinic acid. The acid-catalyzed dehydration of fructose to generate hydroxymethylfurfural (HMF), followed by the acid-catalyzed oxidation of HMF to form levulinic acid, is one frequent process.
The cosmetics & personal care segment dominated the market with the most significant revenue of USD 24.6 million.
The cosmetics & personal care segment dominated the market with the most significant revenue of USD 24.6 million. Water dissolves levulinic acid and its salts (most notably sodium levulinate). Because it has been approved by the US Food and Drug Administration (FDA), it is extensively utilised in cosmetics and personal care products. Furthermore, the rules governing cosmetic products in the European Union do not restrict the use of these components. According to the FDA’s Voluntary Cosmetic Registration Programme (VCRP) survey data, levulinic acid is used in approximately 130 cosmetic formulations, while sodium levulinate is used in approximately 400 cosmetic formulations; levulinic acid has a maximum concentration of around 4.5% in hair dyes, while sodium levulinate is used at a maximum concentration of 0.62% in mouthwashes and breath fresheners.
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|Market Size in 2022||USD 85.0 Million|
|Projected Market Size in 2032||USD 192.1 Million|
|CAGR Growth Rate||8.5%|
|Key Market Players||Segetis,Biofine Technology LLC,DuPont,Hebei Langfang Triple Well Chemicals Co. Ltd,Hebei Shijiazhuang Worldwide Furfural & Furfuryl Alcohol Furan Resin Co. Ltd.,Jiangsu Yancheng China Flavor Chemicals Co. Ltd,Shijiazhuang Pharmaceutical Group Ouyi Pharmaceutical Co. Ltd,Shanghai Apple Flavor & Fragrance Co. Ltd|
|Key Segment||Technology, End-User Industry|
|Major Regions Covered||The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.|
Drivers: Uses in Several Manufacturer
Levulinic acid is increasingly used to manufacture pharmaceuticals, agricultural chemicals, and cosmetics. It is used to manufacture fragrances, polymers, paints, and lubricants. Its advantages include higher conversion yields, increased productivity, and feedstock flexibility.
Restraint: High Cost
The high cost of production and the need for improvements in the direct manufacture of levulinic acid may function as market restraints.
Opportunity: Rising Population
The market is growing due to rising population and industrialization. Over the years, applicability has increased in industries such as agriculture, transportation, and chemicals. Government rules that encourage market expansion and the increasing acceptance of sustainable solutions contribute to market growth. Increasing trends and breakthroughs in green chemistry to combat the depletion of fossil fuels have raised industry demand.
Synthetic chemical alternatives are widely available in the chemicals industry, whereas levulinic acid is a bio-based product with a low demand-supply gap in emerging economies.
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Some of the major players operating in the levulinic acid market are:
● Biofine Technology LLC
● Hebei Langfang Triple Well Chemicals Co. Ltd
● Hebei Shijiazhuang Worldwide Furfural & Furfuryl Alcohol Furan Resin Co. Ltd.
● Jiangsu Yancheng China Flavor Chemicals Co. Ltd
● Shijiazhuang Pharmaceutical Group Ouyi Pharmaceutical Co. Ltd
● Shanghai Apple Flavor & Fragrance Co. Ltd
Key Segments cover in the market:
● Acid Hydrolysis
By End-User Industry:
● Cosmetics & Personal Care
● Polymers and Plasticizers
● Fuel & Fuel Additives
● Flavors & Fragrances
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About the report:
The global levulinic acid market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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