Increasing Research and Development to Underscore Growth in
- Cosmetics industry is growing, owing to growth in e-commerce and rapid urbanization, driving up demand for levulinic acid
- Agriculture segment in the applications category to hold a prominent share of market growth over the forecast period
- Strengthening distribution system, improving product portfolio will be key focus areas for players eyeing growth
ALBANY, N.Y., Aug. 19, 2020 /PRNewswire/ -- In the period 2019 to 2027, global levulinic acid market would grow at a rate of about 5%, compounded annually. This would lead the market to a higher valuation of about USD 41.2 million by the end of this period from about USD 26.2 million in 2018. It is pertinent to note here that a host of growth factors are keeping the market on an upward curve. Some of these are increased demand from agriculture segment and increased spending on medicines.
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As per Transparency Market Research, "Players stand to gain from research and development activities, and by directing efforts towards technological advancement as these factors might lead to reduction in production costs. It is worth noting here that some of the players in the market are setting-up sustainable systems."
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Key Findings of Global Levulinic Acid Market Study:
- Agriculture segment held a sizeable share of the market in 2018, in terms of volume, and the trend is anticipated to continue
- Increasing preference for bio-based products in agriculture is set to drive growth in the agriculture application segment
- Levulinic acid is replacing petroleum-based products in industries such as chemical and bio-fuel, creating opportunities in the market
- The Asia Pacific (APAC) region is anticipated to be at the forefront of regional growth in global levulinic acid market over the forecast period
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Key Drivers of Growth in Global Levulinic Acid Market:
- New growth avenues are expected to open in the market as a result of increase in spending on research and development (R&D)
- Growing demand for bio-based additives in agriculture is set to drive demand for the product, which is used in plasticizers, herbicides and insecticides
- Use of this product in mineral supplements, anti-allergic agents, and anti-inflammatory medications is set to drive growth in the market
- Global spending on medicines is increasing and this is paving way for higher demand for levulinic acid
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Regional Analysis of Global Levulinic Acid Market:
- Asia Pacific (APAC) region is set to lead regional charts of global levulinic acid market over the assessment period
- Population growth, and expansion of food and beverages industry is expected to drive regional market forward
- North American market will be propelled to further growth by expanding personal care and cosmetics, and pharmaceutical industries
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Competitive Landscape of Global Levulinic Acid Market:
The highly consolidated vendor landscape of global levulinic acid market witnesses intense competition. Top names in the market include Aurochemicals, GFBiochemicals Ltd., Biofine Technology LLC, Tokyo Chemical Industry Co. Ltd., and Godavari Biorefineries Ltd., among others. It is pertinent to note here that these five companies account for about 70% of total global levulinic acid market share.
Most prominent market players are directing investment towards strengthening their distribution network and improving their portfolio of products. Strategies such as entering joint ventures, merging with and acquiring other players, and developing new products are being deployed to get a better foothold in the market. In the past years, technology and innovation have played a notable role in improving players' market position.
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- Food & Beverages
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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