(MENAFNEditorial) Global Levulinic acid Market Information: by technology (acid hydrolysis production process, biofine), by the application (food additive, pharmaceuticals, cosmetic & personal care and others) and region - forecast till 2023 The levulinic acidis widely used in food and beverage, pharmaceuticals, cosmetic and personal care products, agriculture, and other applications. Levulinic acid is extensively used in processed food as food additives. Personal care and pharmaceutical sector are expected to witness an expanding growth during the forecast period 2017-2023.
Levulinic Acid Market- Top 10 Global key Players & Their Strategy
GFBiochemicals, Ltd. (Italy), Segetis, Inc. (U.S.), Heroy Chemical Industry Co., Ltd. (China), Parchem fine & specialty chemicals (U.S.), Tokyo Chemical Industry Co. Ltd. (Japan), E. I. du Pont de Nemours and Company (U.S.), Biofine Technology LLC (U.S.), China Shijiazhuang Pharmaceutical Group Co. Ltd. (China), Apple Flavor & Fragrance Group Co., Ltd. (China), Hebei Langfang Triple Well Chemicals Co., Ltd (China), Avantium Inc,( Netherland), Tokyo Chemical Industry Co. Ltd( Japan), and Hefei TNJ Chemical Industry Co Ltd( China), among others are some of the prominent players at the forefront of competition in the global Levulinic Acid Market and are profiled in MRFR Analysis.
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Levulinic Acid Market Overview
The global Levulinic acid market has seen a notable growth over the past few years and as per MRFR analysis, the market will keep on growing during the forecast period owing to the several uses of Levulinic acid in its applications such as pharmaceuticals, agriculture, cosmetics, plasticizers, and others. Among these applications, agriculture and pharmaceuticals has accounted the largest share in terms of value and volume. The Levulinic acid market growth in mainly attributed to the rising demand of PVC and are widely used in in several industries. Additionally, Levulinic acid are used in cigarettes production, which is also one of the major growth factors. Geographically, North America is estimated to be the leading market followed by Europe and APAC.
Industry/ Innovation/ Related News:
22 July, 2015 - Bio based chemical company GF biochemical started the production of levulinic acid in their 10,000MT capacity plant in Caserta, Italy. GF Chemicals Company become the first company to start the production of levulinic acid from biomass at a commercial scale. This development is expected to fuel the market of bio based levulinic acid in Europe.
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Levulinic Acid Market Target Audience
Manufactures Raw material Suppliers Aftermarket suppliers Research Institute / Education Institute Potential Investors Key executive (CEO and COO) and strategy growth manager The global levulinic acid market is spanned across five regions of the world namely, Latin America Asia Pacific, North America, Europe, and the Middle East & Africa. Among these, North America holds the major share of the global market and is projected to grow at a considerable CAGR during the forecast years. The growing consumption of levulinic acid in the food and beverage and personal care industry among others is adding to the growth of the market. Moreover, the increasing consumption of levulinic acid in the food industry is expected to be another dominant factor augmenting the growth of the market in the region. The major countries attributing to this growth are Canada, and the U.S. Asia Pacific is anticipated to show a steady growth during the assessed period. The presence of agriculture dominant economies in the region has fuelled the use of levulinic acid as pesticides, which is a key factor driving the market in the region. Moreover, the growing per capita disposable income in the developing region has augmented the demand for cosmetic and personal care products which is another factor contributing to the growth of the market. In addition to this, to growing working population has augmented the demand for on-the-go food and beverages, in turn, adding to the market of levulinic acid owing to its major use as food additives.
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