According to a report published by Grand View Research, Inc.; the levulinic acid (LA) market is expected to reach a valuation of around USD19.65 million by 2022.
Growing product demand for manufacturing solvents, pesticides, pharmaceuticals, and cosmetics can propel the market over the forecast period (2012 to 2022). Additionally, increasing utilization of the product in niche applications such as nylons, rubbers, and plastics are projected to increase demand in the next few years.
The LA is widely utilized as an alternative to its synthetic counterparts in various industrial applications. The chemical industry has been constantly emphasizing on the development of renewable bio-based products. Increasing development of novel technologies for manufacturing bio-based LA is likely to drive the market growth in the coming years. Several techniques such as dehydrative treatment of carbohydrates or biomass with acid, acid hydrolysis reaction of acetyl succinate esters, hydrolysis reaction of furfuryl alcohol, and oxidation reaction of ketones with ozone are widely used in the production of bio-based LA. In addition, the derivative called ketal esters obtained from the bio-based LA is also expected to replace all phthalate-based plasticizers. This is considered as one of the key factors that may increase the inclination of industries towards the use of green chemicals.
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Levulinic acid market volume share by application, 2013
However, high price of raw material, which is required for producing bio-based LA is considered as major challenge for the market. Several raw materials such as biomass, brewery waste, manure and bagasse are required to produce bio-based LA.
The worldwide levulinic acid market can be segmented on the basis of applications and downstream potential platform. As per applications, the market can be categorized into pharmaceuticals, agriculture, food additives, and cosmetics.
In 2013, the pharmaceutical and agriculture sector collectively accounted for over 66% of the overall volume. The Agriculture sector is posed to grow at a CAGR of 6% and pharmaceutical sector is likely to expand at a CAGR of 6% during 2014 to 2020. Apart from these applications, the product is broadly used in cigarettes to increase nicotine delivery in smoke and binding of nicotine to neural receptors.
Based on downstream potential platform, the market can be classified into delta aminolevulinic acid (DALA), diphenolic acid, methyltetrahydrofuran (MTHF), and others.
The Methyltetrahydrofuran (MTHF), acts as a fuel additive, therefor used as a fuel extender in automotive industry. This is expected to drive the segment growth in the coming years. The demand for MTHF is projected to have potential demand of 20000 kilo tons by 2020.
Geographically, the market can be divided into Asia Pacific, North America, Europe, and Rest of the World.
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In 2013, North America dominated the market and accounted more than 41% of the overall demand. The region is anticipated to expand at a CAGR of 5.6% during the projected period due to presence of the leading manufacturers. The demand for the product in this region is estimated to be 1,598.3 tons by 2020. In 2012, Europe was the second largest market and accounted for 31% of the total market volume. Asia Pacific is an emerging market. China is considered as one of the major suppliers, manufacture, and seller of the product at a comparatively lower price in comparison with companies based in the U.S. and Europe. The U.S. and Europe based downstream companies generally source the product form Chinese suppliers at low prices for their corresponding applications.
Some of the leading companies working in the market include Segetis, DuPont, Biofine Technology LLC, and Shanghai Apple Flavor & Fragrance Co. Ltd.
Major manufacturers are mostly concentrating on research and development activities (R&D) to manufacture bio-based products at low price. But, to reduce production cost of LA at competitive levels is a critical factor for the manufacturers. For instance, recently, Biofine, Inc. has developed a technique for converting the waste cellulose from various sources such as municipal solid waste, paper mill sludge, waste wood, unrecyclable waste paper, and agricultural residues into LA. The LA obtained from waste cellulose could reduce the use of fossil fuels and the overall cost of manufacturing.s
Grand View Research has segmented the global levulinic acid market on the basis of application and region:
Levulinic Acid Application Outlook
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Pharmaceuticals
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Agriculture (Organic potassium fertililizer DALA, 2–Methylindole-3-acetic acid)
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Food Additives
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Cosmetics
Levulinic Acid Regional Outlook
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North America
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Europe
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Asia Pacific
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Rest of the World
Bio-based Levulinic Acid Potential Downstream Platform Outlook
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Methyltetrahydrofuran (MTHF)
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Delta aminolevulinic acid (DALA)
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Diphenolic Acid
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Others
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