A growing demand for levulinic from the agricultural sector is one of the significant factors influencing the market growth.
Beta-Levulinic Acid Market Size – USD 29.9 Million in 2019, Growth - CAGR of 9.3%, Trends – Growing demand in the production of PVC
The global Beta-Levulinic Acid Market is expected to reach USD 61.2 Million by 2027, according to a new report by Reports and Data. Beta-Levulinic Acid is a very versatile chemical that finds usage in several end-use industries attributed to its application as food feed additive, fertilizer, fungicide, plasticizer, coating, and antifreeze, among others. Agriculture is the primary user of Beta-Levulinic Acid. Growing demand for fertilizers for high crop yield is one of the significant factors influencing the market growth. Fertilizers allow farmers to increase their crop yield by boosting the productivity of the agricultural land, as well as can make an otherwise less productive land produce substantial yields. Fertilizers are formulated to support the yield of certain plants by allowing the plants to absorb the essential macro and micronutrient easily. The worldwide demand for fertilizers has witnessed a decent pace of growth, with the demand being more than 138 million tons in the year 2000 and rose to around 210 million tons in the year 2019.
Beta-Levulinic Acid Market Demand:
The Beta-Levulinic Acid market is expected to grow due to increasing demand for renewable and bio-based chemicals. Beta-Levulinic Acid is a platform chemical that can be converted into a variety of products such as solvents, sweeteners, and biodegradable plastics. The growing demand for sustainable and environmentally friendly products is driving the growth of the Beta-Levulinic Acid market.
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Top Companies: GF Biochemicals, Avantium NV, DuPont, Hebei Shijiazhuang Worldwide Furfural Furfuryl Alcohol Furan Resin Co. Ltd., Shijiazhuang Pharmaceutical Group Ouyi Pharmaceutical Co. Ltd., Biofine Technology LLC, Segetis, Shanghai Apple Flavor Fragrance Co. Ltd., Hebei Langfang Triple Well Chemicals Co. Ltd., Jiangsu Yancheng China Flavor Chemicals Co. Ltd., Sigmachem Corporation, and Anhui Herman Impex Co Ltd., among others.
Further Key Finding from the Report Suggestion:
- By technology, acid hydrolysis is likely to observe a growth rate of 8.8% in the forecast period. Beta-Levulinic Acid is made by high-temperature acid hydrolysis of carbohydrates, including galactose, glucose, and sucrose, among others, as well as form biomeric material like wood and agricultural wastes. Levulinic is isolated either by solvent extraction or partial neutralization, filtration, and vacuum steam distillation.
- By distribution channel, offline held a larger Beta-Levulinic Acid market size in 2019. The Beta-Levulinic Acid industry is very offline-intensive and witnesses transparency. The offline channel necessitates the requirement of substantial investment of time by the buyer and high selling costs, along with considerable knowledge of the Beta-Levulinic Acid market on the seller side.
- By application, food additive held a substantial Beta-Levulinic Acid market size in 2019. Beta-Levulinic Acid as a food-grade preservative finds usage in slowing down microbial growth, regulating the pH levels of food products, and disinfecting the surface of fruits. Besides, Beta-Levulinic Acid is generally deployed to make maple, caramel, and several other syrupy flavors such as a flavor in berry-type compositions.
- North America held the Beta-Levulinic Acid largest market share in 2019 and is likely to grow at a rate of 8.9% in the forecast period. The market dominance of the region is owing to the high demand for the product from the cosmetics and pharmaceutical industry. Besides, high purchasing power parity in countries like the US and Canada is driving the growth of the Beta-Levulinic Acid market in the region.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Beta-Levulinic Acid market is segmented into:
Technology Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Acid Hydrolysis
Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Food Additives
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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