Rockville, Jan. 04, 2023 (GLOBE NEWSWIRE) -- The Global Fact.MR was valued at US$ 28.1 Mn in 2021 and is expected to reach US$ 127.2 Million by 2032, finds Fact.MR in a recent market survey. The reduction in production costs in recent years due to advancements in production technology is a key driver in the market.
The green nature of the material Levulinic acid as it is derived from biomass is a contributor to demand. The acid and its multiple derivatives and by-products have multiple uses, such as in synthesis, paint, and coating solvents, as monomers, as pesticides, in healthcare, and others.
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Key Insights
- Levulinic acid market is expected to grow 4X during 2022 – 2032.
- U.S. accounts for the largest market for Levulinic Acid accounting for over 30% share in the global market
- Levulinic acid revenue through agriculture application is projected to gross the highest revenue, with a projected CAGR of 18.3% during the forecast period.
Applications of Levulinic Acid in Agriculture and Pharmaceuticals to contribute the most to revenue
Agriculture is the top application of Levulinic Acid with a historical CAGR of 12.6%. Delta Amino Levulinic Acid is a widely used herbicide derived from Levulinic acid. Pharmaceuticals are an emerging component of demand, with a historical CAGR of 11.5% and a forecasted CAGR of 16.3%, accounting for US$ 39.6 Mn of forecasted revenue in 2032. Pharmaceutical applications are varied, including supplements, medicine, drug delivery systems, and in drug synthesis.
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The United States to continue being the Nucleus of Global Levulinic Acid Demand
The US is the nucleus of global demand, with a forecasted market size of US$ 39 Mn at a CAGR of 15.9% and 2021 market size of US$ 8.2 Mn with a historical CAGR of 11.2%. Levulinic Acid is FDA-approved. In 2022, the DOE or the United States Department of Energy identified Levulinic acid as an important platform chemical for green industrial chemical process development. In 2019, The Maine Technology Institute announced that had awarded funding to a bio-based Levulinic acid project by Biofine Developments Northeast.
Competition Insights
Levulinic Acid developers are focused on further research to harness the edge their products are gaining due to their environmental benefits. The key companies operating include Anhui Herman Impex Co Ltd, AkzoNobel, Avantium, International Inc., CSPC Pharmaceutical Group, DuPont, G.F. Biochemicals Ltd, Great Chemicals Co. Ltd., Hebei Shijiazhuang Hefei TNJ Chemical Industry Co., Ltd., Jotun A/S, KCC Corporation, Langfang Triple Well Chemicals Co. Ltd, Simagchem Corporation, Sherwin-Williams, Segetis and The Valspar Corporation, amongst others.
Some of the recent developments in Levulinic Acid are as follows:
- In May 2022, GF Biochemicals announced that they had raised US$ 16 Mn in their series A funding, with plans to use the money generated for R&D and the development of a new facility.
- In June 2021, Origin Materials, a carbon-negative materials company that has, among other products, Levulinic acid as a product, announced the listing of their shares on NASDAQ through a SPAC merger, which puts the valuation of Origin at US$ 1.8 Bn.
- In February 2020, GF Biochemicals and Towell Engineering announced a partnership through the forming of a joint venture under the name Nxtlevvel. Nxxtlevvel plans to open a plant in Europe or India, aiming to produce and sell Levulinic acid derivatives.
- In March 2017, Bio-On and Sadam Group announced the launch of a new project, which aims to produce Levulinic acid from the sugar industry by-products.
- In January 2022, Summit Cosmetics Corporation, or SCC and NXTLEVVEL, announced a Global Distribution Agreement, which gives SCC sales rights for 5 years.
- In October 2021, Brenntag and NXTLEVVEL announced a distribution contract. Under this contract, the lineup includes levulinates and levulinate ketals
Key Companies
- Anhui Herman Impex Co Ltd
- AkzoNobel
- Avantium
- Biofine International Inc.
- CSPC Pharmaceutical Group
- DuPont
- G.F. Biochemicals Ltd
- Great Chemicals Co. Ltd.
- Hebei Shijiazhuang Hefei TNJ Chemical Industry Co., Ltd.
- Jotun A/S
- KCC Corporation
- Langfang Triple Well Chemicals Co. Ltd
- Simagchem Corporation
- Sherwin-Williams
- Segetis
- The Valspar Corporation
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Key Segments Covered in Levulinic Acid Industry Survey
- By Application:
- Agriculture
- Pharmaceutical
- Food Additives
- Other Applications
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Global Levulinic Acid Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Global Levulinic Market by Application (Agriculture, Pharmaceutical, Food Additives, and Other Applications), across five regions (North America, Asia Pacific, Europe, Middle East & Africa and Latin America).
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