The levulinic acid market is projected to reach USD 32.5 million by 2021, at a CAGR of 14.0% during the forecast period. Growth in this market can be attributed to the increasing demand for bio-based platform chemicals for different applications, such as plasticizers, pharmaceuticals & cosmetics, among others.
Levulinic acid is widely used as an anti-inflammatory agent. Moreover, large number of derivatives that are developed from levulinic acid, such as delta-amino levulinic acid (DALA), are used in pharmaceuticals for diagnosis and treatment (photodynamic therapy) of cancer and other medical cases. Thus, increase in use of chemicals made from bio-based feedstock and regulations imposed by regional authorities on use of oil-based chemicals are anticipated to drive the levulinic acid market during the forecast period.
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Based on application, the levulinic acid market has been classified into plasticizers, pharmaceuticals & cosmetics, and others. The pharmaceuticals & cosmetics segment is estimated to grow at the fastest rate during the forecast period. This high growth rate can be attributed to increasing application of levulinic acid and its derivatives in the application industry. Levulinic acid is increasingly used in anti-inflammatory medication, anti-allergy agent, mineral supplements, and others in the pharmaceuticals industry. It is also used in organic and natural cosmetic compositions in perfumes, and skin conditioning, and pH-regulating purposes.
The market for levulinic acid is still growing as compared to petroleum-based chemicals. Levulinic acid can also be used for various applications, such as food packing, fuel additives, polyurethanes, detergents, polymers, among others.
The Europe levulinic acid market is anticipated to grow at the highest CAGR between 2016 and 2021. This growth can be attributed to the increasing demand for levulinic acid from plasticizers, pharmaceuticals, and cosmetics industries. Germany is anticipated to lead the Europe levulinic acid market, in terms of consumption, during the forecast period.
Major market players in the levulinic acid market are Biofine International Inc. (U.S.), Avantium (Netherlands), GF Biochemicals Ltd. (Italy), Langfang Triple Well Chemicals Co. Ltd (China), Simagchem Corporation (China), Hefei TNJ Chemical Industry Co., Ltd. (China), Great Chemicals Co. Ltd. (China), and Anhui Herman Impex Co. Ltd. (China).