JERSEY CITY, N. J., Oct. 7, 2021 /PRNewswire/ — Verified Market Research recently published a report, “Levulinic Acid Market” By Application (Pharmaceuticals, Agriculture, Food Additives, and Cosmetics), and By Geography. According to Verified Market Research, the Global Levulinic Acid Market size was valued at USD 20.3 Million in 2020 and is projected to reach USD 30.21 Million by 2028, growing at a CAGR of 5.3% from 2021 to 2028.
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Browse in-depth TOC on “Levulinic Acid Market“
202 – Pages
126 – Tables
37 – Figures
Global Levulinic Acid Market Overview
Levulinic Acid is also widely known as keto acid. It is an organic compound extracted from the degradation of cellulose. Levulinic acid is replacing petroleum-based products in different industries such as biofuel. Normally, it is produced from manure, brewery waste, and biomass. Its production process includes acidic hydrolysis of furfuryl alcohol, hydrolyzing acetyl succinate esters, and ozone-based oxidation of ketones.
Levulinic Acid is replacing phthalate plasticizers for the production of polyvinyl chloride (PVC) which is driving the demand in the market for the adoption of levulinic acid and is increasing the growth of the market at a rapid pace. Furthermore, with the growth of the construction and automotive sectors, the demand for Levulinic Acid is also increasing.
Key Developments in Levulinic Acid Market
- In February 2020, GFBiochemicals Ltd. and Towell Engineering Group announced the formation of a joint venture (JV) for the production (using GF Biochemicals’ proprietary technology¬) and marketing of levulinic acid.
- In October 2020, Biofine and Sprague agreed to work together to widen their product portfolio to maximize their revenue generation.
- In the recent turn of events, Evonik shook hands with the Institute of Chemical Technology, Mumbai for a research and development partnership.
The major players in the market are Biofine International Inc., Avantum, Langfang Triple Well Chemicals Co. Ltd, Simagchem Corporation, Hefei TNJ Chemical Industry Co. Ltd. Great Chemicals Co. Ltd., Anhui Herman Impex Co Ltd, DuPont, CSPC Pharmaceutical Group, and Heroy Chemical Industryu Co., Ltd.
Verified Market Research has segmented the Global Levulinic Acid Market On the basis of Application, and Geography.
- Levulinic Acid Market, By Application
- Food Additives
- Levulinic Acid Market by Geograph
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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