Global Levulinic acid is an organic compound derived from the degradation of cellulose. This plant based acid is mostly produced from biomass, and manure, widely used in cosmetics and as an alternative to fossil fuels, levulinic acid is used to make chemicals which act as additives to the alternative fossil fuel. Levulinic acid is used widely in agriculture, pharmaceutical, food, cosmetics and other industries, it is also used in cigarettes to bind nicotine to neural receptors, calcium levulinate a by-product of levulinic acid is used to fortify the presence of calcium in milk, condiments, beer and soy products. Segetis, a company based off Minnesota, recently developed a molecule on esters of levulinic acid made from corn cobs and bio-based hydroxyl compounds.
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The idea is to use Levulinic acid as raw material for the manufacturing of plasticizers replacing phthalate plasticizer added to manufacture PVC, the most used commodity plastic the demand has increase These factors will contribute towards the growth of the market. However, the high cost associated with the procurement of levulinic acid and the initial cost to set up the plant to extract levulinic acid can hamper the progress of the market as the end users are unwilling to pay higher price.
The regional analysis of global Levulinic acid market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World.
North America is the leading/significant region across the world in terms of market share owing to the development in the personal care and pharmaceutical industry. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rapidly increasing acceptance for ready-made foods and increase in the demand for cosmetics would create lucrative growth prospects for the Levulinic acid market across Asia-Pacific region.
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