The global bio-based levulinic acid market is projected to have an average-paced CAGR of 9.78% during the forecast period. The current valuation of the market is US$ 28.93 million in 2022. The market value of the bio-based levulinic acid market is anticipated to reach a high of US$ 73.54 million by the year 2032. A historical market valuation of US$ 26.35 million has been recorded in the analysis conducted by Future Market Insights.
As per the analysis of FMI, it is identified that the bio-based levulinic acid marker is witnessing an unprecedented surge in demand owing to its heavy usage in beauty and personal care products. The need for bio-based levulinic acid is also surging due to the growing pharmaceutical industry.
Potential opportunities are unraveling for the manufacturers of bio-based levulinic acid as they are being used in the preparation of drugs for the treatment of a number of diseases.
Key players in the market are forming distribution contracts with biochemical companies to develop emerging household, institutional, and industrial portfolios for bio-based solvents. The contract comprises the latest product line, including levulinates and levulinate ketals, since these bio-based solvents bring high performance, enhanced safety, and sustainability.
Furthermore, the rise in initiatives taken by the government and the support of public corporations for rodent control extends profitable opportunities to the market players during the forecast period. Rigorous research and development activities in the personal care industry are anticipated to result in the development of organic cosmetics and fragrances. Cosmetic manufacturers are using bio-based levulinic acid for pH regulation and skin conditioning.
The expert analysts at Future Market Insights have revealed that the industry is consolidated, with the presence of a few major companies. The players are concentrating their efforts on increasing research and development to improve productivity and minimization of expenses concerned with the manufacture of levulinic acid.
A certain number of competitors are also focusing on extending their efforts to innovate in the process related to manufacturing. The companies are concentrating their efforts on developing economically and environmentally viable methods for biomass conversion to enhance the availability of alternatives to fossil fuels. They use microwave radiation to extract and purify this acid from softwood and hardwood waste in a cost-effective manner.
In addition to that, the industry is identified to be in its promising stage, with key players heavily investing in this field. Despite being new in the market, these items have enormous potential for large-scale commercialization. This has also resulted in low production costs and a higher degree of value chain integration.
As a result, the increasing investment in product development and commercialization is likely to foster the levulinic acid market growth and make it more profitable for participants in the forthcoming years.
| Report Attribute | Details |
|---|---|
| Bio-based Levulinic Acid Market Value (2022) | US$ 28.93 Billion |
| Bio-based Levulinic Acid Market Anticipated Value (2032) | US$ 73.54 Billion |
| Bio-based Levulinic Acid Projected Growth Rate (2022 to 2032) | 9.78% |
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New molecules developed by Segetis, in Minnesota based on esters of levulinic acid made from using bio based hydroxyl compounds and corn cobs are known as levulinic ketals. These can be used to produce a series of products such as plasticizers, polyols for polyurethane foams and solvents.
Segetis are constructing a new toll manufacturing plant for their new ketals chemistry in the Midwest and the construction of which was expected to be completed by the end of 2011. Products entering the market would start with solvents.
While polyols is expected to be the last to enter in the market because of significant functional testing required. At present China is the supplier of the levulinic acid from the company but later it may use residue of wood as a feedstock.
The potential outcome by the development of bio based levulinic acid could be the replacement of the phthalate plasticizers which is used to make Polyvinyl chloride (PVC) which is the most widely produce plastic and other plastics flexible. The company is also working directly to replace the phthalate which concerns about exposure to children. The major advantages of ketal monomers are that they attach to the PVC molecule firmly and are of natural origins.
Major opportunity for the market can be obtain from the manufacture of polyols which combines with iscoyanates to produce polyurethane. The polyols which are made from bio based levulinic acid will have rigidity which in turn will help to reduce the level of iscoyanates while obtaining polyurethane having similar properties and the monomers will play the role of the performer.
The cost of polyols produce by the company will be same as made from petroleum resources. But it is expected that it will help to improve the economics for formulators due to less use of iscoyanates. The major advantage for the ketals chemistry is from its total cost.
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Bio-Based Levulinic Acid Market
