Description
Global
Levulinic Acid Market Expected to Reach 3,820 Tons by 2020
Global
levulinic acid market demand is expected to reach 3,820 tons by 2020.
Increasing application scope for levulinic acid, particularly in
pharmaceuticals, pesticides, cosmetics and solvents is expected to spur demand
growth over the next six years. High R&D spending, particularly to reduce
costs to competitive levels is a critical dynamic for market participants, as
substitution for synthetic products in potential applications such as fuel
additives, polymers, bio-actives can only be achieved at low levulinic acid
prices. As of 2013, levulinic acid has emerged as a niche platform chemical in
application markets including Methyltetrahydrofuran (MTHF), DALA, ethyl
levulinate and Diphenolic Acid, with potential addressable demand estimated to
be over 25,000 kilo tons by 2020.
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Key
industry participants such as DuPont, Segetis and Biofine have already
developed patented technologies for levulinic acid commercialization through
renewable sources. These companies are presently scouting for potential
partners to share risk and cost, while working on reducing product costs.
Current levulinic acid costs between USD 5 to 8 per kilo, with a target price
of less than USD 1 per kilo, it is expected that the reduced price will open a
host of opportunities including energy, transportation, green chemicals and
specialty polymers.
Further key findings from the study suggest:
Global
levulinic acid consumption was estimated at 2,606.2 tons in 2013 and is
expected to reach 3,820 tons by 2020, growing at a CAGR of 5.7% from 2014 to
2020. Market revenue is expected to reach USD 19.65 million by 2020, growing at
a CAGR of 4.8% from 2014 to 2020.
Pharmaceuticals
and agriculture applications dominate levulinic acid demand, and accounted for
66% of global volumes in 2013. Agricultural applications include Organic
potassium fertililizer DALA, 2--Methylindole-3-acetic acid.
North
America was the largest consumer of levulinic acid in 2013, accounting for over
41% of the global demand. Regional levulinic acid demand in North America is
expected to reach 1,598.3 tons by 2020, growing at a CAGR of 5.6% from 2014 to
2020. The presence of large application industries in the region is the primary
reason for high growth and rapid consumption.
Key
companies in the levulinic acid space include DuPont, Segetis and Biofine.
These companies presently have technology ready and are in various stages of
commercialization and application development. The global market is also
characterized by the presence of an unorganized market in China, with key
suppliers being Jiangsu Yancheng China Flavor Chemicals Co, Hebei Langfang
Triple Well Chemicals Co.Ltd, and Shijiazhuang Pharmaceutical Group Ouyi
Pharmaceutical Co Ltd. among others.
For
the purpose of this study, Grand View Research has segmented the global
levulinic acid market on the basis of application and region:
Levulinic Acid Application Outlook,
Pharmaceuticals
Agriculture (Organic potassium
fertililizer DALA, 2--Methylindole-3-acetic acid)
Food Additives
Cosmetics
Levulinic Acid Regional Outlook,
North America
Europe
Asia Pacific
Rest of the World
Bio-based Levulinic Acid Potential Downstream
Platform Outlook,
Methyltetrahydrofuran (MTHF)
Delta aminolevulinic acid (DALA)
Diphenolic Acid
Others
Table of Contents
Chapter 1 Executive Summary
1.1 Levulinic Acid - Industry
Summary & Critical Success Factors (CSFs)
Chapter 2 Levulinic Acid Industry
Outlook
2.1 Market Segmentation
2.2 Market Size and Growth
Prospects
2.3 Market Dynamics
2.3.1 Market driver analysis
2.3.2 Market restraint analysis
2.4 Key Opportunities
Prioritized
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