Why Is Levulinic Acid Majorly Produced via Bio-Based Methods?

Derivatives of levulinic acid, such as diphenolic acid, succinic acid, methyltetrahydrofuran (MTHF), hydroxymethylfurfural (HMF), sodium levulinate, and ethyl levulinate, are being increasingly used in the personal care, fuel, and food and beverages industries. For example, personal care product manufacturers are increasingly using sodium levulinate as a skin conditioning agent in cosmetics. Thus, the booming food and beverage, personal care products, and fuel sectors will accelerate the consumption of levulinic acid in the upcoming years.

Additionally, the rapid commercialization of bio-based production methods will drive the levulinic acid market at a CAGR of 8.8% during 2020–2030. According to P&S Intelligence, the market revenue is projected to rise from $27.2 million in 2019 to $60.2 million by 2030. As the market is still in its nascent stage, it holds immense potential, as this acid and its derivatives help in reducing manufacturing costs and achieving economies of scale. Hence, the surging focus of market players on commercialization will attract more manufacturers to the industry.

Currently, levulinic acid manufacturers, such as GFBiochemicals Ltd., Simagchem Corporation, Técnicas Reunidas S.A. (WALEVA Pilot Plant), Shandong Xinhua Pharmaceutical I&E Co. Ltd., Heroy Chemical Industry Co. Ltd., Vigon International Inc., Haihang Industry Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., Tokyo Chemical Industry Co. Ltd., and Avantium N.V., are using the Biofine and acid hydrolysis technologies to produce this compound. In the coming years, the Biofine technology will be deployed at the higher rate as there is no usage of microorganisms for the fermentation of monomers in this process.

The application segment of the levulinic acid market is categorized into food additives, fuel additives, agricultural products, personal care products, plasticizers, pharmaceuticals, and others. Among these, the fuel additives category is expected to generate the highest revenue throughout the forecast period. Ethyl levulinate, an ester of the acid, holds immense potential to be used as a blend substance in diesel formulations because it helps in reducing sulfur emissions from this fuel.

Globally, North America consumed the highest volume of levulinic acid in the recent past due to the surging production of fuel additive n-butyl levulinate, which requires this acid in abundance. Moreover, the flourishing agriculture sector in the U.S. and Canada propels the usage of levulinic acid as an additive for environment-friendly herbicides. Besides the depleting fossil fuel reserves and surging environmental concerns will escalate the usage of the chemical in the region for the conversion of biomass into fuels.

Whereas, the Asia-Pacific (APAC) region is expected to register the fastest growth in the levulinic acid market during the forecast period due to the expanding agriculture and personal care industries in emerging economies, such as China, Indonesia, Thailand, and India. The personal care sector uses ethyl levulinate in the production of perfumes and fragrances. Additionally, the acid serves as a key ingredient in lipsticks and makeup removers.

Thus, the burgeoning demand for fuels, personal care products, food items, and drinks and increasing commercialization of bio-based production methods will boost the usage of levulinic acid globally.

Comments

Post a Comment

Popular posts from this blog

Surging E&P in Shale Gas Reserves Propelling Demand for Well Cementing

Image
With the surge in exploration and production (E&P) activities in both unconventional and conventional oil and gas reserves, the demand for well cementing is growing rapidly all over the world. Moreover, because of the recovery of crude oil prices, the oil and gas industry is booming, which is, in turn, propelling the requirement for well cementing. The soaring E&P investments in countries such as China, Russia, Brazil, and the U.S. are fueling the expansion of the well cementing industry. Due to the above-mentioned factors, the demand for well cementing is rising sharply across the world. This is fueling the progress of the global well cementing market. The valuation of the market is predicted to grow from $7,577.6 million in 2018 to $10,065.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.7% between 2019 and 2024. Well cementing is used in shale gas, oil, and gas wells.  Out of these, the requirement for well cementing is predicted to gro...
Read more

How Will Cooling Appliance Demand Propel Insulation Market Growth?

Image
Factors such as the escalating demand for refrigerators and air conditioners, mounting infrastructure expenditure in developing countries, such as Brazil, China, India, and Russia, and increasing government support toward the installation of insulation systems in buildings are expected to drive the insulation market growth between 2018 and 2025. According to P&S Intelligence, the market will generate $101.3 billion revenue by 2025. Nowadays, governments of several countries are offering regulatory support to the installation of insulation products to improve energy efficiency.  The rising demand for air conditioners and refrigerators, on account of the soaring global temperature and the booming world population, is one of the major contributors to the market growth worldwide. The National Aeronautics and Space Administration estimates that the average surface temperature of the Earth has risen by 2.12 oF in 2020 since the late 19th century.  As per NASA, the years 2016 an...
Read more

Solar Encapsulant Industry Set to Exhibit Huge Expansion in Future

Image
The widescale installation of photovoltaic (PV) modules, continuous research and development (R&D) in solar cell technologies, and advent of crystalline silicon solar technology are expected to drive the market for solar encapsulant at a CAGR of 28.4% during the forecast period (2018–2023). The market generated a revenue of $1,036.0 million in 2017 and it is projected to generate $4,555.4 million by 2023. Moreover, the escalating awareness among people regarding the benefits of the solar cell technologies will propel market growth in the coming years. One of the prominent trends currently being observed in the solar encapsulant market is the rising incorporation of thin-film solar cell technology. This is mainly credited to the fact that the conventionally used crystalline silicon solar technology-based solar modules have high production costs and fragile nature. In addition to this, the thin-film solar cell technology has lower costs than the crystalline silicon solar technology ...
Read more