Top Companies in Levulinic Acid Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Levulinic Acid Market is projected to reach a value of USD 43.2 Million by 2028 at a CAGR of 9.2% over the forecast period.
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The Global Levulinic Acid Market is valued at USD 25.5 Million in 2021 and is projected to reach a value of USD 43.2 Million by 2028 at a CAGR of 9.2% over the forecast period. Due to its potential usage as a platform chemical in multiple sectors, the demand for levulinic acid is anticipated to rise throughout the forecast period. It can be obtained using agricultural waste, starch, wood, and carbs to make liquid fuels, specialty chemicals, and fuel additives. It exhibits solubility in water and organic solvents and has a low melting point. In addition, it has functional groups called acid carboxyl and keto carbonyl, which can be converted to several useful derivatives.
Levulinic acid and its derivatives are used more frequently in different industries, such as agriculture, personal care, food additives, pharmaceuticals, and fuel additives. This is one of the main factors driving the levulinic acid market.
The use of levulinic acid in the creation of pharmaceuticals, agricultural chemicals, and cosmetics has expanded. It makes lubricating oils, polymers, paints, and fragrances. It has many benefits, including higher productivity, more flexible feedstock options, and higher conversion yields. Levulinic acid is also used more frequently as a platform chemical in environmentally friendly industrial chemical processes. It is a platform chemical that can take the place of petroleum-based products in applications for chemicals and biofuels.
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Levulinic acid demand has risen as companies turn to greener, more environmentally friendly chemicals. In addition, the market for levulinic acid is also anticipated to expand due to the rising demand for this chemical from the pharmaceutical sector, which uses it to make toothpaste, antidotes, vitamin A tablets, and capsules. Due to the rise in chronic diseases and the expanding global healthcare business, levulinic acid is mainly employed in this industry to prepare medications. Additionally, the enormous untapped markets offer plenty of chances for producers of this material.
The Levulinic Acid market is dominated by globally established players such as G.F. Biochemicals Ltd. (Italy), Langfang Triple Well Chemicals Co. Ltd. (China), Biofine International Inc. (U.S.), Avantium (Netherlands), Simagchem Corporation (China), Hefei TNJ Chemical Industry Co. Ltd. (China), CSPC Pharmaceutical Group (China), Great Chemicals Co. Ltd. (China), Anhui Herman Impex Co Ltd (China), DuPont (US), The Valspar Corporation (US), KCC Corporation (South Korea), Sherwin-Williams (US), AkzoNobel (Netherlands), and Jotun A/S (Norway) among others. To increase efficiency and lower costs associated with levulinic acid production, the players are focusing on boosting R&D. To increase the availability of fossil fuel alternatives, companies are also focusing their efforts on developing ecologically friendly and economically friendly viable processes for biomass conversion.
Let’s Look at the Top Companies That are Taking the Levulinic Acid Market by Storm
- G.F. Biochemicals Ltd. (Italy)
GFBiochemicals Ltd produces biofuels. The business sells lubricants, formic acids, additives, biodiesel, biogasoline, and jet fuel. Products from GFBiochemicals are sold all over the world.
- Simagchem Corporation (China)
Sinochem Corporation provides services for oil exploration, processing, and marketing. The company makes gas, refined oil, and crude oil products. Sinochem also engages in companies related to agriculture, property, chemicals, and finance.
- Hefei TNJ Chemical Industry Co. (China)
Medium-sized chemical company Hefei TNJ Chemical Industry Co Ltd has been producing and supplying chemical ingredients and intermediates since 2001. Solvents & Intermediates, Food & Feed Additives, Pharmaceutical Materials, Agrochemicals, and Fragrance & Flavors are just a few of the Chemicals-focused industries covered by TNJ.
- CSPC Pharmaceutical Group (China)
Pharmaceutical items are manufactured and sold by CSPC Pharmaceutical Group Limited through its subsidiaries. The company sells generic medications, antibiotics, and vitamin C. The company also works on the creation of novel pharmaceuticals and antibiotics.
- Anhui Herman Impex Co., Ltd. (China)
Chemical items are distributed by Anhui Herrman Impex Co. Ltd. The business sells coating materials, auxiliary agents, printing ink resins, and more in wholesale and retail. Products from Anhui Herrman Impex are sold all over the world.
- Valspar Corporation (US)
The Valspar Corporation produces and sells specialty chemical goods, coatings, and intermediates. The business sells coatings, polymers, resins, and dispersions for wood, metal, composites, and glass. Valspar serves worldwide customers.
- KCC Corporation (South Korea)
KCC Corporation produces paint and related products, building supplies like corrugated cement sheets, glass wool mats, board, pipe covers, PVC window profile, paints, and ceramic fibre for high-temperature applications. The company also manufactures a variety of glasses, including long glass fibers, safety tempered glass, float glass, patterned glass, and glass fiber.
- First Sherwin-Williams (US)
The Sherwin-Williams Company produces, sells and distributes paints, coatings, and associated goods. Professional, industrial, commercial, and retail consumers are the main markets for the company's products in North and South America. Additionally, Sherwin-Williams maintains businesses throughout Asia, Europe, and the Caribbean.
- AkzoNobel (Netherlands)
AkzoNobel produces specialty chemicals. The business sells pulp and paper, bleaching and oxidizing, salt chlorine, decorative paints and coatings, surfactants, polymers, bleach, and other chemical products. In addition, global customer service is provided by AkzoNobel.
- Jotun A/S (Norway)
Jotun A/S produces chemicals and chemical-related goods. In addition, a variety of decorative paints and performance coatings are available from the company. Jotun serves worldwide customers.
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